A bag with an adjustable strap configured for a holding the bag in a variety of different positions. The bag includes a bag body having a bottom, a front side, a back side and an opening opposite the bottom. The bag body includes two primary fasteners on the back side in the vicinity of the opening. An adjustable strap with two ends is fixed at both ends to the back side of the bag body in the vicinity of the bottom. The adjustable strap includes two end sections adjacent the ends, two extension sections adjacent the end sections and a middle section between the extension sections. A first secondary fastener is disposed between the end sections and extension sections and a second secondary fastener is disposed between the extension sections and middle section. The first secondary fasteners are configured to attach to the primary fasteners such that the middle section and extension sections form a long shoulder strap between the primary fasteners. The two second secondary fasteners are configured to attach to the primary fasteners of the bag body such that each extension section and adjacent end section form a backpack strap.