Spending money on diamonds vs. other things

[MRBXXXFVVS1]

Do you feel it's easier to justify spending money on diamonds vs. other things?

Sometimes I feel that way about diamonds, philanthropy, experiences, travel, food, and gifts for other people. Probably because I value them more? But when it comes to other things, I have a harder time justifying purchases, such as purses, clothing, furniture, cookware, computers, etc.

What do you like to indulge in?

 

[Diamond Girl 21]

Yes, I absolutely do. In my mind, jewelry, gems, art, etc have more than a monetary value. There is sentiment attached. I envision leaving these things to my daughter one day. I also don't have any issue spending money on my house. It's where I live, and I want to be comfortable and safe. It's also our biggest investment, and I want to protect that. I spend on clothes, shoes, and bags more carefully. I also donate to charities because I think it's important.

 

[MRBXXXFVVS1]

+1 I wish I had some heirloom jewelry, so I would love to have nice pieces to pass along to future generations for sentimental value. Fine jewelry also lasts forever. I feel the same way about spending on a primary residence. You spend so much time there and it's an asset that hopefully appreciates.

 

[lyra]

No, I can't. There's a limit, and I'm at it or beyond it. Especially this year. Also, I'd just rather have other things like maybe another car, or a different house. Or repairs and renovations to this house. Too many "other" things at my stage in life.

 

[anne_h]

+1 I wish I had some heirloom jewelry, so I would love to have nice pieces to pass along to future generations for sentimental value.

Ditto, in terms of wishing I had inherited a special heirloom piece(s). Not for the monetary value, but for the experience of inheriting a beautiful antique family piece of some kind. Alas, no such luck in my family. Because A. nobody really had any heirloom pieces to begin with and B. nobody could afford to acquire some (or the ones who could didn't choose to spend money on jewelry).

I don't collect jewelry to leave my kids an inheritance, but I *do* consider it a nice bonus to be able to do so. Although I tease them that I plan to be buried with all my jewelry on... lol

Side note - I also have similar feelings about fine antique furniture, ie: wishing I could have inherited a beautiful piece. One set of my grandparents were affluent later in life, and they had inherited some lovely antique family pieces. My grandmother believed that keeping pieces 'in the family' meant that only male grandchildren with her husband's last name could inherit those. I accept that's her choice, so... oh well! So again, now I buy my own antique things and fulfill my own wish!

Oh, as far as the original question (is it easier to justify spending money on jewelry vs other things), my answer is... I spend money on whatever I feel is important to me. Yes, jewelry has some kind of resale value, etc, but that's not a factor in my decision. What's most important is what do I love, what will bring me pleasure, etc. All within what I can afford of course.

Anne

 

[Bron357]

I’ve always rather spend my money on jewellery than on travel, experiences or dining out. Jewellery lasts forever and is a continuing source of joy to me and if things go bad, has a resale value.
Since a teenager I had a “list” of pieces I wanted to own.
An opera length strand of pearls, a diamond Rolex, a pair of diamond earrings, a diamond Ring bigger than 1 carat (ha ha, back in the day I thought that HUGE) and lots of gold bangles.
Later on I added a diamond tennis necklace, a diamond tennis bracelet, a Jaeger Reverso watch and a huge Aquamarine ring to the list.
To be honest, there’s not another piece of jewellery I need or desire.
And I was fortunate enough to inherit a few special family pieces. My great grandmothers gold heart and chain, my grandmothers gold charm bracelet and my other grandmothers Gold lifesaving / swimming medal.
Any every day I am thankful for my good fortune that enabled me to collect so many beautiful things.

 

[nala]

I think that I have always been attracted to jewelry—but since finding PS, it’s become a hobby. I like balance in my life, so I don’t compromise my other interests to fund jewelry. Of course, needs a always come above interests, so those don’t compete either. Memories are irreplaceable so I’ve never put off traveling or entertainment with my dd and hubby to prioritize jewelry and I have no regrets about that. But I will say that I’m not a high end shopper when it comes to clothes—although I have my fair share of nice handbags—but I limit these bc they don’t give me as much joy. I should also admit that I’m a bargain shopper when it comes to jewelry, lol, which is why I can keep a good balance. I could probably sell all my pieces to fund my engagement ring upgrade from a 2.52 to a 4 carat but—-I do draw the line somewhere. I like to joke that I will do my final upgrade as a bribe. As a teacher, I will have a very generous pension, and the longer I stay past my minimum, the higher the percentage. I told hubby that if I still love teaching and meet my other financial goals, I will bribe myself with my dream upgrade and hang in a little longer.

 

[missy]

Like @nala I like having balance in life and don't spend on one thing to the exclusion of all other things.

However, I don't spend a lot of money on things like cars, clothes or hair or makeup or nails.

I spend money on what brings me joy and that includes our kitties (very expensive these past few years but worth every penny), rescue charities, cycling, our homes and my jewelry.

We used to travel and never skimped on that but in the past 10 plus years we haven't felt like traveling much. And while we used to eat out three times a week we have not done that in the past decade either so saving money there too.

I have no desire for more jewelry and as far as I am concerned at this moment I am good with our bikes so all we need is to keep up the maintenance on them. Our homes are paid for so all we have there is our annual property taxes (NJ) and monthly maintenance expenses (NY) which do add up. For the most part there is nothing we need or want that money can buy.

To answer your question @MRBXXXFVVS1 :

Do you feel it's easier to justify spending money on diamonds vs. other things?

No, I don't think so. I have always been practical re finances and we have always lived well below our means. And glad we have because during challenging times (health issues, recession, pandemic) living below our means have served us well. I am very grateful for all we do have and giving back has always ranked up there as one of the most important things we can do and that continues to be an important factor in our lives. In the Jewish religion giving to those in need is critical and a principle we have always taken to heart. The Torah teaches us this fundamental Jewish value of charitable giving. And giving back to society is even more rewarding for those who do the giving so in that way it is a selfish act.

 

[dk168]

I don't really "need" anymore jewellery, however, they make me happy, therefore, they are good buys!

I can't justify spending lots of money on expensive holidays, especially on hotel rooms when I just want a clean room with private facilities and a bed to sleep on.

Never a fan or follower of fashion, and I do not spend a lot on accessories for certain. My one indulgent on clothes is Jamsworld Hawaiian shirts that I usually buy one or two per season.

I am getting rid of my current car as she is costing me a lot of money, being too big, powerful and too well-spec'ed for what I currently need; and shall change to a less desirable marque, smaller and cheaper car as a run around.

I am blowing a lot of money on a campervan/RV soon, however, I am getting a lot of use out of it for the next 10 years or so. Apart from the leather seats, everything else is functional rather than frivolous.

Just renovated my garden, and I am having a new outhouse/shed built, so that the old garage can be dismantled to make way for the campervan. I am using the garden a lot more now as it is no longer a jungle, and the pets love it. So it is worth it.

My other indulgent recently was to upgrade my cheapo student plastic clarinet to a professional wood one, again, it was worth it as it is a joy to play, and helps me to improve. The upgrade did not cost much compared with the campervan.

The campervan would be the second most expensive purchase after the house, and I consider it as a tiny home from home. I knew I would be getting a campervan about 5 years ago, as I am not getting any younger, and it takes a lot of efforts to put up a canvas tent on my own. Hence the need to change unit in order to continue to enjoy camping.

Before I buy anything, I would ask myself if I really "need" it, except for jewellery!

DK

 

[Arcadian]

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[voce]

I am an impulsive person. If it's below $50, I usually don't really think about it too much. That said, when I purchase something I think in terms of how often I'd use the object, or how much I'd value the experience.

I do appreciate nice clothes and purses. I don't think I've been over the top with them, because I try to look for excellent condition 2nd hand purses, and try to buy clothing only when it's on sale.

The last time I've purchased clothing that wasn't on sale was a coat from Zara for my brother who doesn't shop often. That coat suited him very well, and he still wears it from time to time.

When you use a $1000 purse for years and years, I consider the price per use quite reasonable and not something that requires justification...most cheaper purses last me less than a year with the daily wear I put on them. I don't feel the need to chase the latest fad purse, but stick with something "classic" for me I can envision myself using until retirement age. The purse I'm currently using for work, I've had since 2016.

 

[lambskin]

Like many posters here, we all have our dream jewelry pieces. Over the years we obtain them, modify our dreams as taste and finances change, or we forgo the dream entirely. Family, health and occupation dictate if our jewelry dreams come true. I acquired most of my jewelry pre children when precious metals and gem prices were not so high, synthetics and treatments not so common, and I had a trustworthy jeweler who was a family friend.
Once our children were born, they were the financial priority and luxury goods were perceived as taking away education costs for private schools and college. That being said, I have never regretted spending money on vacations, ever! We are true independent budget travelers. We still ride local buses and trains, stay in youth hostels and budget hotels and do not dine at Michelin star restaurants. However, 30 years ago we took fantastic trips climbing mountains and trekking all over the world. The dollar was strong and many places were not discovered and touristy. We rode local buses, donkey carts and farm tractors, sailed on freighter/cargo and ferry ships sleeping in lounges rather than booking a cabin, and took many an overnight bus and train to save on accommodation.Now that we are older, we do not have the health or stamina to repeat a lot of these trips And the places have become discovered and touristy. Plus my kids do not like budget travel.So I am grateful I spent the $ on these trips as we can not do them again due to health and $. I also bought a lot of cool jewelry pieces - mostly silver and semi precious stones-from around the world that are unique and did not cost a lot. I am not a luxury shoe, clothes,purse or car person so $ is not allocated here. Timing is everything. When my kids are out of college, maybe we can start working on the house....

 

[MRBXXXFVVS1]

I agree that it's all about balance. I'm personally a saver and investor first, and I also believe in spending on quality over quantity.

I've actually never bought any diamonds myself except my Lightbox ones, my jewelry is all a gift from DH. I do think/day dream about buying diamond jewelry a lot though - a DBTY necklace in yellow gold, a 1ct solitaire pendant in yellow gold, bangle, and alternate rings. Diamonds are beautiful and they are more of a hobby and fascination for me.

Life experiences are very important to me, and I'm fortunate that my budget for them is "unlimited" (within reason) as DH would say. With shelter-in-place, if I could never leave the house again, I don't think I will have "missed out" on any experiences, but of course I do miss spending time with family, friends, being outside, exploring, and making more memories. I'm very generous with charitable giving and gifts for others. I've prioritized my giving based on society's most essential needs: food and health.

When it comes to buying "things" I really think about if I need it or not, I tend to be a minimalist and also have difficultly justifying things. I'll try to find coupons and discounts to get a better deal. I do appreciate fashion and style, but it's not important to me, if that makes sense. I buy a new, classic purse every 4 years and they last forever. I buy clothes mostly to look professional at work. Most of our cookware we got from our wedding registry, which should hopefully last a long time. My electronics are usually free or gifts.

There's also really nothing I want or need at this time other than good health and food (for all).