Splurge Like A Savvy Shopper

How does a Savvy Shopper make decisions about a splurge? I'll use 2 emerald rings that (as of now) are on the market for sale to illustrate the thinking involved in whether (and if, yes, which ring) to spend your money on. But feel free to fill in the blank with designer shoes, bags, clothes, or whatever your temptation tends to be.

Let's start with: Don't tell yourself an emerald ring is an investment. Jewelry isn't, a Chanel double flap bag isn't, and Manolo Blahnik pumps aren't investments ... or even needs. All these pricey items are splurges, not necessities. We buy them because we want them, not need them, and more often than not, if we were to sell them, we won't make a profit. So never confuse a splurge with a need or a true investment! No and no!

That said, if you can afford a splurge sometimes it makes a hard working person happy and is well worth the money.

To demonstrate, let's say we decide to splurge and spend our money on an emerald ring. It allows me to post some lovely images today.😛😁

The next question to ask is what's our budget?

This 1st emerald ring is a stunner. It's a 6.14 carat natural Columbian emerald in a 4-prong setting of 18 carat gold. The emerald is surrounded by round brilliant and baguette cut diamonds. For average wage earners, the pricetag is a stunner too! Cost: $32,000.

So Savvy Shoppers who earn regular salaries, do we forget about a splurge? Heck, no ... if you can afford to treat yourself, you should every once in awhile! However, as a Savvy Shopper you should search for a ring that has a similar effect within your personal budget. Use the out-of-your-budget temptation as inspiration! 

Be flexible and willing to compromise to find something similar that you can afford. Many people who don't wish to go into debt wouldn't pay $32,000 for a single piece of jewelry just because they have the money in the bank. Ask if this ring is worth 32,000 smackers leaving your bank account? Proof!

THE SAVVY SHOPPER way is to be a dreamer, then a realist! Obviously someone with deep pockets wouldn't have to deplete their savings to spend $32,000 on jewelry. But one day perhaps your $32,000 will have to cover unexpected expenses. Know and stick to your own budget. Spending like high rollers doesn't make us high rollers. No one should break the bank on a splurge. A splurge is meant to bring us happiness, not worry and insecurity. So let's take our dream ring and shop like a Savvy Shopper!

The 2nd emerald ring is what an ordinary wage earner might end up buying. It's a 2 1/5 carat natural (origin not stated) emerald in a 4-prong setting of 14k yellow or 14k white gold. It is surrounded by brilliant round diamonds with additional baguette cut diamonds to equal 1/2 carat of diamonds. Cost: Full retail - $5,000. Ebay price $2,900. Macy's sale prices - $1,499 and sometimes as low as $1,049.

The compromises are 2 1/5 carats vs 6.14 carats, 14k gold vs 18k gold. Both are natural emeralds but I would bet that the $32,000 emerald is a higher color grade. The emerald likely has a more desirable saturation of color. Both emeralds have inclusions, which are accepted in the gemstone.

Between the 2 rings, the 6.14 carat emerald is deeper and the 2 1/5 carat emerald is shallower, but much of the bigger stone in this design cannot be seen. The 6.14 carat emerald has a higher setting. You'd have to try on both rings to know if you'd get more finger coverage and if bigger or smaller looks better on your hand. A higher ring setting is not de facto more desirable.

Finally, there's the cost of insurance. Whether to insure a ring you pay slightly more than $1,000 for is debatable because you likely could afford to replace it. However, more risk and pain would follow not insuring a $32,000 ring that was lost or stolen, which a Savvy Shopper takes into account before making the purchase. How pricey should your splurge be? Sales taxes and insurance add up. Total expenses can slap you in the face!

In summary: Splurges should make us happy, not penniless! If a material thing would burst your budget, figure out what you love about the article but compromise to bring the cost down. Find something affordable that gives you the similar effect as your temptation. First a dreamer then a realist is THE SAVVY SHOPPER way to buy all things -- needs and splurges.♥

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