How to Save for Splurge Purchases

I took a poll last week on Instagram stories asking if you guys would wanted to see more content from the Nordstrom Anniversary sale or if you were over it yet. And it was a dead tie! But honestly, I’m kind of over the sale. Nordstrom changed up their strategy this year and haven’t been re-stocking any items. It’s really frustrating to me because so much of what I wanted is sold out! I’ve been checking back daily on a few items, but they still aren’t available in my size. I wish I would have known this because when the sale first opened I would have placed one HUGE order!

Prada Tote

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How to Save for Splurge Purchases

So today I thought I would change gears and talk about something else besides the sale. I talk about this all the time in real life, but I don’t really talk about it much on the blog or Instagram. And I think I have a really great strategy on how to save for your splurge purchases. I’ve been doing this method for years now and it works out perfectly for me. I have my ‘secret’ money separate from Kurt and when I get enough saved up, I don’t feel guilty one bit splurging on a high end pair of shoes or a new bag.

Of course this method could be used to save for a new vacation or for your general savings too. I just choose to save for my frivolous purchases! I also want to note that I’m not here to brag about anything- I just truly love luxury items and I love the thrill now of saving for them. Everyone’s financial situation is different. But for me I’ve always spent way too much money on my clothes- it’s what I love! And I really want to share this method because it’s a really good one! If the thought of spending an obscene amount of money on a bag makes you sick- this is also a really great method to use for a vacation or use for your Christmas shopping at the end of the year. You can use if for anything you want really!

The Digit App

I use the app called Digit. And the concept of the app is that it analyzes your bank account, spending habits, when you get paid, how often you get paid etc. It then transfers small amounts of money into the app which acts like a savings account. So on any given day the app will analyze your account for the day and see how much you spent. It then transfers, for example, $1.12 to your Digit app. This amount always changes so some days it could be a lot more or a lot less. Some days it doesn’t save anything for you, which is ok. The app always wants to make sure you have enough money in your account to pay your bills which is why it analyzes so much.

At first I did notice the withdrawals. I tend to not spend a lot of money during the week, but I do on the weekends because we eat out, I’m running more errands etc. So it was hard at first when it would take a big chunk of my money out on a Thursday. But these days I hardly notice any of the withdrawals. The longer you use the app, the smarter it gets because it has so much more history of when and how you spend your money.

You can always tell the app to save more or less for you too. It starts off pretty modest so I was always telling it to save more for me! And it’s really nice because if there is something you really want like ASAP, you can tell it to save more aggressively and then when you are finally able to make that purchase you can tell it to save less. What I also do is every two weeks when I get paid, I transfer a set amount of extra money into the app to help save a little more each month.

Golden Goose Sneakers

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More on the Digit App

The app can be a little scary when you first sign up because it asks you to log in with your banking account information. But I assure you this is 100% safe. I’ve used this app for a long time and I’ve never had any issues. The charge to use the app is $2.99 a month. When I first started using it, it was free. But I love the app so much and it helps me save, so I end up paying every month. It’s totally worth it in my book!

At any given time if you want to transfer the money back into you checking account, you can easily do that. And the next business day the money is safely back in your account. When I first started using it, I was skeptical. I saved up $50 and then transferred the money back into my checking account. I just wanted to test it out before it saved too much money and I was out a lot of money. But I’ve never had any issues- not one! The app is so easy to use and very trustworthy!

What I’ve Bought

The first purchase I ever made with this method was my Canada Goose Parker. I had always wanted one, but it wasn’t until after my first winter of taking the train to work that I knew I really needed one. Chicago winters are always freezing and after a whole winter of freezing my butt off walking to and from the train, I knew I couldn’t do another winter like that. That’s when I started using this app. And eventually I saved up enough money to buy it. After that it kind of got addicting!

The biggest splurge I’ve ever made was my Prada tote bag. I saved forever to get this bag and it is the most expensive bag I’ve ever bought. I would never just go into Sak’s and drop that kind of money on a handbag! But I, 100%, have no guilt or buyer’s remorse when I bought the bag because I had saved for so long! And in a way I was very proud of myself.

My most recent purchase were these Golden Goose sneakers that I am now obsessed with. They are so comfy to wear and I love how unique they are. They look so cute with shorts but I can’t wait to wear them with jeans and an oversized sweater once the weather cools down a bit!

I find it now so fun to save for these fun purchases, but the most fun part is always deciding what to buy next! What methods do you use for saving?

xoxox Amanda