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To buy or not to buy!!

hopelesslyhopeful

Rough_Rock
Joined
Jan 1, 2016
Messages
45
Hello lovely pricescopers! You've all helped me out a lot in my search for something sparkley. I am here seeking advice! I am here to make sure that I'm not making a silly decision with spending, however I don't think it will be a bad decision! Here's a little back story and what I'm after. My heart is set on the 3 prong, 5ctw tennis bracelet from whiteflash. At the moment, I am 21 and work as a server making about $20 000 a year, with close to another $15 000 in tips. I split rent and necessities with my boyfriend which is never too expensive and I've been saving a great deal of money. I do not have a car, my boyfriend has one so I can't justify having a car yet for this small city. No mortgage payments until I'm done school as it would be too expensive while I'm in school. Also, planning on going back to school in September with student loans. I know I could always put the bracelet money towards school, but realistically it works out to be half a year of tuition so why not get something that I could enjoy my whole life and pass down? Am I right or am I wrong? Lol. Thanks for reading!
 

chrono

Super_Ideal_Rock
Premium
Joined
Apr 22, 2004
Messages
37,374
For me, it would not be a sound financial decision if I were in your shoes, but that's just me.
 

hopelesslyhopeful

Rough_Rock
Joined
Jan 1, 2016
Messages
45
I'm just not sure what else I'm saving for. I have 4000 saved so half way there! And I don't want a car for years. Oh well we will see :) hopefully I can post pics sooner than later hehe.
 

maccers

Brilliant_Rock
Joined
Sep 19, 2012
Messages
1,166
Personally, I wouldn't buy it. But maybe there are other circumstances we're not aware of.
 

hopelesslyhopeful

Rough_Rock
Joined
Jan 1, 2016
Messages
45
Love the feed back thanks guys! I just feel like it's now or never. After I'm finished school I would love to have children and feel I won't be able to justify spending that on myself while having children.
 

MollyMalone

Ideal_Rock
Premium
Joined
Jun 2, 2013
Messages
3,084
Honestly, I wouldn't wipe out my savings for a dismond tennis bracelet. That would leave you without an emergency fund you could tap into if you, e.g., lose your job, are faced with an unexpected medical crisis, break up with your boyfriend & have to foot living-automotive/transportation expenses on your own.
 

hopelesslyhopeful

Rough_Rock
Joined
Jan 1, 2016
Messages
45
Re: To buy or not to buy!

Oh the joy of Canada's free health care. ☺ I wouldn't get a car until after school (8 years from now) and wouldn't live on my own if my boyfriend and I broke up, I'd live with my parents for free or find a roommate!
 

Eland

Rough_Rock
Joined
Jan 11, 2016
Messages
11
I think you have received some good advice so far and I can only echo the sentiments of not wiping out or reducing your savings. Things are usually fine if everything goes according to plans, but then "Life" usually happens.
 

VirginiaZee

Shiny_Rock
Joined
Dec 10, 2013
Messages
415
If it was me I would set aside an emergency fund first, and then buy a diamond pendant (or maybe a bangle, like those Jewels by Grace offers). My thinking is you never know what you might need the funds for, and there are many potential anniversaries or birthdays in the future. Just my $0.02.
 

LaLa86

Rough_Rock
Joined
Jun 27, 2013
Messages
1
I am a long time lurker and feel silly making this my first post, but I just feel compelled to say I absolutely agree with everyone else in this thread. I would save your money because you never know what might happen in life. Free healthcare in Canada is not equal to no emergencies ever. Also am I understanding wrong or are you saying you have 4K saved but are wanting to buy something that is 8k? I just can't really wrap my head around wiping out my savings plus spending another 4K all in one fell swoop. Ultimately from your responses it kind of seems like you've already made your decision, but I would seriously consider saving your money.
 

Diamondz1

Shiny_Rock
Joined
Feb 18, 2015
Messages
142
Hey Girl - you've posted a question that speaks to my heart! Ah, the desire to spend but guilt that comes along with it.

Don't do it. If you want to feel "the fear" about saving, start googling financial planning for 21 year olds and the cost of retirement... it is terrifying how epically expensive life is. But I say that in a good way because you have plenty of time to prepare. You absolutely are saving for things now: student loans, future home, future children's college funds, retirement, emergency fund, the freedom and peace of mind that comes with financial independence... That $8k will be worth way more in the future if you save/invest it now.

But don't be bummed, there will certainly be opportunities to treat yourself in the future, even if you have children at the time. Sound financial planning makes it possible! There. I just sounded like everyone's mom :razz:

*If you must have a treat now, could you pare it down from an $8K bracelet to like a $1K pave band ring? A compromise ; ) Best of luck!
 

chrono

Super_Ideal_Rock
Premium
Joined
Apr 22, 2004
Messages
37,374
Diamondz1|1452789029|3975946 said:
Hey Girl - you've posted a question that speaks to my heart! Ah, the desire to spend but guilt that comes along with it.

Don't do it. If you want to feel "the fear" about saving, start googling financial planning for 21 year olds and the cost of retirement... it is terrifying how epically expensive life is. But I say that in a good way because you have plenty of time to prepare. You absolutely are saving for things now: student loans, future home, future children's college funds, retirement, emergency fund, the freedom and peace of mind that comes with financial independence... That $8k will be worth way more in the future if you save/invest it now.

But don't be bummed, there will certainly be opportunities to treat yourself in the future, even if you have children at the time. Sound financial planning makes it possible! There. I just sounded like everyone's mom :razz:

*If you must have a treat now, could you pare it down from an $8K bracelet to like a $1K pave band ring? A compromise ; ) Best of luck!
She said it best. I also agree that all work and no play isn't fun either, so spend a bit to brighten up your days. A $1K bling sounds very reasonable!
 

PintoBean

Ideal_Rock
Premium
Joined
Jul 27, 2011
Messages
6,383
You've gotten some good advice!

Since there have been a few threads about jewelry landing in toilets... Look at the bracelet as a throw away item. How devastated would you be if the $8k literally flushed down the toilet?

On the flip side, if you put the $8k towards school tuition, you, phew, literally can't flush it down the toilet. :naughty: more importantly, reducing the amount of loans taken out by $8k also reduces the amount of interest that will accrue on the principal.

Also, if you were to sell the bracelet second hand, you will not get back the full $8k.
 

JDDN

Ideal_Rock
Premium
Joined
Apr 2, 2015
Messages
2,319
So you are planning on spending half a year's worth of tuition of school loans on an $8000.00 tennis bracelet? Have you done the math with how much you would be spending when you include interest on the money you borrowed to pay for the bracelet?

Also, it's not now or never! That kind of justification is a really good way to go in debt. Just because you have some money doesn't mean you should spend it. Be smart about this. Besides, you don't have the money. You're borrowing it from your school loans. You have saved $4000 and you have no idea what you've saved it for? :errrr:

I think it's foolish to spend $8000.00 on a tennis bracelet in your financial situation.

I totally understand wanting bling and something nice for yourself, but how about something a little more reasonable/appropriate? Doesn't mean you can't treat yourself to something sparkly, but this doesn't make any sense.

How about a budget of $2000? That amount is even a lot considering your finances (or lack there of) and your student status. You won't be borrowing money to pay for it and you still have $2000 left over as savings.

Apologies if I sound blunt, but this really worries me!!
 

partgypsy

Ideal_Rock
Premium
Joined
Nov 7, 2004
Messages
6,350
Wow. I was around your age and I had around 7K saved, I felt too guilty to spend $350 on a ring.
It's not now or never, all or nothing. I'd use that 8K as an emergency fund, because life can throw curveballs. The peace of mind for me would be worth more than a bracelet, no matter how beautiful.
 

dollyanjuli

Brilliant_Rock
Trade
Joined
Apr 25, 2013
Messages
592
Chrono|1452790054|3975952 said:
Diamondz1|1452789029|3975946 said:
Hey Girl - you've posted a question that speaks to my heart! Ah, the desire to spend but guilt that comes along with it.

Don't do it. If you want to feel "the fear" about saving, start googling financial planning for 21 year olds and the cost of retirement... it is terrifying how epically expensive life is. But I say that in a good way because you have plenty of time to prepare. You absolutely are saving for things now: student loans, future home, future children's college funds, retirement, emergency fund, the freedom and peace of mind that comes with financial independence... That $8k will be worth way more in the future if you save/invest it now.

But don't be bummed, there will certainly be opportunities to treat yourself in the future, even if you have children at the time. Sound financial planning makes it possible! There. I just sounded like everyone's mom :razz:

*If you must have a treat now, could you pare it down from an $8K bracelet to like a $1K pave band ring? A compromise ; ) Best of luck!
She said it best. I also agree that all work and no play isn't fun either, so spend a bit to brighten up your days. A $1K bling sounds very reasonable!
I echo everyone elses sentiments but agree most with DiamondZ and Chrono- all the sound and sensible advice in the world can't stop the itch for a sparkly. Love the idea of setting a budget that can get you something nice but wont wipe you out. Do you have experience on ebay, or looking at pre loved sites like Diamondbistro or Loupetroop? Maybe get a smaller, pre owned diamond bracelet for now and save that 8k bracelet as something for your "bling bucket list". I have many many things still left on mine, but have also scratched a few things off over the years. Good luck!
 

dollyanjuli

Brilliant_Rock
Trade
Joined
Apr 25, 2013
Messages
592

girlyglam

Shiny_Rock
Joined
Apr 13, 2015
Messages
269
I'm afraid I have to agree with what everyone else here is saying, even though I'm sure that's not what you want to hear. I actually work at a college, and a large portion of my job involves working with students who are struggling with finances and paying for school (I'm not a part of financial aid, but sometimes it feels like I am!). If the money you have saved will pay for half a year of school, that's actually HUGE! Honestly, anything you can do to minimize the number and amount you take out in student loans is immensely helpful because that is money you generally are paying back for years, and the more you take out, the more you are also paying in interest. And of course, yes, having some sort of emergency fund is also very important. Life, unfortunately, often happens and when it does, it doesn't care whether you have the funds for it or not.

I TOTALLY get the desire to want something blingy, especially when it's something you've wanted for ages. I also would love a tennis bracelet, but I know that realistically, it's not something I'll likely have the disposable cash to spend on for a good 5-10 years. It's honestly NOT worth going into debt over a bracelet (because it sounds like you only have half of the funds for the bracelet you want). Also, would you truly be able to enjoy the bracelet knowing that you wiped out your savings and/or went into debt for it? I don't think I would, and it would seriously damper any enjoyment I could get out of it. I think the idea of spending $1000 or $2000 on something like an eternity band is a great idea IF it is something you truly love and will scratch the itch. If not - if the only thing you want in your heart of hearts is the bracelet and anything else isn't going to do it for you - then really put all your efforts in to saving as much as you can so you can purchase it AND still have something left over for emergencies/tuition/life/etc. I'm not sure what you relationship or communication style is like with your BF and/or your family, but maybe you can have a discussion explaining that this bracelet is the thing you really really want and ask that instead of buying birthday, holiday, etc. gifts, they take the money they would have spent on a gift and contribute to your bracelet fund?

It's definitely NOT now or never, even though I know why it feels that way. But many of the ladies on the board have children, and they have beautiful pieces...having children doesn't mean you're not allowed to also treat yourself. It's better to treat yourself when you have the funds to actually do so without worry or concerns.

I hope this doesn't come off as judgmental - I'm truly not trying to be. As I said, I truly do get the temptation! But honestly, I wish I had made some better financial choices and saved more in my twenties. If someone had just given me a dose of reality back then, maybe I actually COULD afford more bling now!
 

JDDN

Ideal_Rock
Premium
Joined
Apr 2, 2015
Messages
2,319
Hi OP, apparently I'm having a bit of a judgmental day :???: . I think I was a bit too harsh. I truly hope you find a happy medium that makes sense for you.
 

ringo865

Ideal_Rock
Premium
Joined
Feb 14, 2014
Messages
2,369
In my opinion, if I saw a 21-year old - server or not (e.g., not a trust-fund baby) - wearing a 3-carat tennis bracelet, no matter that it was from Whiteflash, I would automatically PRESUME it to be "not real" diamonds. So, and to the extent this can be suggested here: if it HAS to be a 3 CT tennis bracelet, why not get a high-quality "not real diamond" tennis bracelet. It would give you the "look" and, if made in high-quality gold findings, would be fractions of the cost of what you're looking at (and I'm talking like a tenth or so) from WF.

Or, like others have said, set a lower budget and get something blingy, beautiful (and believable) for $1-2k, and without having to borrow against your future.

Best wishes on whatever you decide.
 
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