Every fashion-enthusiast’s dream bag is often dominated by the aspiration of owning a Louis Vuitton bag. Priced in several lakhs, this French fashion house does not shy away from having an exclusive customer base. But the question is, can you afford a Rs 3 lakh handbag on an average employee’s salary?
While it may seem to be a distant dream, it might still be possible since purchasing a leather tote for Rs 3 lakh is nothing short of an investment. While your dream bag might have great resale value, it all comes down to affording one in 6 months.
Tip 1: Set a realistic goal
The most expensive LV bag was retailed for $1 million, and owning the first from this label should be a realistic option. You can choose anything from the Monogram Canvas Pochette (Rs 1.1 lakh) to the Montsouris PM Backpack (Rs 3.15 lakh) and kickstart your collection. Giving yourself a period of six months not only prevents burdening your other essential needs, but also allows you enough time to prepare for the purchase. Aspirational buyers can also go for the Petit Noé Shoulder Bag (Rs 1.86 lakh) and Speedy 25 (Rs 1.76 lakh), falling within the range.
Tip 2: Cut down on online shopping
While that may be generic advice for saving money but you can save more than Rs 10,000 by simply ending your over-reliance on e-commerce. Everything counts, from ordering in to relying on 10-minute deliveries; minimum order values can burn a hole through your pocket. This will promote a healthy lifestyle while also saving your money as you go.
Tip 3: Invest right
Make an informed decision while investing in high-return SIPs and mutual funds. As you cut expenses, try putting your money to good use and place it in a systematic investment plan (SIP), mutual fund, or a recurring deposit (RD).
Tip 4: Make your hobbies earn
Many corporate employees today are using their hobbies to flourish financially. What’s stopping you? Pick up any viable skill that you can put to use on a day off, such as freelance photography or tutoring, which will easily earn you Rs 2000 a weekend. This hustle will pay off when you see nearly half of your LV bag paid for just by your hobby.
Tip 5: Select buying time
Even high-end brands indeed go on sale. Just before they unveil their spring-summer collections, from March to December is the right time to “get that bag”. In case you do not want to own a pre-loved LV, pay close attention to the colour of the leather, as it can highly impact its resale price.