Purses, money and opportunity costs

[paculina]

Why do you choose to spend significant amounts of money on a single purse rather than on something else? What is it that makes that purse worth spending $2000 on rather than saving that money or putting it in retirement or paying down debt or using it for something else? What kinds of things are you sacrificing to be able to buy that purse?

$2000, even $500, is a lot of money in my world and to spend it on a purse is just something I can't fathom right now. I just bought a Coach bag for $167 and that was a lot for me. Usually I don't spend more than about $60 on a purse. And then I see people who have bought multiple high-end purses in a short time and think wow. How do you afford it and what are you not doing to be able to spend that kind of money on purses?

Not judging at all, but this is completely new to me and I'm trying to understand. Thanks.

 

[Jesssh]

I haven't bought premier designer purses yet, but I have bought several Coach purses. I justify them by making them last. I figure I could buy one black purse every year when the old one wears out, or I can buy several different colors and styles and use them over several years. I know my style well enough not to make a big mistake. I have purses that were manufactured in 2004 and they still look like new.

It is hard for me to find purses I like, so when I have the time to shop around and find the "perfect" ones, it makes sense to go ahead and get them. It's much better than needing one because the only one I have wears out, and I'm stuck with choosing from what is available at the time.

I like my collection so well, that when it is complete, I doubt I will be tempted by something new. If I haven't bought a Bal or Mulberry or Givenchy or Celine by now, it is unlikely that I ever will, unless I find myself in a job that requires (?) a premier designer bag just to fit in.

 

[fashion16]

For many of the women on the forum, this is a hobby. Some guys belong to a golf club and pay thousands of dollars a year for a membership. I have a friend who takes international trips 2-3 times a year...one trip to Europe was 3.5 weeks long and over $16k. Some people spend hundreds of dollars on tattoos and body art. There are always other options for that money such as investing, donating the money to charity etc. but a hobby is a hobby, something that people do for fun. They aren't necessities but they bring us joy and as long as you aren't living beyond your means w/ a shopping habit, why does it matter?

 

[mellome]

What kinds of things are you sacrificing to be able to buy that purse?
...
How do you afford it and what are you not doing to be able to spend that kind of money on purses?

I'm just a student and I can't fathom getting a high end purse for myself in my current situation either. But everyone here has a different situation, income, lifestyle. I think the phrasing of your questions don't really apply to everyone. Especially the "sacrificing" part.

There are probably plenty of debt-free, financially comfortable people here. Or people who can budget and pay their debt, save up for trips, retirement, etc. while still having enough for a bag fund.

I don't want to make too may assumptions about others, as student life is all I know first hand. I've seen threads where people have said they have been able to support themselves in college and still save up for bags. I think when I have time for a part time job and save up for a bag, my sacrifice would be money towards movies, going out, eating at restaurants.

In the future, if I'm ever in a situation where it would come to big sacrifices, luxury bags would not be a priority. Different lifestyle, different priorities, different problems.

 

[ahhgoo]

It would depend on what stage of your life you're at. For me, I didn't get into all these high end purses until I've paid off the mortgage and earn a decent living. From then on, I get the luxury of putting my money in mental buckets - one for retirement, another to cover day-to-day living and the last one is for pleasure. If I saved up enough I can either choose to buy a purse or go on a nice vacation or spend on completely frivolous things like clothes.

In my younger days, I can't even afford Coach and was carrying a cheap Guess cross-body purse for ages. I was happy doing so as my priorities were different then. I see some young people carrying LV or other expensive brands and often wondered myself how they can afford it. Hopefully they've saved up for that one particular purse instead of getting into debt.

 

[lorihmatthews]

There are probably plenty of debt-free, financially comfortable people here. Or people who can budget and pay their debt, save up for trips, retirement, etc. while still having enough for a bag fund.

Don't believe everything you see/read on the interwebs. Not everything is real, KWIM?

There are people who are up to their eyeballs in debt. Some post pics of expensive bags after purchasing them, and then return them. Others says bags belong to them when really they belong to more established relatives or friends. Some buy counterfeits and pass them off as authentic. Some even lift pics off the internet and post them as if they owned those items. All are examples that happen everywhere.

If you're a student, then you're right by not focusing on luxury items if you can't afford then you're on the right track. Will your opinion change after you're done with school and working? Maybe. We all have to do what's right for ourselves.

 

[paculina]

I think the phrasing of your questions don't really apply to everyone. Especially the "sacrificing" part.

A sacrifice doesn't have to necessarily be painful to be a sacrifice. Very few people, and likely no one on this forum, has deep enough pockets to do everything, so if you're spending $$$$ on purses each year, there's something else that you're not doing to have that money.

Making the choice to spend this money on this purse means you made the choice not to spend it on something else. What something else is and how significant it is depends on the person and the situation, but there is always a something else. In your case, the something else might be tuition for next semester. In my case, right now, the something else would be savings. For someone with more wealth, the something else might be less significant to them than it would be to us, but it's still a sacrifice all the same.

 

[paculina]

Don't believe everything you see/read on the interwebs. Not everything is real, KWIM?

There are people who are up to their eyeballs in debt. Some post pics of expensive bags after purchasing them, and then return them. Others says bags belong to them when really they belong to more established relatives or friends. Some buy counterfeits and pass them off as authentic. Some even lift pics off the internet and post them as if they owned those items. All are examples that happen everywhere.

Thank you for being real about this. As I've been reading here, I've had a very hard time believing that there wasn't some serious credit card debt involved with some of these purchases. I hadn't considered the other stuff, but that makes sense too.

 

[saintlucy]

ITA about different lifestyle, priorities and problems.

Although I do not collect bags I do appreciate good design and buy the occasional designer bag. I've made a rule for myself to only buy high-end bags when in Europe on vacation so it's an experience/souvenir; and it's also a limit because I can only afford to go abroad every 2-3 years. I just bought a Balenciaga in London two weeks ago because I want the whole experience of boutique shopping and picking out the bag for me. I can afford to just order it online from home, but I view designer bags as bonuses so the anticipation and waiting time to get one is part of the allure for me. I live in a somewhat remote area so I'm limited to a lot of online shopping.

It's just whatever someone is willing and happy to spend money on. My main obsession goes more towards designer chairs and lamps. I've never sacrificed anything to get those... (I'm talking about iconic chairs or lamps here but same could be said for iconic bags). I'm applying the same principle towards handbags. I just buy as a treat for myself when finances allow... probably why it's taken me 15 years to fully furnish my home. I don't budget for it. Saving for a bag or putting it on a credit card is not something I'm willing to do. I either have the cash or I don't.

To answer the OP... there are things I'm not willing to spend money on... cable tv, fast food, paper towels, manicures/pedicures, using the clothes dryer. I suppose money not spent on those can go towards a bag fund.

 

[eury.dice]

I think it all depends on personal priorities. I have a friend who is up to her eyeballs in student loans who buys at least two high-end bags a year. She saves rent by living in a really sketchy part of town and picks up shifts whenever she can even when she's busy with school. I admire her taste and the polished, chic image she projects. Although I'm not sure I would do the same in her shoes, her bags make her happy and they're the envy of everyone, so who am I to judge?

On the other hand, my parents are quite strict on me living within my means. I come from an upper middle class family--my dad is an oncologist while my mom is a lawyer. Although they pay my tuition and have bought me a car and an apartment to make off-campus living easier, they refuse to foot the bill for designer clothes or bags that they think "aren't worth the money." I think things would be different if I had parents who were interested in luxury goods. A lot of my friends got designer bags from their parents for their 21st birthdays. I got a golf club membership -.-

 

[sunspray]

Thank you for being real about this. As I've been reading here, I've had a very hard time believing that there wasn't some serious credit card debt involved with some of these purchases. I hadn't considered the other stuff, but that makes sense too.

Well it's all relative. What's expensive to one may not be to another. There are wealthy people and there are people in debt and there are people who don't have other hobbies or vices. Just way too many factors involved to generalize. Everyone's situation is different.

 

[serenityneow]

Well it's all relative. What's expensive to one may not be to another. There are wealthy people and there are people in debt and there are people who don't have other hobbies or vices. Just way too many factors involved to generalize. Everyone's situation is different.

It is a hobby for me, but my mother also taught me to buy a few very good things rather than many mediocre things, and that has stuck with me. I have maybe 5-7 high-end bags and, at this point, if I buy a new one, I usually sell an old one, often at a profit but never for significantly less than I paid (maybe $200 less max). I'll take that over a Coach bag I won't be able to re-sell and will never really love.

Plus, my bags are a reminder from me to myself that I'm worth it, corny as that is. Also, some really are pieces of art and can transform the simplest of outfits into something very unique and beautiful.

 

[clu13]

I waited a long time to buy expensive bags. I paid my debts, bought a house, and have enough to retire comfortably. Now that we decided to go all in with our dream home, I've cut back in the purses significantly, though it is still more than I could have imagined when I was younger. I would never go into debt for handbags. But I also feel like at this point I can enjoy things - that was the point of all those years in school and scrimping and saving.

 

[indiaink]

Why do you choose to spend significant amounts of money on a single purse rather than on something else?

Because I have everything else I want.

What is it that makes that purse worth spending $2000 on rather than saving that money or putting it in retirement or paying down debt or using it for something else? What kinds of things are you sacrificing to be able to buy that purse?

I spend half that, once a year (and that is a recent promise to myself; one a year, and only if I have the money available to me; as a recovering purse addict, I had to do something about my 'want'). I have no debt. See above; I have everything I want; I shop at thrift stores for clothing and my only vice is the love of a well-made handbag (well, that, and tech stuff - being a computer consultant gets me in trouble sometimes). Jewelry, shoes, clothes - none are a thing for me. So... I can have my thousand+ $ bag, yes?

$2000, even $500, is a lot of money in my world and to spend it on a purse is just something I can't fathom right now. I just bought a Coach bag for $167 and that was a lot for me. Usually I don't spend more than about $60 on a purse.

I did the Coach thing back in the 80s when their focus wasn't on the almighty dollar, but on making something worth having. As I've matured and gained wisdom and learned about the one material good I lust for, I would never spend any money on the Almighty Coach. So, I have trouble understanding the Coach ladies.

And then I see people who have bought multiple high-end purses in a short time and think wow. How do you afford it and what are you not doing to be able to spend that kind of money on purses?

As others have posted, don't believe everything you read/see here. tPF stories are legion. Many of us have active fantasy worlds here and who really cares? And some of us do not have any life IRL so we make one for ourselves here. We're a peculiar sisterhood. I can tell you for sure: the truly wealthy do not binge-buy and do not brag about their purchases. That's not what 'wealth' means. Trust me.

Not judging at all, but this is completely new to me and I'm trying to understand. Thanks.

What brought you here? It must have been something to do with handbags. For all the posts you read about (what you consider to be) expensive bags, there are many more who don't spend all their time here bragging and buying. Although, give us a good sale and all bets are off.

Welcome to tPF, and do let us know what brings you by? Set a spell, have a cup of whatever refreshes you, and let's get to know each other.

 

[Jennifoo]

Hi there. I think you're right to post this. A little while ago, I couldn't have fathomed spending a lot on handbags, either.


Here's my story.




In October 2012 I got a payout from a childhood lawsuit settlement. I paid off my debt- only about $2000- and decided to get some nice things for myself, some books, a religious statue, etc. I also decided to buy a Coach bag because I was fed up with sub-standard quality on the $40- $80 dollar bags I was buying at Marshall's, Bergner's and the like. To me, $40 to $80 is a lot to spend on a bag only to have it fall apart in only a few months. I'm not hard on my bags by any means, for that matter.


I remember the first time I visited the Coach website. Everything looked amazing. I chose a black Lindsey with brass hardware and matching wallet. I can't tell you how hard it was to put that order through. I had NEVER spent $400 on a handbag and it scared me a little. When it arrived, I was on cloud nine. It was beautifully packaged, came with a dustbag and the leather was sooo soft and wonderful. Then I smelled it. I love the smell of a new handbag. Also, the hardware was gorgeous and durable, the lining is this intense purple.


I ended up purchasing several more Coach bags, some Louis Vuitton's and a Gucci. I thought about each purchase and did some research so as to cultivate a small but well-rounded collection. Now it's 2014 I haven't purchased any bags on almost a year and I'm very content. I'm still happy with my choices and get lots of compliments. I'm on a bag ban for now both because there's nothing I urgently need and because I'm putting my money to other things, plus saving.


Just know that the quality is amazing and the styles can be more timeless and versatile. That's what I've found. Shortly after getting my Coach bags I gave my cheaper bags to goodwill. I will never go back to the poor quality bags ever.


Everyone had their interests and hobbies that they're willing to spend money on. I have friends and family that gamble a lot, go to Vegas several times a year, plus other vacation spots. Some spend on books, techno gadgets, shoes, you name it. I like my handbags because it's like art that you wear, and a handbag is one of a woman's most intimate possessions.


Hope this helps.



P.S. My handbags still smell amazing over a year later.