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"I'm drowning in student loan debt and designer handbags — how can I break my shopping addiction and get back on track financially?"

Leather Bags on Wooden Shelves

Dear Vice Column, 

I just graduated from college and started my first job, but I have over $100,000 in student loan debt. I also have a shopping addiction that is making it hard to save money. I love buying designer handbags and have over 20 in my collection. 

- Handbag-Obsessed Graduate

Dear Handbag-Obsessed Graduate,

Congratulations on starting your first job! I understand how stressful it can be to have a mountain of student loan debt and a love for great looking bags. It's important to tackle your shopping addiction head-on so that you can start paying off your student loans and saving for your future.

One suggestion is to create a budget and stick to it. You can use a budgeting app like Mint or Personal Capital to help you track your spending and stay on top of your finances. It's also a good idea to set a goal for paying off your student loans and create a repayment plan. If you have credit card debt, look to put any extra money toward that first since the interest rates are likely higher than your student loans. 

When it comes to your handbag addiction, try to focus on the big picture. Ask yourself if buying another designer handbag is worth delaying your financial goals. You can also try to find alternative ways to satisfy your love for fashion, such as shopping at thrift stores or renting designer handbags from services like Rent the Runway.

One strategy that might help is the 30-day rule. Before making any non-essential purchases, wait 30 days to see if you still want an item. During that time, redirect the money you would have spent on the handbag towards paying off your student loans, building up your savings or investing in stocks. Let your friends know you're trying this out, and ask them to help keep you accountable if handbags come up. 

Remember, it's never too late to take control of your finances and make positive changes. Good luck on your journey towards financial stability!

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