CFO Talks: “10 ways to save up for Benici clothes” - Part II: Saving Up With a Time Goal

On a dark and stormy night, you sit there in your bed, contemplating the city out of your window and think to yourself: “How nice would that “Merlino” Caccioppoli suit look on me?” 

Fear not, savings are on their way.

In part I of this series, we walked you through 5 ways to save up if you do not mind waiting. This time, we are saving up with a time goal.

Forget all the little tips and tricks that your grandma taught you and let’s get down to business.

STEP 1: Pick a suit.

The first thing that you need to do, of course, is to pick your favourite suit from our online store.

STEP 2: Set a time goal.

Do you want to be wearing your new Benici garment in 2 months? 3 months? A year? You can be the judge.

Don’t forget that it takes time to make a great product. If you are saving up for an important occasion, we always recommend leaving at least a 4 to 6 weeks gap between your purchase and your delivery date.

STEP 3: Calculate your weekly savings

I am going to take one of my favorite suits as an example: Lapislazzuli.

It costs $899 + tax. A total of $1,015.87 if you live in Ontario.

Since my family is going to visit me in May, I am going to save up for 3 months, and then order my suit. My weekly savings come out to roughly $85. (I left a few extra dollars for a good coffee).

Now that we have a weekly target we can proceed with our 5 ways to save up when you have a time goal.

1. Get a Part Time Job

    Let’s be honest. Companies like Uber, Hurrier, or Swifto make it super easy for you to get a part-time job. Simply look at your needed weekly savings, and pick a number of hours that you are going to work. In my case, 3 hours on Wednesday and three ours on Sunday will do just fine.

    2.  Save up your salary

      If you are working full-time things will get a lot easier. Talk to your trusted bank and simply ask them to set up a pre-authorized transfer service. After each paycheck, a pre-determined amount will be transferred to your savings account. Simple and hassle free.

      3. Leverage your hobby

      Are you a semi-pro violin player? Do you speak more than one language fluently? It might be time to capitalize on your skills.

      Websites like Skillshare provide you with the perfect platform to connect with potential customers. Simply sign up, and post your availability.

      Of course, you can always print out a few flyers and hang them around your school or work place. You’ll be surprised by how many people are looking to learn new skills.

      4. Reduce your monthly commitments

      If you are looking to practice your finance and negotiation skills, this is the one choice that does for you.

      Sit down and review all of your monthly commitments: phone, cable, insurance, bank fees etc.

      Then write a script, and call customer support to negotiate the best deal you can get. It might help to do some research to find out what competitors are offering.

      5. Change how you get to places

      Most of us spend a relatively stable amount of money each month in order to get to places. If you are lucky enough to live close to your office or school, you may want to consider walking or biking for a few weeks. This is a great way to set some money aside while getting fit, and saving the environment.

      This marks the end of our 2 articles series on how to save up for the things that you love.

      Do you have any other tips or tricks that you want to share with us? Feel free to comment below to share your knowledge with all of our readers.

      Stop dreaming, and start saving. A new custom suit is on its way to your doorstep.

       

      “Benici, bringing made in Italy right to your doorstep”


      Jad Azar
      Jad Azar

      Author



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