Welcome to How to Afford Nice Things, a new So UNDONE series dedicated to the money conversations we rarely hear women have openly, and to de-mystify how we actually save, budget and afford the nice things we buy.
We talk about fashion and shopping all the time, but rarely how we financed the purchase. Yet it is so interesting!
Each instalment spotlights one purchase and one woman’s honest account of how she got there. Sharing their savings strategy, budget logic, and decision-making process. This is a space for expanding conversations, not comparison. An important part of this series is that women feel safe to be honest and transparent with their financial decisions and so their identities have been left anonymous. We learn through others and their openness to share. I’m extremely grateful, especially for our first conversation that she was willing to take part. Thank you!
Brand, style, colour, and material:
The Row, Medium Park Tote, Burgundy.
Price paid (was this full price or did you find it slightly cheaper):
AUD $2,920 full price
Where you purchased it (boutique, online, department store, while travelling, etc.)
Net-a-Porter
How long had you been thinking about this item before buying?
About six months
What finally made you checkout?
I was pregnant with twins at the time, and genuinely exhausted. I had had a bad day (scratched the car) and decided I deserved it.
Had you done any research before purchasing — reviews, trying it in-store, waitlists?
I initially identified the bag via a Google Lens search from a content creator I follow on Instagram. When I first started researching it it was sold out, and I signed up to be notified when the item came back into stock. I did some research as to the leather (at the time I had a toddler and was about to welcome two more, so while it was never going to be a baby bag it needed to be resilient and not stain easily!) I had not seen it in person as it’s tough to find in Sydney, but knew with Net A Porter that returns were easy enough if it didn’t meet expectations!
How much do you earn annually?
$350K
Do you consider this a substantial purchase for you personally?
Yes
How did you pay — debit, credit, buy now pay later, or something else? And is there a reason you chose that method?
I paid in full when purchasing. I often use buy now pay later for smaller purchases, but this was a big investment for me, and I feel more comfortable being able to fund those in full.
Some people divide their income loosely into needs, wants, and savings — often called the 50/30/20 rule (roughly 50% to essentials, 30% to lifestyle spending, 20% to saving and investing). Does anything like this shape how you think about your money?
Yes, though I have a lot of infrastructure set up in terms of how my money gets divided before it even lands in my account. My salary is set up to invest in shares automatically (which is what I refer to when I say savings) the rest often goes to funding the mortgage, groceries, school fees, kids needs, general life etc.
Do you have a dedicated savings strategy for discretionary spending? For example, a high-interest savings account, a separate “fun money” allocation, or a sinking fund where you set aside a fixed amount each month toward a specific purchase?
I don’t, but I work in sales and get paid a quarterly commission - this ends up being what funds our family holidays and my pretty expensive taste in fashion.
How much would you typically spend on fashion in a year?
$15K (editor’s note: 4.29% of total earnings pre-tax)
How often would you make a purchase at this price point?
Once every couple of years.
Did resale value come into factor for this purchase? How long would you hold onto it for before reselling?
Not really; with things like handbags I’ve built up a small collection over the years that I love and hope to hand down to my daughter. Interestingly my first ever designer bag, the Chloe Marcie Mini, is suddenly an item again - so my hope is that my daughter will see the cyclical nature of some of these pieces and continue to love them.
I feel very differently about clothes, and rotate / resell my wardrobe frequently.
How do you feel about the purchase now — any regret, or has it held up to the anticipation?
I love it, I use it regularly - it’s the absolute perfect colour for me and gets lots of wear.
What would you want other women to know about how you think about spending on the things you love?
I’m in a really demanding phase of life right now. I work really hard, and I mum really hard - outside of ensuring that what I earn contributes to my family being well cared for and that we’re able to holiday and make memories together, I think we deserve to spend money on things that bring us joy or allow us a bit of escapism & creative expression - and for me that’s fashion.
What I’ve learnt from this conversion:
Pay in full (debit) for high priced items - prove to yourself you can actually afford it.
Set up automations for when your pay comes in so you don’t have to think about it. This can be done with sub accounts. Check your bank doesn’t charge extras fees.
Think about if one of these automations from your pay cycle goes into investing.
Work out your annual fashion budget and find out the percentage this equates to your annual salary - before and after tax. Does this feel appropriate to your goals?
Disclosure: The information in this post is general in nature and doesn’t take into account your personal objectives, financial situation or needs. It’s not financial advice. Before making any financial decisions, consider whether the information is appropriate for your circumstances and seek advice from a licensed financial adviser. I’m not a licensed financial adviser, and any products or services mentioned should be researched independently. Consider the relevant Product Disclosure Statement before acquiring any financial product.
Do you have an purchase and financing practices you would like to share? Please feel free to slide into my DMs or email me at Sara@theundone.com
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