There is a dress in the store that I absolutely love, but it’s a bit over my budget. It looks really elegant, almost as if it was made for someone special. But one part of me says it’s worth it for that elegance, while the other part says to be sensible, that much money shouldn’t be spent. What would you do? Should I try looking for a second-hand option?
I think if you want it this much, go ahead and get it, but be ready to cut back on other things when you do. For example, you might not spend as much on coffee for a while, or you could reduce eating out. You can find a balance.
Something similar happened to me; there was a leather jacket I really wanted, it was over my budget, but I bought it anyway. Then it just sat in the closet, I didn’t even wear it once, and I regretted it. It’s a shame if you don’t use it.
But you are thinking of buying this just because you liked it. Do you actually need it? You already have other clothes. Think about it, is there something else in your closet that could be an alternative? 
Here’s the financial takeaway: If the price of a product is going to mess up all your other expenses, then it’s not a sensible purchase. Also, feelings of ‘elegance’ can often be temporary, so I’d advise against basing your decision on that 
Let me add that the fabric of the dress is really high quality. It feels like it can be worn for many years. But to be honest, I was thinking of it for a special occasion; it doesn’t seem like something that would be worn casually. This is leaving me uncertain.
You mentioned that you might consider looking at second-hand items, and I think you should definitely try. For example, check apps like dolap or gardrops. You might find something exactly the same or similar at a much lower price.
But you said this dress looks like it was made for someone special, so have you checked other stores for something similar? You might find an alternative that’s more budget-friendly.