Similar to a black blazer, white tee, or pair of jeans, a good handbag is an integral part of a successful capsule wardrobe–and there’s a version for every occasion, season, and personal style. So before making a considerable investment (remember, the right designer handbags will increase in value on the secondhand market), there are certain questions to ask yourself: what purpose does your bag need to serve? From elevated carryalls to structured styles, fun-sized to functional (pretty doesn’t have to mean impractical), here’s our guide to all the essential handbag silhouettes and styles that are the best of both worlds.