How you guys save for a watch purchase?

[colpol]

There are always ways to "claw back" money

take in sandwiches to work, avoid expensive coffee's, ebay things not required to name but a few. Even adjusting your driving habits - shop about for fuel, stop putting the foot down heavily, etc. Even putting your hand up for a few hours a week OT if got the opportunity - take that cash at end of month & put into your fund

penny's make pounds so they say - all add's up

[DiamondJack]

Originally Posted by R.J.

I've always believed that the generous people are the lucky ones. Always like reading stories like this.

Thanks Ron I am just finding that as I get older I have started to think more about what friends and family need in life rather than me...... Especially if I already have multiple of whatever the item is......

But I'm no saint by any means and still splurge from time to time.... But for me, the little lady is a great leveller and has never wanted much herself, so when she sees me looking at something...... Just her raising her eyebrows is enough to bring home the reality of the situation.......

Originally Posted by OrangeSport

Isn't funny how the itch can also be scratched by buying a watch for some else? It's the thrill of buying I think. Very odd, but very real.

Spot on Jason..... And I find it actually gives me greater pleasure than buying for myself these days and yet still keeps me in the watch shops and with a more justified reason for being there than before......

[Mickyfin]

Originally Posted by OrangeSport

I don't think about it in that much detail to be honest.
I am 43 and not a great saver. The basics are covered, and I get a decent salary with regular chunky bonuses (once a quarter). The salary is what I use for living and having fun, the bonuses cover watches, cars, builders working on the house etc. A bit hand to mouth, but I am comfortable enough with that.

This is pretty much me too, but no mortgage, our home is our own :)

[submariner123]

holidays are a waste of money :)

[metallic]

I accumulate money in a slush account meant for frivolous spending.

Sometimes I do have a hard time accepting the price points of the higher end stuff. SS Rolexes are fine but when I start getting in to the > $20K price point I start questioning the intelligence of such a purchase. If they hold their value reasonably well, it is much easier to justify.

I also keep the collection to a reasonable number of less than 6.

[ACURATL]

I model my life as if I were a company. In terms of purchases, if your current assets are 2 times your current liabilities, which in this case is the credit card debt you owe for your watch, then it is a sound purchase. Otherwise, I hold back until I have it covered 2 times.

[Lew Archer]

Another way of looking at the question is remember this:

You can have anything you want.

You can't have everything you want.

So, we have to sort out what we need, yes...but also sort out what we really want.

And, was one sorts out what they really want in life, keep in mind that you live but once.

As far as we know, anyway...


Sent from my iPad using Tapatalk HD

[HRPinDC]

As a financial planner, I have a a few thoughts on this topic. First off you have to sit down and identify your goals. Retirement, home purchase, kid's college, watches, financial security, etc. Then prioritize. I would suggest that retirement, financial security and home purchase be at the top of the list. Figure out what it will take to fund those goals and make it happen. If there is money left after funding these goals than you can direct it towards other goals you have, maybe your watch hobby. If you do not have sufficient income to fund the goals at the top of your list, then no watches until you do. As someone who works with people who have severe spending problems or are having trouble making ends meet in retirement, I can tell you that it's an absolutely terrible position to be in. Get your priorities straight and then focus on the "wants". The "you only live once" mantra only goes so far, after that it's just BS to justify things you want but know you can't afford. Many of the people I work with, when asked will admit that they would do things quite differently if given the opportunity. Just my two cents.

[KELLY123]

Never do always impulsive purchases. " Make sure you die in debt never in credit" my motto :)

[Lew Archer]

Originally Posted by HRPinDC

The "you only live once" mantra only goes so far, after that it's just BS to justify things you want but know you can't afford. Many of the people I work with, when asked will admit that they would do things quite differently if given the opportunity. Just my two cents.

Very true. That's why I think it's important, after the true needs are addressed, to sort out what is really wanted. A lot of the time, we confuse a real want with a temporary attraction and invest, unwisely, in that. If the needs, the priorities are tended to, then, when we turn to those wants, it's important to figure out what you want the most and go after what you really want in a life you live but once.

You can have anything you want, just not everything you want.

[airchitect]

Originally Posted by Lew Archer

Very true. That's why I think it's important, after the true needs are addressed, to sort out what is really wanted. A lot of the time, we confuse a real want with a temporary attraction and invest, unwisely, in that. If the needs, the priorities are tended to, then, when we turn to those wants, it's important to figure out what you want the most and go after what you really want in a life you live but once.

You can have anything you want, just not everything you want.

Here here!

[codecow]

I usually pay for watches with bonus income as it's "extra" and usually of the size needed to procure a nice piece.

As for justification, I think the deferred gratification of retirement is a bit of a myth and it's important to live somewhat in the now. Many of us may never make it to that age. It's important to have some insurance against being completely screwed at retirement age however I think I can deal with having a greatly reduced income for the decrepit doctors appointment portion of my life in trade for living well now.

[Tombstone]

Save what you can when you can, and never touch what you saved. Just be happy your alive and can save to get watches. I admire your attitude.