A couple of weeks ago we published a Closet Confessionals titled “The Young NYC Investor Who Is Finally Learning How to Budget for Bags”. Our confessor discussed the ups and downs of liking bags from a young age and expressed how she’s finally beginning to learn how to budget for bags better. I related greatly to the post and especially identified with her sentiments towards saving for a holy grail bag.
I, like many others, am inspired by bags and trends that I see on social media and online. Every year I choose one (or two if I’m lucky) bags that I’ve been lusting for and add them to my collection. And while I have a holy grail bag in the back of my mind, I find it nearly impossible to start saving for it. Like our confessor, purchasing my ultimate holy-grail would mean foregoing the purchase of any new bags for around 2-3 years, and more if I caved and made a smaller bag purchase in the meantime.
Saving for my holy grail (an Hermès Kelly Mini) is doable, albeit daunting, but still I’ve been putting off sitting down and creating a savings plan for a couple of years now. I know that the longer I wait to start saving for my holy grail means the longer it will take for me to actually get the bag in my hands, but the thought of having to wait 3 years (or more) to acquire it seems intimidating. Additionally I worry about “missing out” on something else while I’m in the process of saving.
I do admit that I sometimes enjoy the thrill of an impulse buy, and maybe my need for instant gratification means I still have some growing up to do, but nonetheless I still can’t commit to a holy grail fund.
What’s the longest you’ve ever saved for a bag and do you have any advice on how to realistically make it work?
I’m a good saver, and what motivates me the most is thinking how good I will feel when I achieve my goal vs all the things that I will need to give up. I also find the first few months when I’m constantly tempted with impulse purchases is the hardest, once I’ve stayed strong and committed to my decision it’s easy to tune out the noise. Good luck!
I can imagine the first few months are the hardest considering I’m having trouble even starting!
I’m 22, and I saved 4 months for a used Chloe Faye that cost $900. The hardest part about saving is obsessively watching the bag you have your eye on and praying no one snaps it up before you do, especially if it’s a good price. That was my most expensive bag purchase, and I haven’t made another expensive bag purchase since!
Bravo to you for waiting and saving until you had the money to buy it. In my younger years I notoriously purchased bags that I had not saved for and then had to figure out the rest after I made the purchase, and that guilt definitely takes away the novelty of buying a new bag.
I don’t save up for bags, I spend on what I can afford and fits my lifestyle, whether it be 500$ or 3000$. It seems odd for me to spend 15k on a bag that I a. Can not afford b. Doesn’t fit my social surroundings c. Wouldn’t be able to capitalize on its usability anyway…
A worthy HG indeed!
Tips:
1. When a temptation comes along ask yourself if you could only have one or the other which would you choose. If you would pick your HG over the temptation you’re more likely to reframe the choice as a success in getting closer to what you love vs. denying yourself something you want.
2. Set a modest splurge budget. When aggressively saving for something it can feel annoying and difficult – like you’re constantly going without or feeling this short term suffering for this faraway long-term gain. Set aside a doable splurge/discretionary budget (monthly, annually, whatever works for you) and when you spend that money know it was part of the plan and that you’re still intentionally working towards your overall goal. This can include the consumables (takeout food, coffees) or material items. To deprive yourself too much can take you off course.
3. Look in your closet. When I added up the money I spent over 2-3 years on things I bought on impulse, or because it was a good deal or because I was influenced by someone else – well, the amount shocked me (clothes, shoes, bags). While I did love some of those purchases, I didn’t have long-lasting love for many of them. I would’ve been better off getting something I *really loved* vs. Something that was beautiful and that I “just wanted”. There will always be new beautiful purses each season, but your HG is a timeless, special and unique piece that will transcend the seasons and be as relevant for you today as it will be 20 or 30 years from now.
Good luck to you and others on their saving journeys!
Wonderful advice!! Thank you for taking the time to write this comment and share, your second point is incredibly helpful. Living in a city like NYC it’s hard—the minute you leave your apartment you’re spending money (pre-covid!) and I agree that too much deprivation makes it harder.
I don’t save for my bags, I just buy it if I have the money and if I don’t have the money then I don’t buy a bag. My dream bag is an Hermes Constance but there’s no way I can justify spending that much on a bag (even though it’s a great investment, like a real investment) when we have a mortgage that we can be paying down. I got a large bonue last year which would have been a good chunk of the way there to a Constance but in the end I did the sensible thing and put it towards my mortgage. Its hard being an adult!
I don’t save up for bags either, my life style is not rich enough for the high end brands and prices so I buy what I want when I can afford them.
I dont save in the typical way, but I do have a ” bag budget” and depending on what bag I buy I might not get a new one for 1 year or 6 months for example. Last year I went overboard, got 2 Chanel bags and 1 birkin ….This year I probably wont get anything else , unless I get offered a HG bag from Hermes.
I think saving for a bag is great, but as soon as you will get that HG bag you will want another lol. Just until then, keep yourself focused on the main goal.
To date, I’ve never made a conscious effort to save for a particular bag. Instead, I’ve lusted after various bags and then finally pulled the trigger when I narrowed down my choice and I happened to have the funds. I’ll probably continue to do that for luxury bags on the lower price point but if I do eventually want a Hermes bag, I know that I’ll need to make a concerted effort and actually earmark money for that purpose.
I saved a year for an Hermes Birkin 35.
Life is short we live only once why not to buy what you really like..enjoy your life
Have been thinking of buying a Chanel bag for years, but it keeps increasing in price that I found it’s never something I can spurge on or impulse shop. Now I’ve saved enough, but it upsets me that it yet again raises its price. It almost wants to drive mid-income shoppers out of the brand and I start to question whether it worth the price tag and opportunity cost.