How do you know When you are ready to make that big splurge?

Mei90

Member
Dec 20, 2017
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Hi guys,
Im planning on making my first biggest handbag purchase
I have always wanted a chanel and dior handbags and i prefer a brand new bag
But how do you know when you are ready to make that purchase?
I mean for a $4000-$6000 handbags
At what point in your life do you think you can spend this much for a handbag? How much savings, or assets do you need to have first before spending so much on a handbag? I use to shop my handbags with my credit card before
I just feel so nervous about this big splurge as i dont think i have that much savings. But the price keep going up and up and up!! Please share your thoughts , opinions and experience. Thanks guys :smile:
 
Hi guys,
Im planning on making my first biggest handbag purchase
I have always wanted a chanel and dior handbags and i prefer a brand new bag
But how do you know when you are ready to make that purchase?
I mean for a $4000-$6000 handbags
At what point in your life do you think you can spend this much for a handbag? How much savings, or assets do you need to have first before spending so much on a handbag? I use to shop my handbags with my credit card before
I just feel so nervous about this big splurge as i dont think i have that much savings. But the price keep going up and up and up!! Please share your thoughts , opinions and experience. Thanks guys :smile:
 
I generally think that most are right when they think they can’t afford something. I love bags, but they are a want, not a need. Do you have an emergency fund with at least three months of living expenses? Do you have consumer consumption debt? Are you saving for retirement?

This is probably not going to be a popular opinion, but if you don’t have savings behind you and you have debt, then you can’t afford a luxury $4000-6000 bag, no matter how much higher the prices will go. You’re spending money you haven’t even earned yet to buy an item that is neither an essential nor an investment.

If you’re solid financially and can buy it outright without compromising financial security or savings goals, then you can probably afford it.
 
I generally think that most are right when they think they can’t afford something. I love bags, but they are a want, not a need. Do you have an emergency fund with at least three months of living expenses? Do you have consumer consumption debt? Are you saving for retirement?

This is probably not going to be a popular opinion, but if you don’t have savings behind you and you have debt, then you can’t afford a luxury $4000-6000 bag, no matter how much higher the prices will go. You’re spending money you haven’t even earned yet to buy an item that is neither an essential nor an investment.

If you’re solid financially and can buy it outright without compromising financial security or savings goals, then you can probably afford it.
+1 on this answer. Completely agree.

First - no debt (I’d include school loans consumer debt and car debt in this list). Second - emergency savings (save for this as you pay off the debt. Don’t wait.) Third - starting progress on investment goals. Then luxuries a little bit at a time. :flowers: You’ll feel so much more relaxed and happy when you do buy!
 
+1 on this answer. Completely agree.

First - no debt (I’d include school loans consumer debt and car debt in this list). Second - emergency savings (save for this as you pay off the debt. Don’t wait.) Third - starting progress on investment goals. Then luxuries a little bit at a time. :flowers: You’ll feel so much more relaxed and happy when you do buy!

Car debt might not be the best example because with historically low financing rates, you are better off financing and investing the money for far higher returns.
 
I generally think that most are right when they think they can’t afford something. I love bags, but they are a want, not a need. Do you have an emergency fund with at least three months of living expenses? Do you have consumer consumption debt? Are you saving for retirement?

This is probably not going to be a popular opinion, but if you don’t have savings behind you and you have debt, then you can’t afford a luxury $4000-6000 bag, no matter how much higher the prices will go. You’re spending money you haven’t even earned yet to buy an item that is neither an essential nor an investment.

If you’re solid financially and can buy it outright without compromising financial security or savings goals, then you can probably afford it.

If buying the item will trap any part of your soul inside a cage,
drop it & fly away.

ITA with both of these posts. Financially, you should have no discomfort paying for the bag. And that is true emotionally as well. Be honest with yourself: will you really use the bag, or will you be so afraid of damaging it that it will sit on a shelf or in your closet? There’s a Karl Lagerfeld quote out there where he says the definition of luxury is to be able to wear a fur as if it’s a cheap knit thing — the point being, if you have to be too precious with it, it’s not a luxury you can truly afford.

Don’t fall into the mental trap that prices will keep going up. They will — but hopefully so will your income and financial security, so when the time comes the price won’t feel like such a big obstacle. Also, tastes change — by that time, you may decide to spend the money on something else!
 
Car debt might not be the best example because with historically low financing rates, you are better off financing and investing the money for far higher returns.
Good point. But that presumes good credit ratings. Some who may be asking this type of question about when they can / should buy a luxury bag can’t get prime lending rates and may finance their car at rates much higher than makes sense to carry the debt v. Investing.
 
You need to have the funds available to pay for it, don't get into debt for a bag, it's not worth the worry. And if you do take the plunge be sure to buy something that fits your everyday (today) lifestyle. Nothing sadder than a bag on a shelf IMO, or those "is this stitch a nanometre out of place, and have I been ripped off" posts :sad: One more thing - buying bags (or any other luxury item for that matter) isn't a competive sport, although you'd be forgiven for thinking so sometimes on here :lol: just be yourself, take your time, and don't worry what everyone else is doing :smile:
 
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For me, personally- never.
I just don‘t see the point. A bag is a thing that I use to carry around stuff. I love good quality for a reasonable price. I would rather spend 6700 Euro for a holiday and 300 for a bag than 7000 on a bag alone.
I would feel comfortable if I could spend it from my monthly spending account without worrying.

If I were a billionaire maybe I would buy a Birkin, but I don‘t want to safe up for a bag.
 
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If you can pay 100% cash for the bag and do not have to take that money from any savings/bills account, you're likely going to be okay buying it. I think handbag money should be disposable, meaning it is completely just sitting in your life doing nothing, it is excess fun money and is not necessary for bills, food, savings, mortgage, and so on. Although there may be a ton of guilt associated with the purchase and spending that much money the guilt should never be of the "I really cannot afford" this variety. Most women achieve financial security and awareness with age, which is why Chanel and Hermes (super high prices) have an older audience and LV and Gucci (slightly lower price-points) do trend younger. Depending on your age and financial security you may find a satisfactory bag in a lower range before jumping in at 5K.
 
You need to have the funds available to pay for it, don't get into debt for a bag, it's not worth the worry. And if you do take the plunge be sure to buy something that fits your everyday (today) lifestyle. Nothing sadder than a bag on a shelf IMO, or those "is this stitch a nanometre out of place, and have I been ripped off" posts :sad: One more thing - buying bags (or any other luxury item for that matter) isn't a competive sport, although you'd be forgiven for thinking so sometimes on here :lol: just be yourself, take your time, and don't worry what everyone else is doing :smile:
Is this stitch a nanometer out of place...?

Buying bags as a competitive sport...?

I literally LOL’d. :lol:Yes! It can get a little crazy around here and it’s sooooo not that serious!! Great post :tup:
 
You need to have the funds available to pay for it, don't get into debt for a bag, it's not worth the worry. And if you do take the plunge be sure to buy something that fits your everyday (today) lifestyle. Nothing sadder than a bag on a shelf IMO, or those "is this stitch a nanometre out of place, and have I been ripped off" posts :sad: One more thing - buying bags (or any other luxury item for that matter) isn't a competive sport, although you'd be forgiven for thinking so sometimes on here :lol: just be yourself, take your time, and don't worry what everyone else is doing :smile:

Perfect!

OP, don't buy just because prices are going up. Make sure it's the bag that you will love and wear. If you are just going to admire it sitting in your closet because you are afraid of scratching it or causing some "wear" that you can't get your "investment" back then might as well admire it from afar.

For me, the only time I will spend $$$$ on a bag is AFTER I have seen and tried on the bag multiple times. Seeing pictures of others with the bag can be helpful but it isn't the same. What might be acceptable to another person may annoy you to death. If you made a mistake and want to sell it, then it may not be as simple as you think. Visit the ebay forum, there are some pretty scary stories.
 
I generally think that most are right when they think they can’t afford something. I love bags, but they are a want, not a need. Do you have an emergency fund with at least three months of living expenses? Do you have consumer consumption debt? Are you saving for retirement?

This is probably not going to be a popular opinion, but if you don’t have savings behind you and you have debt, then you can’t afford a luxury $4000-6000 bag, no matter how much higher the prices will go. You’re spending money you haven’t even earned yet to buy an item that is neither an essential nor an investment.

If you’re solid financially and can buy it outright without compromising financial security or savings goals, then you can probably afford it.
This is very sound advice.