Nope don't worry about it there will always be more and better ones. I'm in the same boat as u, don't want to live pay cheque to pay cheque want the nice savings acct, plus pay off my debt. Save the money....
you're totally not overacting...I feel more secure with some money in my bank. it's good that your realize that and is willing to take some action.
I agree with some of the ladies, you should definitely keep one bag that you absolutely love...at least you when you go through purse-withdrawal, you can still take that bag out and admire it. =)
I agree with some of the ladies, you should definitely keep one bag that you absolutely love...at least you when you go through purse-withdrawal, you can still take that bag out and admire it. =)
Agree completely. Sell a few and see how you feel. Bags are lovely things but after the first couple, each has decreasing marginal utility --you will feel much happier having some money in the bank.
Well, I think you've made up your mind and I agree 100%. Frankly, and I don't want to sound judgemental and I'm afraid I will, but there are a surprising and disappointing number of young women on this board who are not yet financially independent / secure yet are spending thousands on handbags! 
Now I like a little luxury just like the other posters on this board - I'm not at all preaching fiscal conservatism in general....BUT there's a time and a place for these kind of expenditures...place meaning 'point in your life'. kwim?
I realize that my financial habits aren't everyone elses, but I cringe just a bit when I see young ladies living on restricted budgets and spending a month's net income or more - or worse on credit - to buy the latest IT bag. If you're spending more than 2% of your gross income on handbags there's something WRONG. Particularly if you haven't already met other savings goals tied to long term asset accumulation - down payment for house, maxing out 401K / ROth, etc, contributing mightily to a 529, paying off all credit cards and car loans, etc.
I know I'm a prude about this and I've been biting my tongue since I joined this board in Feb and noticed immediately the huge numbers of 20 somethings! I wasn't prepared for that. I'm 40 and just in the past couple of years stepped beyond Coach - and I only had one Coach bag up to age 37. So, this is all beyond me... at first I was surprised at the vast numbers of what I assumed were 'trust fund 20 somethings', now I've come to believe they many are simply making unfortunate financial decisions.
Sorry to be a downer and for loooong post. Good luck and good decision!
Now I like a little luxury just like the other posters on this board - I'm not at all preaching fiscal conservatism in general....BUT there's a time and a place for these kind of expenditures...place meaning 'point in your life'. kwim?
I realize that my financial habits aren't everyone elses, but I cringe just a bit when I see young ladies living on restricted budgets and spending a month's net income or more - or worse on credit - to buy the latest IT bag. If you're spending more than 2% of your gross income on handbags there's something WRONG. Particularly if you haven't already met other savings goals tied to long term asset accumulation - down payment for house, maxing out 401K / ROth, etc, contributing mightily to a 529, paying off all credit cards and car loans, etc.
I know I'm a prude about this and I've been biting my tongue since I joined this board in Feb and noticed immediately the huge numbers of 20 somethings! I wasn't prepared for that. I'm 40 and just in the past couple of years stepped beyond Coach - and I only had one Coach bag up to age 37. So, this is all beyond me... at first I was surprised at the vast numbers of what I assumed were 'trust fund 20 somethings', now I've come to believe they many are simply making unfortunate financial decisions.
Sorry to be a downer and for loooong post. Good luck and good decision!
summer...you are absolutely right...I'm probably the worst! I am 20-something and married....and we spend, spend, spend. We just bought another house and while running our credit they informed us we are over $150K in the hole (this does include our other house - we bought a cheap home and rehabbed it so only 60K with that...gotta love the Midwest-, car, RV, ATVS, and 50K in student loans) but it was a shocker!
We're not a paycheck to paycheck couple...but kinda close. We are just impulse people...see it and buy it (last car was purchased because we were bored and figured a day at the car lot would kill time).
I try to splurge every now and then....but then I have a 6 month drought where I try to put a dent in the credit cards.
I think the being in school thing delays the reality of life. I keep taking student loans and figuring 'oh heck...i've got 4 more years in grad school no worries'. I guess I'll grow up when I graduate...have a couple years of buckling down and then enjoy!
I think the availability of credit cards nowadays contributes ALOT to the spending habits of younger people. My mother is in her 50s and never ever buys something she doesn't have money in the bank for. Fiscal responsibility!
hubby & I are also gamblers (not so much since we left California and not having Tahoe & Reno nearby) and instead of the gambling we shop now....traded in one bad habit for another
We're not a paycheck to paycheck couple...but kinda close. We are just impulse people...see it and buy it (last car was purchased because we were bored and figured a day at the car lot would kill time).
I try to splurge every now and then....but then I have a 6 month drought where I try to put a dent in the credit cards.
I think the being in school thing delays the reality of life. I keep taking student loans and figuring 'oh heck...i've got 4 more years in grad school no worries'. I guess I'll grow up when I graduate...have a couple years of buckling down and then enjoy!
I think the availability of credit cards nowadays contributes ALOT to the spending habits of younger people. My mother is in her 50s and never ever buys something she doesn't have money in the bank for. Fiscal responsibility!
hubby & I are also gamblers (not so much since we left California and not having Tahoe & Reno nearby) and instead of the gambling we shop now....traded in one bad habit for another
summertime said:Well, I think you've made up your mind and I agree 100%. Frankly, and I don't want to sound judgemental and I'm afraid I will, but there are a surprising and disappointing number of young women on this board who are not yet financially independent / secure yet are spending thousands on handbags!
Now I like a little luxury just like the other posters on this board - I'm not at all preaching fiscal conservatism in general....BUT there's a time and a place for these kind of expenditures...place meaning 'point in your life'. kwim?
I realize that my financial habits aren't everyone elses, but I cringe just a bit when I see young ladies living on restricted budgets and spending a month's net income or more - or worse on credit - to buy the latest IT bag. If you're spending more than 2% of your gross income on handbags there's something WRONG. Particularly if you haven't already met other savings goals tied to long term asset accumulation - down payment for house, maxing out 401K / ROth, etc, contributing mightily to a 529, paying off all credit cards and car loans, etc.
I know I'm a prude about this and I've been biting my tongue since I joined this board in Feb and noticed immediately the huge numbers of 20 somethings! I wasn't prepared for that. I'm 40 and just in the past couple of years stepped beyond Coach - and I only had one Coach bag up to age 37. So, this is all beyond me... at first I was surprised at the vast numbers of what I assumed were 'trust fund 20 somethings', now I've come to believe they many are simply making unfortunate financial decisions.
Sorry to be a downer and for loooong post. Good luck and good decision!
Agreed 100%. I love the 2% rule. I'm an attorney and all of my friends make in the low six figures and honestly none of them have anything more expensive than Furla, Burberry, or Coach - aside from the girl I know who has a trust fund. I'm going to start buying some nice bags for work & play this year, but that's only because I've built a secure foundation for myself.
I agree w/ everyone. I've always made sure to keep some savings and never get into debt...even if it's meant living w/ my parents sometimes, or holding off on getting a newer car.
In some ways I think it would look silly for me to have a Hermes or multiple Chanel/gucci/LV/whatever, because it wouldn't "match" with the rest of my life. I'm not poor...but not really rich (yet! I hope!) either. I feel like I'm a coach and kate spade kind of girl right now. Maybe I'll save up and get one gucci or LV sometime in the next few months, but if I try to keep up with the people here who already have established careers (or rich bf/dhs!! lol) I'll just feel lame...and poor!
In some ways I think it would look silly for me to have a Hermes or multiple Chanel/gucci/LV/whatever, because it wouldn't "match" with the rest of my life. I'm not poor...but not really rich (yet! I hope!) either. I feel like I'm a coach and kate spade kind of girl right now. Maybe I'll save up and get one gucci or LV sometime in the next few months, but if I try to keep up with the people here who already have established careers (or rich bf/dhs!! lol) I'll just feel lame...and poor!
I think you should DEFINITELY liquidate and save for the future. Even if you only get 50% on the Coach bags, if you're NOT using them and they're just sitting there, that's still money lost. You know?
Is the most expensive bag that you could still return a bag you could get in the future? If so, I would return it. Maybe even whittle down the collection of your high-end bags--sell of the super popular styles that are more likely to make more money on ebay. Then leave yourself with a couple that you'll enjoy and can rotate--just be sure to have a "well-rounded" mini-collection so that you don't get a craving for a new bag. Like have a nice mix of dressy, classic, casual, etc.
Hope that helps!
Is the most expensive bag that you could still return a bag you could get in the future? If so, I would return it. Maybe even whittle down the collection of your high-end bags--sell of the super popular styles that are more likely to make more money on ebay. Then leave yourself with a couple that you'll enjoy and can rotate--just be sure to have a "well-rounded" mini-collection so that you don't get a craving for a new bag. Like have a nice mix of dressy, classic, casual, etc.
Hope that helps!
Totally agree!SwankyMamaof3 said:You're not overreacting. I actually have the means to collect more and don't. . . although, collecting them isn't my schtick so much.
There will ALWAYS be handbags. Do what you need to do, being responsible and saving is paramount.
Having a 'nest egg' is the right thing
i totally agree... you're not overreacting! me too... on the quiet side have been thinking about taking a break.... i guess a 3 month break wasnt long enough.... i reckon you're doing the right thing!!!! but i say, "you should keep your fav pieces!!!"
***hugs***
***hugs***
Not only do I not feel like you are overreacting, I think it's a very responsible and adult decision to make. When my husband and I were in school, I got my bags from Target. Oh well, I survived. After school you will have plenty of money to use as you choose. Take a good look at your collection. Choose the bags you use most often, keep them and sell the rest. Even the expensive ones can easily be replaced at a later date. Then, look at your budget and decide how much money you can spend on luxury goods and accessories and then wisely choose your purchases in the future.
I guess I am on the same boat as you are, a graduate student with over 100K of student loans and then more on credit cards.. this year, I have gotten overboard with buying bags (spent over 7k so far) and know that it is too much.. the last few weeks, i have taken more consideration of my situation and have learned to slow down.. i am not gonna preach coz I know I myself will not always follow.. but I do believe in saving up in case something does happen.. I do have some money stash away, separate from my monthly expenditures and unfortunately, I pay my credit cards but not in full (but not the minimum either).. I just always think that because I am graduating in several months, and that when i start a new job, I will have something to start paying off those debts.. and with that in mind, although I have stared at my bags more recently and asked "is it worth it?" I have decided to keep the bags just coz I know I like them and I want to keep them... this just means I need to start "curbing" down on my other habits.. n also, I do have a bf who on a regular basis, provide financial support so maybe, the reason I am not being as "practical" as one would hope, it is because someone will be there to bail me out in case I needed help...
I do support ur decision to save up for now and just purchase new wonderful bags at a later time.. as someone has said, the bags will never go away....
by the way, my brother was screaming at me the other day coz i told him about my bags, and I replied "before I sell my bags, I will sell my jewelry first, especially the earrings, coz I don't like them.." btw, the earrings are from my mom, and she passed away several years ago, and I told her before that if ever I am in dire need, that I will sell her jewelry and I don't think she will mind if I do..
I do support ur decision to save up for now and just purchase new wonderful bags at a later time.. as someone has said, the bags will never go away....
by the way, my brother was screaming at me the other day coz i told him about my bags, and I replied "before I sell my bags, I will sell my jewelry first, especially the earrings, coz I don't like them.." btw, the earrings are from my mom, and she passed away several years ago, and I told her before that if ever I am in dire need, that I will sell her jewelry and I don't think she will mind if I do..
i think this is a very mature and rational decision that you are making. it's not overreacting but simply realizing what your priorities are at this stage in your life.
i would try to keep at least one expensive bag if possible, but the rest of the bags you keep should be ones that will hold you through school etc.
i would try to keep at least one expensive bag if possible, but the rest of the bags you keep should be ones that will hold you through school etc.