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Splurging: Good or Bad?

blue suede fendi shoes.jpgIf you spend a lot of money on things you want now, you’re probably a lot happier than people who resist the urge and save their money for an unnamed future purchase - at least according to a study released by professors at Columbia and Harvard.

They say a few days of guilt is nothing compared to the people who’ve bypassed Fendi for years only to feel like they’ve missed out on life.

In this story in the London Times (which we think might have been sponsored by luxury brands begging shoppers back), the author talks about splurging on expensive non-necessities like it’s therapy, but speaking from experience it’s more like a sugar high.

We can justify just about anything, but in ten years will the abundance of shoes in our closet make us feel like we’ve lived life to the fullest or make us wish they’d turn into an apartment? Maybe not worth worrying about right now, but we’d like to hear the professors on the other side of this argument.

Which makes you feel better, splurging on that Chanel bag you saw Kate Moss carrying or seeing more than $7 in your savings account?

Comments

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posted by guest

Apr 20, 2009 11:52AM

i always give in to the urge n spend spend spend...much to the dismay of my friends who every weekend opt for a last minute trip (because they never ever give to the urge like me) and that last minute weekend to paris or milan never includes me as im wearing it on my feet och arm. But honestly, even if im bummed out at that moment when i check my balance and see the 100 € left, i just look down at my ferragamo heels and feel oh so much better. Splurging all the way!

and as a ps: they never have as much fun without me as with me so i double-win! haha!

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posted by jadejag

Apr 20, 2009 12:01PM

= I wish I had those blue shoes!

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posted by shharvin

Apr 20, 2009 12:02PM

that's a really difficult question.

there are times when I think a splurge is great; but there are others when i would rather just save my money, especially when i need to buy things like food.

at the moment, i doubt I would spend money on shoes over $200. I'm much too hard on my shoes for that. Maybe a bag? They tend to last much longer for me.

http://seamsandstitches.blogspot.com/

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posted by guest

Apr 20, 2009 12:07PM

How about a happy balance? Why not splurge on a great bargain - something fabulous on sale, and save a ton of money in the process? It's so easy esp. right now. This past weekend, I splurged on a top-of-the-line mattress, a bed, a Vanessa Bruno top and Viv Westwood top. Grand total: $2,100, but really, I saved $3700 dollars cause all of it was on sale!

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posted by guest

Apr 20, 2009 12:14PM

Things are considerably different now, but I'm usually good about the times when I splurge. I think convincing myself that I really need it helps. However, having to see the credit card statement at the end of the billing cycle puts a huge guilt on me.

http://www.citizencouture.com

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posted by marichon

Apr 20, 2009 12:32PM

Perfect timing! I just spent a lot on a pair of camel patent leather Louboutins. I rationalized it because they are perfect, I have wanted them for years, and I take really good care of my stuff. Also, I have fewer than ten pairs of shoes. Which is not to say those are the only shoes I've ever bought, but I regret the cheaper trendier shoes I've bought on a whim. I've given them away and now that my closet is paired down to perfect essentials I realized I had to make the CLs a reality.

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posted by darcykins

Apr 20, 2009 12:34PM

i splurge on smaller things all the time, like $30 fashion and architecture magazines and ridiculous amounts of clothing at h&m and then wonder why i can't afford more expensive, more lasting items.
if there is something more expensive that i want i'll save to splurge (is that an oxymoron?)

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posted by guest

Apr 20, 2009 12:49PM

It's all about balance! When you have a few grand in savings then spending a paycheck on an amazing bag feels okay once in awhile.
xo Cari
http://isnotfashion.blogspot.com/

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posted by guest

Apr 20, 2009 1:34PM

ditto on finding a balance - it's not good to always splurge, and it's not good to never splurge. you can treat yourself once in a while and still keep your bank account reasonably healthy.

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posted by guest

Apr 20, 2009 3:13PM

I always err on the side of caution before splurging. I never buy something immediately if it's expensive. I talk it out with my mom or my boyfriend first. For instance, there is a pair of shoes that I am in love with. I look at them every single day, but I haven't bought them because they cost over $200 and that's a line I haven't crossed yet.
Perhaps, my outlook will change once I've graduated from college and I have a real job. I might be more inclined to splurge then.
I like to have money, as a back up, just in case something comes up.

www.dorasdress.blogspot.com

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posted by old soul

Apr 20, 2009 3:57PM

This is interesting. I actually have found that I appreciate "splurges" more if I've thought them through more ... I usually need to sleep on an idea at least overnight and if I'm still in love with whatever it is I'll go buy it -- whenever I do that I find that I really love the item forever, rather than getting sick of it quickly. I went through an (expensive) phase where I bought whatever I wanted and I found I just didn't appreciate any of it as much as I do when I've really considered a purchase and saved for it. Plus, life happens in the meantime and it's expensive so it's nice to have cash on hand for a rainy day.

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posted by DivaDelux

Apr 20, 2009 7:44PM

This is a great topic. Like many of the commenters already said, I think it's important to find a balance. Personally, I would rather have a few really individual, great fitting, good quality pieces than a tons of cheap fast fashion. I save to splurge. I resist dropping the $20 to $50 on clothes at Forever 21 and H&M so I can afford Marc by Marc Jacobs dresses and Prada handbags. It's a trade off, but rather than having a lot of cheap thrills or "sugar highs", I get to have really amazing shopping experiences when I'm ready to spend the big bucks. I also think that saving for something makes you appreciate it more.

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posted by austinsamuel

Apr 20, 2009 9:12PM

Same as #7 I splurge on the little things; thinking I can't afford the big things, but really when i think about it, If i learnt to budget I could. I even buy the magazines I've read cover to cover at a friends place, just because I appreciate them.

When it comes to clothes; If I want something really badly, I will just put it on lay-buy, which basically forces me to save and pay it off.

My next purchase: An Ann Demeulemeester feather necklace. "It's stupid pretty"

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posted by guest

Apr 21, 2009 4:00AM

Why not just keep a mental list of 3 or 4 pieces that you know you really want and just wait until you find the perfect version and THEN splurge?

I.e. blue trench coat or army jacket... lots of different labels produce these articles but finding the right fit or shade or lapel is always a challenge (OK, or the fun part of shopping) and when you finally do come across the right one, BAM it feels so good to know you didn't splurge on something lesser but just as expensive.

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posted by guest

Apr 21, 2009 8:42AM

I am so bad about splurging and impulse purchases that when I know I need to save up my money, I just avoid stores that I know I will find new things I "need".

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posted by guest

Apr 21, 2009 10:20AM

I makes me feel really shitty when I clean out my closet and total up the prices on the heap of crap on my floor. It's always really stressful to look at a $7 bank statement too.

That said, sometimes a splurge is needed. It feels great to save up and purchase something fabulous that you have always wanted. It's all about balance.

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posted by etoilee8

Apr 21, 2009 11:29AM

I've been definitely splurging more on big purchases (Rick Owens jacket, Marni pumps) and buying less pieces from H&M and other stores where it's easy to spend. I swore off f21 a long time ago and have no regrets. I also make a lot of my own clothes now and that's cheap as chips, so I've got money left over to buy the things I really covet.

But with the current state of the economy and job market, I feel extreme amounts of guilt spending money on myself at all. . . so I've gone weeks without any apparel purchases. And like 16, I feel awful when I clean out my closet too and get rid of things I probably didn't need from the get go.

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posted by cesarcmma

Apr 22, 2009 12:25AM

I wish I could Splurge in some Rick Owens sneakers/boots

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posted by guest

Apr 22, 2009 2:05AM

There have been several times, still very vivid in my mind, where I have wanted to purchase something that I saw and immediately loved but ended up advising myself it was better to be frugal. Those items that I later scoured the internet and clearance stores for still haunt me! Louboutins (the only ones left happened to be my size) on sale for $200 that would still look classic years later, an Anthropologie brand coat that isn't carried with any other retailer, a Dries Van Noten dress half off...etc. I still regret not splurging!! But the payoff happens when I happen to find what I want eventually, and for much cheaper on Ebay... but if I could even find those exact Loubs in my size now there's no way they'd be that cheap!

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