Congratulations on going to Uni, that's HUGE and I think a bag is a very good practical choice for the occasion.
At the prices bags are, they can cost the same as jewellery
I was bought an Aquascutum reversible raincoat by my parents for passing my GCEs (I don't know what the equivalent is in the US, perhaps high-school diploma) - total bribe. At the time I could never have afforded a coat like that even working every day after school and on the weekend (which I did).
Usually, I go out with friends/family and celebrate these things with a meal, so the memory is the 'thing' but yes, sometimes something for myself that befits the occasion. I think it's a great idea
More to motivate me to finish my PdD rather than celebrate the milestone the fact, I bought a gold ID bracelet when I transferred from MPhil to PhD. I was only allowed to engrave once I'd finished and finally passed. I also forbade myself to wear it until it was engraved. I hate unfinished business, and having it around unwritten and unusable was a reminder I'd better get writing myself. Now it says Dr.PT![]()
The bracelet engraving is a really cool idea. I might do that for when I finish my degree.