If it's love at first sight that makes a woman drop $1,000 on a designer handbag, what should she do when the affair is over?

The sites we tested take bags from only about wholesale handbags a dozen luxury brands, including Chanel, Hermès and Louis Vuitton, only those that are in good condition and in most cases only those purchased for an original retail price of $1,000 or more. (Two sites asked if I had receipts for my bags although I never actually had to provide them. One site requested the brand authenticity card that came with the purse.)

Consigning the bags would have been easier if I'd kept the dust bags—all of the resellers inquired cheap gucci handbags about them. And while the $435 earned wasn't enough for a new designer bag, the extra room in the back of our closet was reward enough. Not all of the bags we wanted to sell made the cut, though.

Finding a good balance between spending and saving is tricky but rewarding, says Patricia Lovett-Reid, senior vice-president of TD Waterhouse. We know it's important to save for retirement, but the instant gratification of shopping can sometimes trump the peace of mind that comes from long-term investing, she said.

“It’s pretty challenging. We all like to add a little coach handbags zip to our wardrobe with the latest trend. And I think people will do that with their portfolios and that’s fine, but it’s the tried and true that get you through year after year.”

So how can a shopaholic get motivated to start saving? Think of portfolio building as hunting for that little black dress, says Ms. Lovett-Reid, with investment-grade bonds and blue chip dividend-paying stocks as your portfolio wardrobe essentials.

“We’ve got the staple that sees us through events, that sees us through when you don’t know what else to turn to. And that’s what a good portfolio will do.”