6 Luxury Items You Shouldn’t Buy Yourself Before Having $50K in Savings

Part of having money is all the fun that comes with purchasing luxury items. If you’ve built up a nice nest egg, what’s the harm in splurging?

According to experts, if you don’t have $50,000 saved up — this is a big no no.

“I’ve seen many clients struggle after buying expensive toys before building savings,” said David L. Blain, CFA and chief executive officer at BlueSky Wealth Advisors . “One splurged on a luxury sports car, then couldn’t afford payments after a job change. Despite a high income, debt costs left little for life goals. After selling the car and paying the loan, building an emergency fund let them start a family.”

Mafe Aclado, finance expert and general manager of Coupon Snake , advised the same. “Without a doubt, it can be hard to resist the urge to buy luxury items, especially when you feel like you have been good and have earned the right to be able to splurge a little on something new and fancy.”

However, if you have less than $50K in your savings, she said it wouldn’t be financially prudent to splurge on some of these luxury brands and items.

“Not just because doing so inevitably slows your financial progress and delays your financial goals, but especially because when you are at this early stage in your financial journey, it is crucial to watch and guard against bad spending habits.”

Below are some luxury items you shouldn’t splurge on before having $50,000 in savings .

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Designer Clothes

According to Melanie Musson, finance expert with Insurance Providers , you shouldn’t splurge on designer clothes until you have $50,000 in savings.

“Designer clothes cost thousands, and you can find good quality dupes for under $100,” Musson said. “Until you have enough money to be secure in an emergency and are contributing adequately to retirement investments, you have to be practical with your clothing.”

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High-End Cars

“The most expensive cars in the market aren’t always easy on the pocket,” said Aclado. “Especially when it comes to maintenance and insurance costs. And this is why splurging on a luxury car when your savings is under $50,000 is just a terrible idea.”

Blain agreed that you should avoid high-end vehicles. “They devastate your financial cushion for emergencies like job loss, health issues or family crises. Patience and practicality pay off. Build the emergency fund, then allocate to rewards responsibly.”

Designer Handbags

The biggest reason you shouldn’t spend on designer handbags when your savings is below $50,000, according to Aclado, is that you could get stuck, and find that the more you buy, the more you still want (feel the need) to buy.

“The truth is that they are so fancy and exquisite that you can almost never be able to have enough of them,” Aclado said.

In addition to being super expensive, she said there is also the fact that there are new designs every season, and this could end up causing you to deviate from your financial goals. You might find yourself prioritizing trivialities instead of focusing on building wealth for the future because your sense of needs and wants becomes blurred.

Latest Smartphones

Another item Aclado said you should definitely not be splurging on before you have at least $50,000 in your savings are new smartphones.

“Frankly, with how brands are careful to market their high-end smartphones, and make it appealing to their audience, it can be hard not to get blindsided by all the perks and unique/innovative features you could have at your fingertips if you decide to splurge on a smartphone.”

She noted that if your savings isn’t up to $50,000, if you decide to splurge on the latest smartphone this year due to how it is being marketed then there is no guarantee you won’t get trapped in this endless circle.

“There is always a new model each year, and if there is one thing these brands are good at, it’s in convincing you that your current smartphone is far more inferior to what they now have to offer,” Aclado said.

Smart Appliances

“Don’t splurge on a smart appliance until you have $50,000 in the bank,” Musson warned. “Smart appliances can be fun, but smart refrigerators don’t keep your food better than standard ones, and smart ovens don’t cook you better meals.”

When you have adequate savings, she said you can start splurging on things that aren’t practical.

ATVs, Dirt Bikes or Boats

Another big no-no, according to Musson, is splurging on an ATV, dirt bike or boat until you have at least $50,000 in savings.

“These toys can be a blast, but they also cost a lot to purchase, depreciate rather than appreciate and can be expensive to keep in good condition.”

This article originally appeared on GOBankingRates.com : 6 Luxury Items You Shouldn’t Buy Yourself Before Having $50K in Savings