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Returning Expensive Jewelry to Pay Off Debt
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amother




OP
 

Post  Tue, Dec 03 2019, 1:07 pm
We are somewhat following Dave Ramsey's rules to pay off debt now that we are doing work to our house to add bathrooms and bedrooms. I bought a piece of jewelry that was quite expensive for us and I have a few days left that I can return it for a full refund. I know it is emotional but I love this piece and have been eyeing it for 3 years and it is being discontinued. What are your thoughts about keeping it since I can not get it again versus returning it, using the money to pay off debt and getting something else in the future?
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amother




Linen
 

Post  Tue, Dec 03 2019, 1:11 pm
I would return it . I wouldnt enjoy wearing a peice of jewelry knowing that I cant really afford it because technically if you keep it you will be in debt . Return it , pay off your debt and I am sure you will find something beautiful to buy next time you could afford it .
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happyone




 
 
 
 

Post  Tue, Dec 03 2019, 1:18 pm
I'd return it s well.
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amother




Denim
 

Post  Tue, Dec 03 2019, 1:20 pm
Return it. Then figure out why you are renovating when your finances are so tight. You're going to have to sit down and really get a handle on what you can afford. It sounds like you have expectations above your income.
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amother




Babypink
 

Post  Tue, Dec 03 2019, 1:21 pm
amother [ Linen ] wrote:
I would return it . I wouldnt enjoy wearing a peice of jewelry knowing that I cant really afford it because technically if you keep it you will be in debt . Return it , pay off your debt and I am sure you will find something beautiful to buy next time you could afford it .


sounds like she would have debts with or without this necklace.
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LovesHashem




 
 
 
 

Post  Tue, Dec 03 2019, 1:22 pm
It depends. If you are getting somewhere without returning it I would keep it.
Did you make a informed and logical purchase when you purchased?
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groovy1224




 
 
 
 

Post  Tue, Dec 03 2019, 1:24 pm
How expensive are we talking? A $500 piece that I was eyeing for years and would not be able to get again I'd keep. But a 5K piece when I'm already in debt, I'd return.

You had debt before the Reno? Or you are taking on debt to finance it?
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banana123




 
 
 
 

Post  Tue, Dec 03 2019, 1:27 pm
I would keep it and wait on the renovations.
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amother




OP
 

Post  Tue, Dec 03 2019, 1:28 pm
LovesHashem wrote:
It depends. If you are getting somewhere without returning it I would keep it.
Did you make a informed and logical purchase when you purchased?


Yes, since we are both working and saving every penny and really not frivolous at all. But it is more the idea of it, not to buy anything at this time.
I bought it because it is not available anymore for purchase and I was eyeing it since my son was born.
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amother




OP
 

Post  Tue, Dec 03 2019, 1:30 pm
groovy1224 wrote:
How expensive are we talking? A $500 piece that I was eyeing for years and would not be able to get again I'd keep. But a 5K piece when I'm already in debt, I'd return.

You had debt before the Reno? Or you are taking on debt to finance it?


We will be in debt due to the renovations. We can't wait due to the size of our house, bH. We only have 1 bathroom now. We have a plan in place to repay the debt as quick as possible.
It is a $3,500 piece.
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amother




Peach
 

Post  Tue, Dec 03 2019, 1:30 pm
Are any similar pieces available in costume jewelry?
EDIT: Whoever hugged me, you can go hug yourself.
EDIT: Wow, how clever. Rolling Eyes
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banana123




 
 
 
 

Post  Tue, Dec 03 2019, 1:33 pm
amother [ OP ] wrote:
Yes, since we are both working and saving every penny and really not frivolous at all. But it is more the idea of it, not to buy anything at this time.
I bought it because it is not available anymore for purchase and I was eyeing it since my son was born.

You sound like you really have your heart set on it, and you'll regret it for years to come if you return it. So keep it.
And find a way to wait with the renovations - which always cost more than you expect them to.
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amother




Babypink
 

Post  Tue, Dec 03 2019, 1:33 pm
amother [ OP ] wrote:
We will be in debt due to the renovations. We can't wait due to the size of our house, bH. We only have 1 bathroom now. We have a plan in place to repay the debt as quick as possible.
It is a $3,500 piece.


Oh - so not in debt now.

how much faster will you be able to pay back your renovation loan if you lump sum $3,500? How much interest does that represent?
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amother




Gray
 

Post  Tue, Dec 03 2019, 1:40 pm
I don't know if I would return it. It's not like a 10k piece and you would regret it for years to come.
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Amarante




 
 
 
 

Post  Tue, Dec 03 2019, 4:04 pm
I would return it. If is always easy to justify a purchase one way or another.

Jewelry is an optional luxury item - especially jewelry that is $3500. I don't understand people saying that it isn't a $10,000 piece of jewelry as if $3500 is a piffle.

I just finished a remodel and it certainly makes more sense to spend that extra $3500 on a splurge for the kitchen or bathroom. Whatever the budget is for your remodel, you will be going over budget and/or have to make choices based on financial issues.

I saved a long time for my remodel so I didn't have to borrow for it and I also had the financial ability to splurge on some finishes as well as on stuff that increases the functionality of my bathrooms and kitchen. I am so glad every day that I had the financial ability to make certain choices.

Even if you were NOT planning on spending money for a remodel, it is never a wise economic situation to buy expensive items that are not a necessity unless you have savings and retirement accounts that are equal to what is recommended.
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amother




OP
 

Post  Tue, Dec 03 2019, 4:10 pm
Thank you for all the comments. I think jewelry is really emotional and it is difficult to be very logical about it sometimes. I appreciate all the feedback! I will be returning it tomorrow.
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Amarante




 
 
 
 

Post  Tue, Dec 03 2019, 4:14 pm
amother [ OP ] wrote:
Thank you for all the comments. I think jewelry is really emotional and it is difficult to be very logical about it sometimes. I appreciate all the feedback! I will be returning it tomorrow.


I know it won't be the same thing as the object of your lust but there is some beautiful costume jewelry especially if you look at the more expensive stuff - e.g. treat yourself to something for $200 or so.

Or maybe a beautiful leather purse or some other sartorial luxury item that is less expensive.

And even though you have wanted this item for a long time, there are ALWAYS beautiful things to purchase that are coming on the market.
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amother




Burgundy
 

Post  Tue, Dec 03 2019, 4:20 pm
If it's been around for a while changes are you'll be able to find it on eBay even after is discontinued. It's not the same excitement as buying a new piece from the store, but it can calm down the justification of having to buy now because you won't have another opportunity.
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amother




Sienna
 

Post  Tue, Dec 03 2019, 4:28 pm
amother [ OP ] wrote:
Thank you for all the comments. I think jewelry is really emotional and it is difficult to be very logical about it sometimes. I appreciate all the feedback! I will be returning it tomorrow.

I've been through this. We had pieces all picked out for our first anniversary and then my husband was laid off. It was so hard, the ring I always wanted was on hold for me. It was a good price. And I had to make that phone call and say we wouldn't be buying it afterall. A year later I got a much smaller ring. I still hope one day to get such a magnificent ring that we can afford.
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imasinger




 
 
 
 

Post  Tue, Dec 03 2019, 4:31 pm
Good for you, OP!

I hope you enjoy your renovations all the more because of the sacrifice that went into making them possible.

The inner satisfaction from that as opposed to the jewelry is indeed an emotional piece. You have control as to whether you will celebrate the decision or mourn it. I hope it's something you will feel proud of, tomorrow, and in the future.
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