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Hey Fishes, Need 11 likes. Please help!
Any guys in nyc?
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You should probably start off with a cheaper bag, under a grand. Unless you have access to other money (from family or whatever) I wouldn’t spend 40% of my savings on a bag.
$6k is not a lot of residual savings. Have you a savings plan to become more financially stable?
Savings are a financial safety net if you lose your job, you get sick, you have to care for a family member. The right number all depends on your current earnings, projected earnings, cost of living, risk factors (family in need). It’s not one universal number.
Separately, $4k is a heavy investment in a designer bag - there are many MANY options at half that price.
That is insane, I’ve maxed my Roth and 401k since 19 and 22, respectively and have invested 60k into other financial instruments the last couple years. I have 65k in cash savings right now (most going to a down payment on a condo), and I still feel years away from being in a good spot to buy a YSL crossbody.
You don’t need to be that secure, but your spouse is 100% correct.
Is the $10k your total savings or savings for extras? I didn’t buy my first expensive designer purse until I had no debt (besides mortgage and car) 6 month emergency fund, was maxing my retirement accounts, contributing to other savings and could pay cash. I don’t think you need to be that prepared but I view luxury items as something that shouldn’t decrease your financial position to obtain. This is especially with the current economic climate. At a minimum I’d say emergency fund covered and retirement accounts contributed to.
This is good advice. A 40% dip to your savings is a big chunk
Your spouse is right.
An easy method I use when I want to buy a luxury item is: Can I buy two of it right now, paying cash, and still have my piece of mind?
If not, then I don't buy.
Maybe.
How long did it take for you to save up to the 10k? Which bag are you targeting?
Tbh, bags at that price point probably won’t retain its value that well, and unless you’re able to replenish your savings in a few months, then you absolutely shouldn’t. If you can replenish your savings in one month, then I would consider it a maybe.
I have a little over $500k saved and I wouldn’t be comfortable with buying a $4k purse or other bag.
What purses do you carry then?
Please don’t do this. There are many great bags for $500 or less. If you want the expensive bag to impress your friends or family, they won’t care. Keep saving and be mindful of how hard you work for that money!
I have a different perspective than others. Saving is retirement is great and all but how do you know you’ll live to enjoy the fruit of your savings. I’m of the philosophy that if I can afford to pay 2x the item that I am purchasing in cash, after all my bills are paid then I buy it. Granted, I have no husband, no kids and just a dog and mortgage.
Hmm. Is that your extra money? Or the only savings you have?