The Financial Guide to Whether You Should Buy A Chanel Bag

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In this guide, I am going to cover the financial aspect of buying a Chanel bag. There is an excellent guide that you can read here that helps you choose the style of bag you want. I’ve noticed many guides do not talk about finances and money. I know it is taboo to discuss money but my intention is to help you make the right buying choice for your budget. Always consult with an accountant or financial advisor before making any financial decision especially buying a luxury bag.

How much money do you need to buy a Chanel bag?

It totally depends on how much your bag costs. Chanel is like a factory – they make handbags in different shapes, sizes and colours. Check out Spotted Fashion for up to date prices. Personally, I like the Boy bag line – I like the shape and the prices aren’t as ridiculous as the Cruise bags. Let’s use the Boy bags as the template.

Look at the Chanel Rainbow Boy Bag in Small – It is priced at $4,300

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I love the fresh, powdery pressed look of the Rainbow bag and Chanel is not playing games charging $4,300 for this bag. How can you pay for this as a passionate Chanel fan without going broke or bankrupt? 

Start saving

Some people can buy this bag today because the funds are liquid in their account. If you don’t have enough money right now, you need to start saving. Each country has different rates of saving – do research at your local banks to find a savings account that is perfect for you. You should create a separate savings account as I said in my Cartier shopping guide.

If you save $1,000 per month, you should be able to get the bag in under 5 months. Don’t use current savings to pay for this bag. You can’t buy a Chanel bag if you don’t have rocksolid personal finances to begin with.

Use a credit card with a big balance

One thing that bothers some Chanel shoppers is when it comes to making the payment – should you pay in cash or card? A credit card with a big balance will avoid you carrying cash which can increase you being robbed. That said, if you don’t let your bank know you are doing spending in big sums, they could block your card which stops you from buying the guide. Ensure that you pay off your balance in full before your credit card bill is due that way you won’t be charged interest.

Get a specific debit card to buy the Chanel bag

You could always use a special debit card to make the purchase so that you don’t use money from your current account. A debit card will also stop you from making extra purchases that you don’t need.

Go to a real Chanel store or concession

I ‘think it’s easier to get ripped off buying Chanel via third parties. It’s just not for me at all. Go to an actual Chanel boutique or a concession inside a department store to purchase the Chanel bag. You are already spending so much, you might as well do it properly.

Go to a Chanel store with plenty of choice

I’ve done a lot of research about Chanel boutiques around the world to see which personality they have and what type of stock they offer. When buying the Chanel bag you want, you can call ahead to see if they have you dream bag or try your luck and purchase a bag based on the boutique:

  • Paris (lots of choices, headquarters of Chanel, you will be harassed to buy 2 bags maximum – they do this to stop counterfeiting and reselling)
  • London (trendier Chanel bags are in London boutiques, pound makes them expensive)
  • New York (Chanel boutiques in NY said to be stuffier and snobby, solid inventory levels)
  • Las Vegas (Chanel in Vegas is flashier and their press bags tend to be in this city, go here if you don’t want boring black bags)
  • Hong Kong (Chanel store here is popular for Asian shoppers, expensive)
  • Atlanta (There is only a concession in Atlanta at Neiman Marcus, service is said to be bitchy and snobby!)

I think most Chanel shoppers know what they want. I also think a lot of Chanel shoppers may buy on impulse if they have already saved enough or they actually just have the cash liquid anyway. Choose a boutique in a city that has options so that you can get variety instead of being forced to buy one bag in one style.

Give yourself 4-6 months to collect funds for Chanel shopping

Spending 4-6 months saving for a Chanel bag puts in perspective whether this is something you truly want. Even if you can afford to buy it today, save the money anyway as if you don’t have it. This will create financial prudence that you can use to purchase the bags you love without losing your shirt.

Chanel Bag Shopping Checklist

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  • Make sure you have an emergency savings fund before you buy a Chanel bag
  • Have a separate bank account for luxury bag spending
  • Avoid impulse shopping by calling the boutique ahead of time
  • Have a maximum daily spend limit on your card so that you don’t overspend
  • Have a credit card just for this purchase
  • Have a debit card specifically for this
  • Carry emergency cash if you are unsure about your card being available

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