How do you afford your bags and how many per year? Credit debt or millionare lover?

[stylemechanel]

I'm almost 27 but I'm pretty good with my money. I paid off college in 1.5 years and my brand new car in 1.

As for affording purses, the three I have right now I got because my mom won a giftcard to Henri Bendel for $1500 so I got them! Now I have a Coach Page Shoulder bag on the way to treat myself. I recently loss someone and got an small bonus from work so I put it towards that.

FYI my job doesn't pay great. $10 bucks an hour to take care of people is ridiculous! But I am in the process of moving out and getting a better job so hopefully more purses!

Fridaymegan, you sound like a girl with her head on her shoulders. I am sure your family is very proud of you and all you are accomplishing. Paying off college in 1.5 years is amazing. Congrats!

And you are right taking care of people who are sick...that takes one amazing individual and I hope you find your way to compensation that is appropriate for your skills.

 

[Arailah]

Be careful of the Purse Forum slippery slope. Many here joke about it, but it is real - you end up buying bag after bag after bag, spending more than you can and should, because you see all these bags being revealed that you never knew about, and there are so many "enablers" telling you to get both because you "deserve it" and it looks fabulous on you, and your SA is now giving you heads up on pre-orders or pre-sales, etc. You have been warned.

Now I'm not saying you shouldn't get the bag. If you have the money and you're being responsible, why not? But here are a few tips to avoid the slope.

1. Make a list of the bags you want ( hopefully it won't be a long list) in the order of how much you are aching to have them.

2. If there is a specific designer bag you want, buy that bag and only that bag. Do not compromise with similar bags from other designers, copies, knock-offs, etc! Compromising is unfulfilling and you will end up spending more in the process.

3. If you have several bags on the top of your list, buy the classic that keep going up in price first. If it turns out not to work for you, you can resell and recoup a big part of the cost.

4. Speaking of "not working out", research, research, research. The brands you list are very expensive and bad purchases could be costly so you want to make sure the bag/shoes looks good on you/fits, that it functions as you expect, and that you can wear it when you want.

5. Similar to my last point in #4, use your bag. There are soooooo many people here who post about not wearing their bags because they're a) too expensive b) too delicate c) don't suit their lifestyle d) get snarky comments from coworkers/friends/relatives. If you're going to be like that, then don't buy the bag because it would just take up your money, closet space, and make you feel bad in the process.

6. Finally, be self-aware. Don't get swept up in the hoopla. Buy the bag you want because you want it - not because of some external pressure or the internal pressure of your fantasy life.

Fantastically written...

Honest disclosure, this happened to me last year. I've always been a fan of handbags but never spent more than a few hundred on one. Found this website, became quite enthralled and then became obsessed with Balenciagas. Told myself because I was getting them pre-loved that I was getting a great deal. Felt like I found other people who shared my love for handbags and got caught up in the excitement of the "next find." $500.00 in front of this computer screen and $500.00 out in the real world held significantly different values. I lost all financial sense. One became two, which became three which became four in a span of a few months. I was out of control. Honestly, finances only allow for one expensive handbag purchase a year - planned. I wasn't doing that last year.

I had a handful of Balenciaga's, a heavy conscience and one heck of a credit card balance. My husband was clueless to how I lost control. I quickly sold every one of the bags to recoop as much as I could of the mess I made and thankfully the dust settled.

I'm back now after being gone for almost a year from TPF and openly communicating with my husband about any purchase I make. I've learned the hard way how the slippery slope can work and commit to not fall into it again.

Copying and Pasting your advice to a note on my computer so I can remind myself to not get swept up in the awesome of handbags.

 

[H. for H.]

Be careful of the Purse Forum slippery slope. Many here joke about it, but it is real - you end up buying bag after bag after bag, spending more than you can and should, because you see all these bags being revealed that you never knew about, and there are so many "enablers" telling you to get both because you "deserve it" and it looks fabulous on you, and your SA is now giving you heads up on pre-orders or pre-sales, etc. You have been warned.

Now I'm not saying you shouldn't get the bag. If you have the money and you're being responsible, why not? But here are a few tips to avoid the slope.

1. Make a list of the bags you want ( hopefully it won't be a long list) in the order of how much you are aching to have them.

2. If there is a specific designer bag you want, buy that bag and only that bag. Do not compromise with similar bags from other designers, copies, knock-offs, etc! Compromising is unfulfilling and you will end up spending more in the process.

3. If you have several bags on the top of your list, buy the classic that keep going up in price first. If it turns out not to work for you, you can resell and recoup a big part of the cost.

4. Speaking of "not working out", research, research, research. The brands you list are very expensive and bad purchases could be costly so you want to make sure the bag/shoes looks good on you/fits, that it functions as you expect, and that you can wear it when you want.

5. Similar to my last point in #4, use your bag. There are soooooo many people here who post about not wearing their bags because they're a) too expensive b) too delicate c) don't suit their lifestyle d) get snarky comments from coworkers/friends/relatives. If you're going to be like that, then don't buy the bag because it would just take up your money, closet space, and make you feel bad in the process.

6. Finally, be self-aware. Don't get swept up in the hoopla. Buy the bag you want because you want it - not because of some external pressure or the internal pressure of your fantasy life.

So true about the slippery slope. Luckily I was able to tread carefully and come to my sense before sliding uncontrollably!

I never buy any bag I can not afford and pay off my credit card bills entirely every month. Even though I can pay with cash, I tend to charge everything on my credit card, which gives me reward points/notes. On major bag purchases, the points add up quickly.

 

[jadeaymanalac]

So true about the slippery slope. Luckily I was able to tread carefully and come to my sense before sliding uncontrollably!

I never buy any bag I can not afford and pay off my credit card bills entirely every month. Even though I can pay with cash, I tend to charge everything on my credit card, which gives me reward points/notes. On major bag purchases, the points add up quickly.

Same here! I don't do any purchase if I don't have the money to pay for it. I always make sure before using my credit card I can pay the whole sum amount by before the due date of my bill.

 

[Jck]

5. Similar to my last point in #4, use your bag. There are soooooo many people here who post about not wearing their bags because they're a) too expensive b) too delicate c) don't suit their lifestyle d) get snarky comments from coworkers/friends/relatives.

I despise snarky comments from some people at work, so I stopped carrying purses to work, or I leave it in the car - except for seminars and meetings. Topic related - I don't normally shop and I'm pretty good with money, even though I wish I was better, so I haven't had the need to save or finance a splurge. Hopefully I will never have to, but then again, my splurge is nothing more than $500, if that. Any more than that, I can't justify it, I'd rather use the $$$ to spend on travels.

 

[Kitty S.]

Be careful of the Purse Forum slippery slope. Many here joke about it, but it is real - you end up buying bag after bag after bag, spending more than you can and should, because you see all these bags being revealed that you never knew about, and there are so many "enablers" telling you to get both because you "deserve it" and it looks fabulous on you, and your SA is now giving you heads up on pre-orders or pre-sales, etc. You have been warned.


4. Speaking of "not working out", research, research, research. The brands you list are very expensive and bad purchases could be costly so you want to make sure the bag/shoes looks good on you/fits, that it functions as you expect, and that you can wear it when you want.

I actually think that I would have bought fewer bags if I had been a TPFer a decade earlier. I totally agree with the "research" part. I come to the forum to do my research before I splurge. I like informed decisions and research satisfies my analytical brain and slows me down on splurging 😄 Unfortunately I discovered the forum a bit late, after I had already bought numerous luxury bags because they were on sale 😓 Now I try my best not to be overwhelmed by "good bargains" and buy only after careful research conducted here and other logical analyses of those listed by apey grapey 😉

 

[thundercloud]

Be careful of the Purse Forum slippery slope. Many here joke about it, but it is real - you end up buying bag after bag after bag, spending more than you can and should, because you see all these bags being revealed that you never knew about, and there are so many "enablers" telling you to get both because you "deserve it" and it looks fabulous on you, and your SA is now giving you heads up on pre-orders or pre-sales, etc. You have been warned.

Now I'm not saying you shouldn't get the bag. If you have the money and you're being responsible, why not? But here are a few tips to avoid the slope.

1. Make a list of the bags you want ( hopefully it won't be a long list) in the order of how much you are aching to have them.

2. If there is a specific designer bag you want, buy that bag and only that bag. Do not compromise with similar bags from other designers, copies, knock-offs, etc! Compromising is unfulfilling and you will end up spending more in the process.

3. If you have several bags on the top of your list, buy the classic that keep going up in price first. If it turns out not to work for you, you can resell and recoup a big part of the cost.

4. Speaking of "not working out", research, research, research. The brands you list are very expensive and bad purchases could be costly so you want to make sure the bag/shoes looks good on you/fits, that it functions as you expect, and that you can wear it when you want.

5. Similar to my last point in #4, use your bag. There are soooooo many people here who post about not wearing their bags because they're a) too expensive b) too delicate c) don't suit their lifestyle d) get snarky comments from coworkers/friends/relatives. If you're going to be like that, then don't buy the bag because it would just take up your money, closet space, and make you feel bad in the process.

6. Finally, be self-aware. Don't get swept up in the hoopla. Buy the bag you want because you want it - not because of some external pressure or the internal pressure of your fantasy life.

Great advice, particularly 2 and 5, judging by the less positive threads and quotes on tPF.

Just adding:

No.7 IMO, keep what you spend your money on to yourself, it's actually no one else's business. Most people have something they spurge on such as holidays, toys for the kids or hobbies and that's their choice but no, they'll never see the point of an expansive bag so there's no point in debating.

No.8 Keep reminding yourself you just wanted 2 bags. If and when you get them just enjoy them to the max and don't get sucked into that whole 'starter bags', 'building my collection' thing.

chiming in as well. agree with both posts above! nicely written. thank you, apey grapey and papertiger!

 

[fridaymegan]

Fridaymegan, you sound like a girl with her head on her shoulders. I am sure your family is very proud of you and all you are accomplishing. Paying off college in 1.5 years is amazing. Congrats!

And you are right taking care of people who are sick...that takes one amazing individual and I hope you find your way to compensation that is appropriate for your skills.

Thank you! I always appreciate comments like these!

 

[MsInternational]

I am lucky enough to live in a rich country and have a very well paid job. If I wanted to I could buy 1-2 designer bags each month just with my monthly excess. But I like to travel and I am saving for my future so at the end of the day I purchase very rarely.

 

[Camaro Chic]

I own my own business and my fun money goes toward fashion, bags and travel. tPF is a very slippery slope. I bought 2 Birkins before I joined, and had a nice collection of Hermès, LV and a few others. Now I have over 50 bags and SLGs, at least 10 of which are Hermès and 25-30 LV, plus untold numbers of scarves and the like. Be careful here!

 

[surfchick]

I own my own business and my fun money goes toward fashion, bags and travel. tPF is a very slippery slope. I bought 2 Birkins before I joined, and had a nice collection of Hermès, LV and a few others. Now I have over 50 bags and SLGs, at least 10 of which are Hermès and 25-30 LV, plus untold numbers of scarves and the like. Be careful here!

Off topic but I have to tell you I love your quote! Top Gear is one of favorite shows!

 

[bluegreys]

I only buy a bag after I've saved up enough money. I'm a student, and I save little by little.

 

[Camaro Chic]

Off topic but I have to tell you I love your quote! Top Gear is one of favorite shows!

Me too!

 

[glasskey]

So glad to have found this thread--I love seeing people's purse collections but also am awed by how much money some of them must have cost.

I'm in real estate and finance, and I'd never be able to persuade myself that buying a bag is an "investment." It's a frivolous splurge and I'm ok with that!

I invest the money that I earn in actual investments, and then spend the profits from my investments on my favorite vices. I don't like the idea of spending money that I worked for (that is to say, used hours of my life to earn, at my job) on frivolities; I was taught that money should work for you, and not the other way around, so with my income I buy things like stocks and real estate. I prefer not to trade my time, which I can never buy back, for something material unless that thing will generate a steady and continuous income. Because that income is continuous, however, I am more willing to spend it on fun things. (Though I'm still pretty tight fisted--I'd love to retire as soon as possible). It's as close to having your cake and eating it to that I have found.

I always use credit (the hotel/flight points mean that I haven't paid for a vacation domestic or international in years) and pay it off on time. I also have no problem going into debt and staying in debt for certain things (specifically student loans, real estate, and if the interest rate is right, cars), because rising inflation means that money is losing value, so if you borrow at a low enough rate, the cost of the loan you took out becomes affordable over time. The recent QE rounds have made some of my investment gambles really pay off.

 

[Camaro Chic]

It depends on the brand of bag. Many LV and Hermés can be considered investments in that I can, and have, resold many for ore than I paid.