Monthly Archives: February 2012

Inspired by: Should I buy Chanel?

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I am a PF blogger at heart, but I also have a love/hate relationship with style and fashion blogs. Maybe I am naive, but whenever I see a picture of a celebrity carrying a Chanel/LV/Celine/other $$$ bag, I assume its because they are a celebrity. And I never really imagine that us, normal people can own those bags – at least not the real ones, anyway.

Personal Style Blogs

I really enjoy reading/ogling at fashion blogs because they are great inspiration for outfit ideas and some of they are super informative. Being a towering height of 5′ 3″, I have always found trouble finding clothes that fit and look good. Discovering petite style blogs has been a godsend for me. I learned that with a bit of tailoring, and looking for specific silhouettes – I can look more put together and (gasp!) stylish.

One thing that I’ve been noticing more of trend in some of the fashion blogs I follow, is acquiring classic (aka $$$$) items. Burberry trenches, Chanel bags, Louboutin shoes, etc. I’m not sure if that is the style blog equivalent of reaching a really high net worth, but it seems to be something that is celebrated and encouraged by the style blog community.

I LOVE pretty clothes and accessories. I mean, which girl who doesn’t? But I have trouble wrapping my head around a purse that costs more than $300, and I think $300 is a lot for a bag.

Should I buy Chanel?

This post was inspired by a reader question for Katherine over at Feather Factor. If you haven’t checked out Katherine’s blog, she has a great sense of style and a lot of great interviews with some amazingly stylish (and rich?) ladies with closets fit for a queen. A university student reader wrote into Katherine asking for her opinion on whether she should buy a Balenciaga City bag (800USD?) or a Chanel Classic Flap bag (4,300USD).

As I read through the post, what I found most interesting were the comments. The posts had almost 60 comments, and most ladies chimed in with their opinion of either going with the more cost effective Balenciaga City, whereas others encouraged the reader to get what she really wanted – the Chanel Classic.

For me, it was mind boggling. It wasn’t too long ago that I was a struggling university student, and I just cannot fathom how “university me” would have $4,000 lying around that can be spent on a bag. After paying for tuition, text books, rent, living expenses and the odd night out – I had little money left at the end of a semester.

My Thoughts

I know it’s none of my business how anyone else spends their money. The reader never asked for my opinion, and I’m not even answering the reader’s question. But my advice would be the following:

Dear University Student,

Please save your money. You never know when the opportunity might come up where that $4,000 can change your life. I think it’s important to have that flexibility as a student – where you have so many opportunities to learn and grow.

And even when you get your first full-time job, don’t blow your first pay check on a bag. In fact, unless your starting annual salary is over $200,000, your 2-week paycheck (after taxes) probably won’t even come close to the cost of a Chanel bag.

When you start working full-time, live within your means. Figure out your living expenses – they don’t call it “cost of living” for no reason. Figure out what you need to save for retirement. Then, have another saving fund for things that you LOVE – whether it be a trip abroad or a Chanel bag or whatever. Put money into this savings account and watch it grow.

When you can afford to pay for the bag in cash – go for it. And then, enjoy it.

All the best,

Frugirl

I didn’t have the guts to write this as a comment on the actual post because I was afraid that I’d come across as a PF nazi. I also didn’t want to get hate mail for shunning Chanel. But the reality for me is that even though it is a beautiful bag, so is my The It bag! 🙂

I honestly don’t understand why and how anyone could pay so much for a bag. Even after reading style blogs for 2 years, I still don’t get it. To me, it’s just a bag. But I also understand that everyone has different opinions and we are all free to spend our money as we see fit. I just wanted to share my $0.02 on my blog.

Readers, what are your opinions on expensive and classic items, such as the Chanel Classic flap purse or a Burberry Trench jacket? Do you own any of these items and do you think they are worth the high price tag?

I love to hear your thoughts.

Cheers,

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Filed under Fashion, Finance

January 2012 Networth and Goal Recap

January Expenses

Overbudget

  • RentI bought a new IKEA bookshelf and now it is the base of my new kitchen counter.  I love it. I’ve decided to group my home improvement costs under my rent category since it’s part of my housing.
  • Groceries  – I’ve been cooking a lot and have also stocked up my pantry and freezer.  I think this is ok, since I’ve been able to stay under budget for eating out! 🙂
  • Cellphone – I went over my 100 text messages for the month of December.  I’m not sure if I need to include more text messages in my monthly plan, but will re-evaluate this based on next month or two.
  • Clothing – I went out and bought 4 new bras from Victoria Secrets and I think it’s worth it.  Last year, I bought a really good bra and I wore it to pieces.  It’s all stretched out since I wore it pretty much every day, last year.  I figured I need a few more bras for rotation.

    I also bought an awesome new-to-me winter jacket off Kijiji.  I’ve been looking for a warm and nice winter jacket for 2 years now, and I got this one at a great price.

  • Toiletries and Grooming – I still had a weakness for Revlon lipsticks.  But I have since uninstalled the Shoppers Drugmart app from my iPod so that should help!

    I also bought my holy grail night moisturizer since it was 20% off, and I also bought the Marcelle BB cream (loveit!).

  • Electronics – I bought a copy of Microsoft Office 2010.  My company has a special rate for employees.
  • Gifts – It was BF’s birthday this month and I got him a single cup coffeemaker.  BF is a huge coffee lover and my instant coffee just wasn’t cutting it for him.  He love his new toys, so it is totally worth it!

January Networth

Despite going over budget in several categories, I was still able to meet all my saving goals, and I had $550 left over.  I transferred that into my TFSA, right away.  And I am so happy with my 5% increase in my networth 🙂

January Goal Recap

  • Apply for Professional License Registrationcheck!  And they cashed my cheque.
  • Convert my TD RSP into an e-series fundcheck!  I sent in my conversion request form.  I keep waiting for it to show up in my TD account.
  • Install kitchen island – check!  Well, technically BF did it while I made dinner. 🙂

On-going Goals Recap

  • Pack my lunch everyday – check!
  • Eat more fruits – pass… I’ve been having smoothies in the morning, and packing an orange with me for lunch, but I’m not sure I did this everyday.
  • Exercise 3 times a week – fail! 
  • Get off the computer by 10pm – fail!  I did this a few times, but I really need to do better.
  • Finish a book – check!  I’ve finished 3 books so far :), including The Wealthy Barber Returns.
  • $0 Budget – check!  I tallied up both my expenses and savings and I had $550 left over which I put into my TFSA.

Whew.  That was tough.  Readers, how has your January?  

Cheers,

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Filed under Budget, Finance