Should You Buy The $300 Bag?
One of the items my daughter recently picked up were multiple concert t-shirts that had been autographed by the entire band.
I figured the original cost of these conservatively at $20 each was around $200 total, but the original owners sold them for $1.00 each at their yard sale.
Honestly I was surprised that someone had sold such an item. One of the reasons may have been they had outgrown them, which is understandable as some of the older shirts were XL, but newer ones were 2X.
It reminds me of this meme that has been going around the Internet. Don't buy the $300 bag when you can buy a $10 bag and put the other $290 in it.
Getting back to the t-shirts, whatever the reason for selling the shirts, the owner had easily spent $200 on them and ended up selling them for $10, which was a loss of $190.
Many necessary things can be bought for $190 by those who struggle financially. Down through the years and especially as I've gotten older I have come to seriously question buying anything that we do not need to sustain ourselves.
I've cleaned out multiple homes where the owners have passed on or moved, but left stuff behind because it was too much stuff or not really needed.
I don't want to be in the position of having too much stuff. I love to yard sale, but I don't have anything hoarded up here. I keep my stuff to a minimum that is easily sustained by me.
Sometimes people buy things using money that should be saved up for an emergency instead and then when an emergency does come up they have no money to pay for it.
Knowing the difference between needs and wants is one of the keys to living a non hoarded and secure financial life. I'm not going to teeter on the brink of the financial edge, and spend money on something I don't need. That is not my style.
Now I don't know why the concert shirts were sold, but do wonder if the owner regrets buying them.
I know I have regrets about things I've bought in the past. That's called buyer's remorse.
In our home these days we have goals we want to meet and buying something unnecessary doesn't fit well with those goals. We have to decide for ourselves where we fit on this spectrum and do our best to maintain that balance.
Thoughts?
Belinda
~ Living within our Means ~
I have buyer's remorse about a lot of things. I'm trying to be more diligent with my money. It's hard though...but I want to be able to downsize our mortgage, etc. I want to drop to part-time work in the near future. Joni
ReplyDeleteThose are both great goals, Joni. I try to be as diligent as possible with my money also. I don't like feeling guilty when I feel as if I have spent too much money.
DeleteMy daughter tried to buy me a coach purse this weekend. I said No!
ReplyDeleteWow Kim! No way would I buy one of those retail. Of course, not that there's anything wrong with buying one for those who have the money. How else would those who resell make a living? Good going for saying no. :)
DeleteI'm probably in the minority, but I've started buying quality (genuine leather) vs the cheaper options. So yes, I would buy a $300 purse. I used to buy Coach purses when Macy's had deep discounts. I realised that it wasn't genuine leather and made of cheap material. So now I have my eye on a genuine leather Frye purse that's reduced to $200. I will wait on a further reduction. With genuine leather and other quality items, I've discovered that I'm actually saving money long term, by not having to constantly replace the cheaper product.
ReplyDeleteOn a side note. We are debt free and I plan my purchases way in advance, then wait for a rock bottom price on it.
I think that's a great plan, Ms. Goose. You don't have any debt, you're saving up for the item, and also waiting on a discount. I also agree with you on the quality verses cheap. I like Vera Bradley and have bought one inexpensively, but I do wish they would last longer before they start to wear out.
DeleteI spent this weekend and part of today clearing my house out to put up for sale! Talk about buyer's remorse!!!! We've been living in this house for 20 years. You should see the amount of stuff we have! I wished we lived closer, I would give you the stuff to sell. The thought of having to pack everything up and move it makes me nauseous
ReplyDeleteI feel your pain, Holley. That is a huge job to undertake. I wish we lived closer too, we would love to do that. :)
DeleteI really like that meme. :)
ReplyDeleteI spend good money on well made shoes, but not on handbags. I don't like anything with logos on them. I don't care about brand names either as long as it's well made. In my opinion, most high end brands charge for their name and marketing.
THat is a great point, Nil. Most high end brands DO charge for their name and marketing. And for the high cost people get to give them advertising every time they use the item. Ugh. I liked that meme too by the way. :)
DeleteI am of a different opinion about the bag. I would never spend that much on a purse, but I did spend nearly 150 on a back pack about 5 years ago. I carry a backpack exclusively and have found over the years it works best for me to go ahead and buy a really nicely made leather one. Eventually the threads in the seams will wear out but I can take it to a reputable shoe shop and have it repaired. (Not name brand but still quality made and leather) I have bought only 2 in the past 20 years so I am ok spending that much since the first one lasted a little over 15 years.
ReplyDeleteThat is great, Anne. That amount of money measured out over the years makes the yearly cost much lower plus you have the good quality to make it last. I've often thought of using a backpack too as it's easy to be hands free with one of those.
ReplyDeleteShould you and would you buy the $300 bag can be very different.
ReplyDeleteAnd yes, I'd prefer the $10 purse and keeping the $290 saved in said purse.
I prefer good quality but I am NOT paying $300 for a purse. I'll wait for a deep discount/sale/coupon. I prefer Vera bags(colorful like me!lolz)but I don't buy them retail. I either get them second hand or at an outlet which is holding an additional discount sale.
This reminded me of something I got in the mail(a purse offer)I still need to blog about. I saw this and laughed out loud that anyone would actual purchase it.
I once found a Vera bag at a yard sale for $10 and used it until it was really worn out. LOL
Delete25 years ago, I spent $80 for an Eddie Bauer backpack for DD, who was high-school senior. About 25 were going to Belgium, France, Kenya, and Tanzania for almost 3 weeks. She needed a sturdy/sturdy backpack. DD used the backpack for 3 years toting heavy books.
ReplyDeleteAfter that, DH tramped the Earth, country to country using the backpack: Europe, Asia, Africa, Pacific Ocean islands, Central America, Caribbean islands, and more.
Today, the $80, Eddie Bauer backpack shows no sign of wear. 3 Cheers for Eddied Bauer! $4 cost per year for heavy use.
That is such a great deal and sign of quality, Anna. Can't beat that! :)
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