Advice please - should I downsize my collection?

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  1. Hi everyone and please excuse the long spiel,

    So the gist of it is I'm a serial spender. I've vowed to permanently reside on ban island at least 6 times without ever truly seeing it through. My budgeting and spending habits have always been scrutinized by my family and partner, but never seriously because I always help out the family and I do save, but probably not as much as I should. I've toyed with the idea of buying a home or investment property during the last two years and again, I haven't seen that through either.

    However, as of last Saturday I'm officially ENGAGED and the first thing that came to my mind after the initial celebration is that I need curb my spending, especially my indulgence in Louis Vuitton and Chanel! I don't know if I'm just stressing out over nothing, after all we're not expecting to marry until next year, but suddently I feel almost guilty for having amassed a collection of luxury purses and SLGs, while my partner has been going crazy hunting for a ring!

    This is my current collection. It was actually a bit bigger, but my sister already took my mono eva, mono beverly clutch, mono sarah wallet and mono etoile compact wallet, Please tell me what I should do!!! And thank you for any advice!!!

    Louis Vuitton
    Sofia Coppola Bag BB Clementine
    Empreinte Speedy B 25 Celeste & Virtuose wallet in Infini
    Mahina L's in Poudre, Opal and Coquille & Amelia wallet in Sable
    Suhali Le Precieux Clutch in Blanc & Lockit Clutch in Chrome
    Pomme d'Amour Zippy Coin Purse
    Damier Ebene Speedy B 25 & Alma PM, & Cles
    Damizer Azur Saleya PM
    Monogram Canvas Speedy 25 & Koala wallet

    Vintage lambskin mini in black
    Vintage lambskin single flap in black
    Vintage caviar tote in black
    Reissue 226 in white with black hardware
    Half moon wallet-on-chain in beige clair
  2. I wouldn't downsize at all. Especially since you will be married which means expenxive wedding (if your so inclinded) a mortgage, and children. With children comes no money for yourself, so hang onto your precious collection you'll probably need it. In fact, you should add a few wish list items while there is money in the pot:lol: (not enabling at all).
  3. It does not make sense to me to sell something unless you really need the cash, or do not like a particular item from your collection anymore.
    It sounds that you feel a little guilty for your spending habits especially because the ones around you do not have such a luxury. Just try to be more responsible with your money in the future and big congrats on your engagement!

  4. +1
  5. +1 ITA! The good news is that it does not look like you will need anything for awhile ~ you have a fabulous collection!!! ;) Don't feel guilty; life is too short. You are smart to think ahead and plan for the future, though ~ realizing now that you want to curtail your spending is smart. There have been many times ~ when my DH and I were in grad school, buying a house, having our first child, etc. that purchasing a luxury handbag was not high on my priority list ~ so I completely understand your concern. My advice is to enjoy and be thankful for what you have and don't sell / give away anything that you are currently using.

    Also, congrats on your engagement ~ I am happy for you!:hugs:
  6. Congratulations on your engagement honey!!
    While it is awesome you are thinking ahead, I don't see any reason you should sell the bags you love. Actually, if you ever find a bag you have to have, then you will have some bags to sell so you can use that money towards the new one.
    Enjoy the bags you have and do NOT feel guilty for having them. I'm assuming you worked hard for them.
  7. I agree with her^
  8. This....marriage and bills and more responsibility will limit the discretionary spending...keep your collection.
  9. I don't think you should down-size for right now, but in the future when you want to buy a new bag you should sell one...keeps you on budget! :smile:
  10. I think you have a great collection. Don't sell... just maybe don't buy right now. Or, maybe if you feel that you must part with something else, maybe sell one of your Mahina Ls, but that would be about it, in my opinion, and that's if you really feel like you must. Or, just vow to focus on planning your wedding and all this year, and carry all of your lovely bags! There will come a time in the future when someone else will want to have a say in how you spend money, with other priorities that will seem to be more important, so I say hold onto what you have now and enjoy them. Congrats on your engagement and good luck! We support you no matter what!!!! :smile:
  11. I would not sell, in the future you may not be able to buy bags for a while (wedding / house / family) so at least you have these pieces to still enjoy. And they do go up in value.

    But the reality is that you may not be able to afford new bags in time to come (for a while anyway) so at least you have these to use and have memories of your single girl days !!!

    There is more to life than bags anyway - so enjoy these "bag babies" and plan your wedding and yes, don't buy any more for while as you set up your new married life.

    You are fortunate to have some nice bags already - I had to wait until my early 40s to start enjoying luxury.
  12. Everyone above said exactly what I would say! Nice job TPF's!

    You have a gorgeous collection and should use each and every piece with love!
  13. +1. Don't change the past. Enjoy your collection and save more moving forward.
  14. Wow! That is an impressive collection. I agree with almost everyone and not sell unless you really need the money. Not because you feel guilty. And as a couple of others stated, if you feel like you want a new bag you could sell one of your existing bags to fund it. Having a budget and sticking to it along with saving takes discipline pretty much everyday. Marriage works so much better when you and your spouse are on the same page with money. Congrats to you for wanting to change your spending habbits now. It's hard, but so worth it. I was the spender and he was the saver when my husband and I met. He told me his goals for us and what it would take to get there and how it would be worth it, but WE would have to save and be on a budget. Over 21 yrs later still on a budget, still saving, but enjoying life and not stressing about money.

    Bottom line, don't stress. You've already acknowledged your weakness and you want to change it. Sit with your soon to be DH and talk money, goals, and what it will take from both of you. But enjoy your amazing collection that YOU have built:smile:
  15. I agree with everyone else, you have a lovely collection keep it and enjoy the wonderful future you have ahead of you.