Buying investment pieces still overwhelms me.
It’s a large chunk of money, that you know you’ve worked hard for, and you know you want the item, but it can still be an intimidating purchase. I don’t own a lot of designer pieces, but I do have a few rules that I follow that have allowed me to make great purchases, and have no regrets too!
Check out the tips below, and click on the video to see my reviews of the Celine Trio Bag, the Gucci Jordaan Loafer in black, and the Gucci Princetown Slipper in oyster.
Look for classic pieces that will stand the test of time.
We’ve all been there. We get sucked into a trend and think ‘I’ll definitely still love it in a years time!’. In my experience, waiting to buy an item really works. For my Celine bag (RIP Old Céline), I wanted it for a full two years before buying it. Why? Well it was my first big purchase, and I wanted to make sure I wouldn’t regret it.
For my Gucci shoes, it was at least 6 months before I considered buying them, and that was after a lot of careful researching (more on this later). I think holding off and not making spontaneous purchases means that you have more time to think about the item, think if it makes sense with your wardrobe, decide if you actually even like it still.
We’re all so used to instant gratification. Sometimes it’s better to hold off and know for sure that you want it. Trends come and go, but a classic black cross body bag is forever! Just think about the chunky dad sneaker trend that is all the rage now. No way in hell am I going to spend several hundred euros on a shoe that I know will be out of style by the end of the year.
If there’s a trend piece you love and believe you will love forever, then by all means, go for it. But if you think you’re just getting sucked in, step back and think about it for a while, chances are you won’t want them long term.
Make sure you’re buying within your means.
You should not go into debt to buy a bag or pair of shoes. Period. It’s not worth it. Don’t dip into you overdraft, or put it on your credit card. If you can’t buy it outright, then you can’t buy it yet.
I’ve always combined my big purchases with my birthday. Instead of my parents or sisters wondering what to get me, I’ve just asked for vouchers towards the purchase, then I put in the rest. This way, I’m getting the item I want, and it’s a group gift, which I love. It also means my family don’t have to rack their brains trying to think of what to get me. If it’s a classic piece, it’s not going to leave the shops at the end of the season, so you have time to save up and make sure it’s affordable for you.
One trick I learned from working in retail – a woman used to come into the store every month, and buy a €100 gift card. I commented something about gift cards being the ideal gift, and she said “they’re actually for me”. She explained that when she left the money in her account it would just go on random things. Instead, each month she took €100 out of her pay check, and would buy a voucher for herself, that she would then gather together at the end of the year, and buy herself something.
I thought this was genius! Even if it’s a smaller amount, such as €20, buy the end of the year that’s €240 to spend on yourself (presuming you get paid on a monthly basis). €50 a month would see you with €600 by the end of the year. And because it’s a voucher, you’re not going to spend it on a round of drinks, or random treats, or those earrings you’re never going to wear. It’s going to go towards something you’ll have forever.
Do your research, make sure it fulfils the need you have.
Finally, when buying an investment piece, make sure it’s fulfilling a need. If you live in a hot country where it barely ever rains, then investing in a Burberry trench or Acne sheepskin coat makes very little sense. If you never wear jewellery, then that Chanel broach is going to sit on you dresser from now until the end of time.
It’s all part of being a more conscious shopper. Not just buying things because you want them, but because it will fulfill a need, give you more outfit options, or open up totally new options.
I hope you found these tips helpful! They’ve never led me wrong when it comes to making investment purchases. I have no regrets! I’d love to hear in the comments about any investment purchases you’ve made, and what made you decide to buy them!