First introduced in fashion history as a functional pouch worn by men (not women), handbags have since evolved into a wardrobe staple of modern life.

Beyond being merely practical and useful, bags of various shapes, colors, sizes and materials have become a woman's constant companion. It has become a conversation starter and can sometimes even spark friendships. It has served as a symbol for a life milestone (birthday, engagement, anniversary). It can momentarily solve figure issues. (Hold it over your tummy to conceal a pregnancy à la Grace Kelly. Or drape it over one hip to conceal its size.)

For some, it has even provided a fleeting sense of accomplishment and stature. (Remember the satisfaction of your first handbag purchase after months of saving?) No matter what role a handbag may play in your life, I'm sure most women will agree with me in proclaiming that "We cannot live without them!"

Being a handbag designer, I certainly have an abundance of bags. My pieces are stored not just in my closet but literally all over, bursting from every nook and cranny of my home. When I got married and suddenly had to share a closet, my bags occupied a space in each room, including the media cabinet, kids' closets and dining room.

Aside from my personal collection, the Aranaz sample room, design archives and boutiques were at my (and even my closest friends') disposal for our arm candy needs. Yet despite the number of bags I have, I regularly use only about six to eight. Sadly, the rest I often forget about. And they simply occupy precious shelf space.

On a recent decluttering rampage, I ruthlessly attempted to throw as much as I could to the "donate pile." As I looked through the mound on the floor, I playfully quizzed myself. Could I live on a lean and mean wardrobe? If I had to live with only 10 handbags for the rest of my life, what would they be?

Staring at my collection of leather clutches, woven handbags, large satchels, soft hobos, roomy totes, delicate beaded purses and more, I took a mental note of which pieces I had taken around for a spin more often than the others, constantly justifying the life span of a piece versus its usage, and carefully selecting the pieces that stood the test of time.

After much deliberation, I finally narrowed it down to 10 essentials. Consider this a starter's guide in building your complete bag wardrobe. These are the styles and varieties that are most useful in carrying our essentials, given the range of occasions and demands in our lives. Choose a color, material and the over-all look to suit your personal taste and preferences.

1) The everyday shopper
Any woman needs a heavy-duty "dump bag" to throw everything into, except the kitchen sink. This casual tote is one of those go-with-anything pieces for running quick errands or even a full day's work. Choose one in neutral color and made of leather or canvas that will last for years. Remember, it should be strong enough to withstand wear and tear.

2) The structured leather satchel
Whether you are a career woman or housewife, this is a more dressed-up bag you should add to your collection, for those days when you need to look a bit more polished. Look for one in a shape and silhouette that fits your body type and style. Pay close attention to the small hardware and fine details that will suit your taste.

3) The statement day bag
No basic, subtle details and neutral colors here! Choose one in a bright and bold color or a style with unique eye-catching details or hardware. Turn to this fun bag to punch up your ensemble. This bag should serve as the crowning touch to any outfit for those days when you don't need to be taken too seriously.

4) The classic formal bag
When the dress code reads: formal, this should be your bag of choice. It may come in the form of a small handbag, clutch or drawstring purse, and just the right size to fit your essentials: cell phone, lipstick, credit card. Have one in either black, gold or silver. A luxe satin or metallic leather with a special detail works best. It must be subtle enough to go with just about any formal gown.

5) The occasion bag
This is a red-carpet worthy piece when you need to up your glam factor for a night out on the town or that grand ball. Choose one with sparkle and shine, fully beaded or even decked out with feathers. Whatever the material you choose, rule of thumb is: It must be show-stopping!

6) The day-to-night clutch
There is something liberating about wearing a clutch, particularly during the day. The key is to find one in a size large enough to fit a wallet, makeup essentials, cell phone and a bit more. It is something that can work for lunch to dinner to cocktails. These days, oversized clutches have become a staple, so there are many choices around.

7) The straw bag
Every woman needs a straw bag in her wardrobe, either for lazy beachside days or when you simply want to add a resort feel to your outfit. You may choose a simple and classic style with plain leather handles. Or go with a fun embellished variety with embroidery and appliqués for a more tropical vibe.

8) The travel bag
Not a hand-carry luggage, but a reliable and sturdy purse for travel. It should fit travel documents, cosmetic purse, wallet and other travel essentials. Best if it has a zipper closure (to keep your valuables secure) and dual handles so it can be handheld or carried over the shoulders for ease in transit.

9) The Work Bag
A working woman's tools must be kept in a neat tailored tote. This bag is usually rectangular in shape with various compartments for a laptop, plugs, pens, folders and documents. Go for one that's preferably in leather or heavy-duty nylon or canvas.

10) The overnight bag
Every chic woman wants to travel in style, even if it's just a slumber party or a quick weekend getaway. Have a soft duffel bag or a small train case luggage handy for such occasions, so you can bring along all you need to make your brief foray from home stylish and comfortable.