I have been told that men's wallets should be in black color (as black is the color for money) with red lining (to activate the money inside). Each compartment should have money inside, if not real money at least Feng Shui Money. And for purses/bags a consultant has recommended to my mother that is should be like a Rice Urn/ Wealth Vase in shape. Small opening (for all your money/possessions will find it hard to get out) & bigger in the body (for all the money/wealth/possessions that you put in there will accumulate, no matter how small).
Not sure if this is correct but you can ask a more experienced Feng Shui expert. I hope this has been helpful for you.