I have a confession to make: When I meet someone who is as hung up on bags as I am, I wonder two *very* important things. No. 1: What bags and/or designers is this person into and why? No. 2. How does she (or he!) fund each and every purchase? Impulse shopper, long-term saver, or someone with a very generous parent, spouse, or partner—no judgement. I’m just curious.
I think talking about money is supremely important, and the more we do it, the better chance we have at pushing society forward when it comes to higher wages and pay equality. I also think we need to reduce the stigma around how we spend our money, too. That’s why I’m a huge supporter of PurseBlog’s Closet Confessionals, as well as Refinery 29’s Money Diaries. I know there may be a discrepancy with some of the authors’ documentation of how they earn and spend their money, but overall, I find these columns helpful and unbelievably fascinating.
When it comes to purchasing a new bag, we all have our own way of doing things and that’s OK. While some of us may browse Saks Fifth Avenue on a Wednesday afternoon and return home with a brand-new Fendi Peekaboo, others may spend months or even years saving for a Chanel or a Birkin. Then, of course, there’s a group who are lucky (?) enough to have someone in their life purchase bags on their behalf. (Side note: While this sounds like a Cinderella fantasy, I’m a major proponent of paying for bags myself. More on that later.)
[sc_ic_ad1]Personally, I have something called a Bag Fund. Ever heard of it? Allow me to explain…
I consider myself pretty financially responsible. I pay my bills on time, I contribute to a Roth/401K, and I make sure I put as much as I can into savings (within reason… a girl’s gotta live, right?). Then there’s my bag fund, which I meticulously stash money into every few weeks in hopes of having enough saved to purchase a couple of bags each year. There’s no formula to how much I put in there. It depends on the month and what other expenses I have going on. Sometimes it’s only a couple hundred dollars, while other months it may be much more.
All I know is, if I’m lusting after the new Prada Sidonie ($3,100) or the Chanel Camera Case ($4,100), but only have $2,500 saved, then no bag for me (unless and until I have enough in that specific account).
If this sounds like torture, sometimes it is. Well, not actual torture. But it is frustrating to know I have the funds somewhere else (i.e. in my long-term savings account), yet I still refuse to allow myself to use that money. Think of it this way: We can all remember a time where we begged our parents for a shiny new toy, but no matter what we said or how we phrased it, they said no. Basically, I’m the parent and the kid in this situation. With bags being as expensive as they are (and only going up. sigh.), it’s important to maintain perspective and not go broke in the interim.
[sc_ic_ad2]I’m all for rewarding myself. That’s actually why bags are my thing. I’ll spare you the details on why they mean so much to me, but knowing I’ve worked hard enough (and saved right) to afford one is immensely gratifying. I also get a kick out of researching and thinking about what my next purchase will be—and my bag fund allows me that time. As I put more and more money into it, it gives me a better idea of what’s really worth it to ultimately take my hard-earned cash out of the account.
Do you have a bag fund? Would you consider making one? Or do you fancy yourself as an impulse shopper? There’s definitely no right or wrong way…this just works for me (and maybe it will for you too, if you give it a chance).
I do have a sepperate account i use to make all my bag and accessories purchases. Im not at the point financially to where i can just buy a bag and not think twice about the cost. I do tend to plan out all my purchases and a bag fund helps me with that.
Great discipline. I’ve been an impulse buyer FOR-EV-ER (it has not served me well) and would love to adopt your approach.
I don’t have a purse fund and am an avid impulse buyer. I typically don’t plan for a new bag. I don’t need any bags, so to plan for something I don’t really need doesn’t really work for me. If I want a bag, I’ll typically obsess over it for a few days. Depending on the brand, I’ll buy it used which will save me a ton. Some bags I prefer to buy new and if it’s too expensive, I just won’t buy it. Also, I have to love it. I’ve been on my Marie Kondo thing and I only buy bags now that I love. I used to buy bags that I just liked, but this new philosophy has saved me a lot of money.
I am a total impulse buyer. With all the money I spent on contemporary designer bags and lower end premium designer bags on impulse (which I get tired of and end up selling for a fraction of what I paid) I could have saved that money over time and have a Chanel or Hermes by now.
Same here! I’ve spent over 100 g’s in my lifetime on bags and I still haven’t bought a Chanel (not a big fan) or a Hermes. I even upped my home owners insurance to cover my bags if we had a fire or something! Last year I thought about it, but then I thought I don’t think I’d enjoy carrying a $12,000 bag.. the worry about anyone damaging it would take the joy away. About 10 years ago I had a waitress drop sour cream down both the inside and outside of my limited edition LV Irene. I about how a cow, but was very polite about… (I was able to clean it up pretty good). Just remembering how upsetting that was stops me from buying a Hermes. That bag was around $3,000, I think I’d have a heart attack if someone did that to a Hermes!!!
yes, but you will own only one Chanel or Hermes bag. vs. you can have many different kinds of bags to enjoy.
cash only baby. if you have to save for it, you can’t afford it.
I totally agree! Some of the replies missed your point. Paying with a credit card but never carrying a balance IS having cash to pay for it.
USE YOUR CREDIT CARD! On a $2500 purchase you get cash back and in my case air miles! I never carry a balance so it’s not a worry for me, but for those who can’t afford to pay off their card when the bill comes in, you can’t afford the bag. Saying if you have to save for a bag, you can’t afford is also not true for some people. I can afford any bag I want, yet I thought about starting a savings to give me time to make sure I really want whatever bag I am craving at the moment and to keep me a little responsible. My husband said not to, just get the bag if I want it. So think before you make blanket statements.
Uh not sure if you read what I said about paying with a credit card…
I always get this wrong, I was actually replying to the initial post that you responded to. So apologies if it was confusing . It looks like we both agree.
I’ve never thought of saving that way before. I for sure would advise against using credit, but isn’t the purpose of saving to reward yourself later/ be able to obtain something you might not atm?
I always use a credit card because it offers purchase protection and I get credit card points to use on travel (my other vice). That said, I never carry a balance so I wouldn’t buy anything I can’t actually pay off right away.
Actually, I use my credit card, but only if I have enough money in my savings to pay it off in full. The benefits for using my credit card are too good to pass up. However, the one downside is that if I don’t have enough money to pay it off in full I don’t buy, which is agonizing! 🙂
Can’t agree more!
I do not have a bag fund — I have fund but it is not limited to bags. Each year, I set a budget of what I plan to spend on splurges throughout the year, including bags, jewelry, impractical shoes, etc. and take funds periodically out of my main checking account in line with that budget and put them in my splurge account. I use that second/splurge account only for “fun” stuff. If I underspend versus the budget, which is what usually happens, I leave the leftover funds in the account. Last year was the first year that I went over my annual budget and even so with surpluses from prior years, it was not a problem. It helps that I am not attracted to Hermes bags for myself so I really do not need to save up to buy a bag. I used the funds over the years (and I do mean years) to buy, along with some other bags, six Chanel bags but now I think that Chanel bags are way too expensive so I do not see myself buying one in the foreseeable future and so that frees up the budget for other things.
I recently started a purse fund and saved enough to buy my first Chanel this year! I used to be an impulse buyer, and when I realized I had around 40 (!!!!) bags, I knew I’d rather do fewer, better. Instead of buying 10-15 bags this year, I’m planning on 3-4 well considered splurges. Love these discussions!!!!
I’m an impulse buyer but I never get into debt over a bag. I only buy when I know I have the savings for it. Recently, I’ve turned to the 2nd hand market and my purchases depends on the style, condition and price of the bag.
I’ve had a bag fund for years! I started it when I was saving for my first Chanel and I’ve kept it up since then.
Definitely have a bag fund, which doubles as a vacation/treat yourself fund. Any bag I buy is scrutinized under a microscope for a couple of weeks until I decide to buy it.
I have a bag fund, just as my husband has a savings for his specific wants. But we also put aside funds for vacations and have a rainy day savings on top of that. It can be easy for me to spend, so having different places for different funds works for us! Plus it’s always fun to see that number go up.
To me, being able to afford a bag is more than having enough to pay for one. If I need to save up for a couple of years to purchase one bag, then agonize over what might happen to my good bag like scuffing, staining, or scratching, because I won’t be able to replace it for another couple of years, I don’t see that as being able to afford to OWN a bag. That’s why I don’t think I can afford a Birkin or a Kelly at this point, even if I might have enough to pay for one.
I agree with about 90% of what you said. I think many people can own a Birken and still agonize over someone damaging their bag even if they can buy another one.
Good point, I have no idea what it is like to own one so I didn’t know 🙂
I don’t have a bag fund specifically but I’m an avid saver in general. Have always been and my parents were the same. I don’t agree with some comments that if you have to save for it, you cant afford it. For me, there is nothing as satisfying as planning and saving for a, by then well-deserved, luxury. If I had loads of bags that I was regularly impulse buying, i wouldn’t enjoy them as much.
I got my Chanel flap on consignment for a bit under $2000 and a Chanel tote for about the same amount. That did it for me. I love the bags, but don’t have any desire to get any other designer bags..these will do me fine.