An investment piece is a quality item of clothing or jewellery that will retain its value over many years – and it might even grow in value.
However, these sorts of timeless pieces will, naturally, come with a significant price tag. Nevertheless, they can provide you with a luxury piece that you likely won’t lose money on. Below, we explore how you can save for an investment piece.
Saving in advance
One of the best ways to save for an investment piece is by incorporating it into your long-term saving strategy. Ideally, you’ll already have a monthly budget that you carefully stick to. You can create this by balancing your incomings and outgoings before opening a savings account to deposit your surplus into.
From there, you should be able to plan accordingly for any big purchases you need to make. For instance, by cutting back on luxuries like your morning cup of coffee, you can soon save up enough money for your investment piece.
Shopping around for bargains
Shopping around for bargains can make investment pieces more affordable for you. For instance, if you have a few pieces that you’re seriously considering purchasing, it’s worth patiently waiting to see if any of them become available during a sale. This can suddenly make the investment much more affordable. You can keep up to date with flash sales by signing up for company and fashion newsletters so that you’re able to act quickly when they become available.
Similarly, if you regularly shop with a few outlets, you should see if you can build up your loyalty points to access a discount for the piece. Finding a bargain on an investment piece takes plenty of research and patience, but if executed correctly, you should reap the benefits.
Sometimes, even with the best saving strategies, the piece you want won’t be affordable. There’s no point in buying an investment piece if it pushes you into debt and into a precarious financial position. This can lead to debilitating financial stress and limit your spending opportunities in the future. Instead, it’s worth considering alternative pieces that you might like instead.
There might be a cheaper alternative piece, or you could find a cheaper duplicate online. Or perhaps you might look for a different piece entirely that still makes for an excellent investment but doesn’t come at the same outlay.
With the right research, an investment piece can be an excellent opportunity to treat yourself to a quality garment or item of jewellery while gaining a solid asset. And by following the guide above, you should be set to make a decision that works best for you.