When it comes to shopping you guys know, I try my best to get the best value for the pieces I’m buying. However, there are just somethings you can’t wait for them to go on sale because they never do… these are things like luxury handbags, classic brand pieces like iconic shoes or jackets. These items, if you want them, are items you can 100% save for because you know they aren’t going on sale or disappearing anytime soon. I use two different platforms for my saving in these situations. The first is Honey, which I’ve mentioned before and the second is Mylo. These are not quick fix solutions that will help you right away, they will help you set aside the money you need for these items gradually!
Honey is an online plugin that works on your browser, so when you are shopping at various online retailers you can get access to all the discount codes available for that site! Its great because it helps you save some $$$ but also it’s a cash back program. In your saving for various items, a program like Honey will give you points for every dollar spent and then convert your points back into cash. I like to use Honey as much as possible on purchases and then once I have a substantial amount of points, I like to apply those points to the purchase. I end up spending less and rack up more points in the process! You guys can join HERE.
The other program that I use is an app called Mylo. Mylo rounds up the cents from your credit card transactions, deposits them into the app and then invests that money for you. You can create goals for anything that you want to save money for! For me, how I use it is by creating a custom goal for each upcoming planned purchase. My suggestion is to use this app in planning for the future. It takes time to build up the funds within the account because its micro deposits (like a few dollars per goal guys). I’ve just started using the app so I’ve put in the big purchases I want to make starting from 6 months from now, onwards to the future. I’ve now set my ten goals that the app allows I just wait, it’s really as simple as that. If you are impatient, you can always boost your goals with recurring weekly deposits starting at $5, or increase your round-up multiplier. You guys can join HERE!
Both Honey and Mylo, run in the background of your regular spending activities so you don’t really need to think about them on a daily basis! Honey will pop up for you when you are on a compatible site and you just check “apply coupons” and that’s it!
I hope you guys enjoyed this post on how I budget for high ticket price pieces!