To Spend £1345 on a Set of Earrings ?

[Moaning5]

My dad has just gifted me £2000 - how nice !

My parents have NEVER gifted me money in this way. He’s done something with his pension and given all of us (4) the same amount.

I have no real savings to speak of other than an emergency fund. I have no mortgage to put it towards. I have grown up children who are independent. I have no debt to clear.
AIBU to pay £1345 for a pair of gold hoop earrings with pear drops as worn by Princess Catherine which I have always loved ?
Or am I being ridiculous and it needs to be be spent more sensibly ? On what though ?

In your OP you said you had no savings and no mortgage (which I took to mean you were in rented accommodation).

However it turns out you have £25k in savings and have paid off your mortgage!

Buy the earrings! 😁

Absolutely agree. My dad died at a very young age and that taught me that life can be short. If I rewound time, I'd still buy my earrings and I really hope OP does too...

My mil had a necklace made for me using a diamond from her engagement ring. It’s absolutely beautiful and was valued at £3000. I am too scared to wear it in case I lose it so it sits in a box in a drawer.

I wouldn’t buy the earrings for this reason. Maybe invest it in stocks and shares.

Hrft
Would buy me a car !

Not that it’s not impossible , but such huge jumps in no time are quite rare.
plus seeing how the OP has grownup children ,she might be well in her late 70s be fore she sees significant returns on £1000 investment .

This thread is so bizarre! The OP stated she has enough stacked for any emergencies , more than most ! And her Pension is covered.

and no , I’ve never lost any earrings, my DD1 the most neglectful person I know has not lost her earrings either!

Have it your way, I don’t care.
But HMRC says: “You can make regular payments to another person, for example to help with their living costs. There’s no limit to how much you can give tax free, as long as:

• you can afford the payments after meeting your usual living costs”.

I guess they are wrong too?

I think what this thread-and many others-show us is that everything-but particularly money/spending is relative.

Some of us go on lavish holidays that would indeed buy a car whilst others camp in a tent and both can be equally nice but it depends on your frame of reference and expectations.
Expensive restaurants with bills into the hundreds are normal for some and an outrageous waste to others.

I think you should buy the earrings.
You can afford them and you want them.
If I was your father I would be delighted to give you something that brought so much joy.

I was just told I had more money than sense on another thread about a table runner.
It is all relative.
For me it was something I could comfortably afford, I wanted it and so I bought it.

There is always going to be someone to judge their own circumstances against yours.
My first DH died before just before his 28th birthday.
We never used our lovely wedding china amongst other things because we were saving for best.
I still feel sad about it.
Life is for living.
And comparison is the thief of joy- enjoy the earrings!

*and I think the poster who posted about Kiki hoops is right.

If I had no savings, I’d put some in the bank. Jewellery doesn’t bother me much though. 🤷‍♀️

So tired of seeing advice to 'invest in stocks and shares'.

Shares are a form of gambling. There is no guarantee you will 'win' with growth and growth is always long term to allow for the ups and downs of the market. You also need to know what to invest in, or pay a broker (a risk anyway) to do it.

Being realistic, £2K is a tiny amount to invest. Even at 10%pa growth that's only £200 a year. you would need to leave it for a long time to make much money, and 10% is good growth.

Shares are an option if the rest of your money is in safe savings like a fixed term ISA . But many people investing in shares have a LOT to invest like over £50K and look at long term growth.

OP has £25K in savings.

You can make a gift of £3K pa that won't affect IHT.

You can also make regular gifts of no limit (per month or annually) out of excess income. That means money you have as income either from work or a pension.

You need to keep records of how much you give and show it's regular.

This is to avoid giving away large chunks of savings to avoid IHT.
If you give away more than £3K pa FROM SAVINGS within 7 years of dying the money counts as part of your estate.

same. I have never lost an earring in 55 years. Some expensive earrings also have a screw fitting so they are much less likely to fall out.

I am too scared to wear it in case I lose it so it sits in a box in a drawer.

Where you’ll definitely lose it if you’re burgled as I know from bitter experience. You’re less likely to lose it if it’s round your neck, I wish I’d been wearing my granny’s bracelet.

I'd buy a pair of gold and pearl earrings at WAY less. That wouldn't be quite so gutting if I lost one.

Then I'd use the rest for some minor dental treatment / decorating / furniture or household gadget I'd use all the time / theatre tickets. Spread it.

that's amazing

Hope it's insured so that if you're burgled you'll get the money. Sitting in a drawer is a gift to a burglar. Like a pp, I know.

And if it's insured then same applies if you wear it and lose it. You'd have to be pretty careless to lose a necklace. Jewellery is meant to be worn and enjoyed - presumably your MiL's intention - but if it's never worn then sell it and let someone else have the pleasure.

its a lovely dilemma. With jewellery make sure you buy it coz you love it and will wear it. If you choose to sell in future you will get the most minute percentage of your purchase cost. Jewellery will be a lasting reminder of ye bond between yiu and your dad, and his generosity. If you’re not in debt then why not treat yourself 🌟

You can buy the Annoushka drops at Goldsmiths, the discount code RGW15 gets you 15% off, so they’re £382.50.

https://www.goldsmiths.co.uk/Annoushka-Baroque-Pearl-Earring-Drops-In-18ct-Yellow-Gold-020354/p/37560285

@Moaning5

@MincePiesAllRoundPlz

Shares are as vast and different as stones in a stoney beach.

Op could definatly grow her money with low cost index funds and some months they will dip and some months they will soar and when they do that op can skim off the extra keeping her two grand.
Index funds mean you buy a bit of everything so you can't really loose

I know it works because I do it.

It was a gift, presumably he wants you to buy something for yourself, or do something with it to make you happy, unless he made some proviso / or asked you to put it to some other use?? - so why not?
With regards to the price - If they are real gold, then surely the value will not decrease? (except for the retail price vs actual price of gold etc - which can go up as well as down).
Personally, I would probably lose one, so make sure they are included on your insurance (take photos etc), and just enjoy the lovely generous gift that makes you happy. x (or alternatively buy something similar / cheaper that would make you as happy & tuck away the rest in an ISA etc for the future). Lucky you to have this choice - it's your money - your choice x

I do it too so don't need advice, thanks.

But shares do best if they are long term, not picking away at small gains every few weeks. Let the pot grow.

However, I think she wants the earrings.

@MincePiesAllRoundPlz

Oh, from what you wrote it didn't sound like you invest .

Oh wow, so both the Kiki hoops and the Annoushka drops are 15% off! @Moaning5 There has never been a better time to buy these earrings! These brands NEVER have 15% off. Trust me, I've looked at them a LOT over the last ten years!

Why, though? People spend thousands and thousands on holidays and on much bigger, better, more luxurious cars than they need to get from A to B. Cars depreciate and holidays are gone in the blink of an eye. Then there's expensive hobbies. I don't see why the earring purchase is any more nonsensical than those things. At least they last forever and can be passed down, and will appreciate if you keep them for long enough.

@SoftBalletShoes dm and df like going on holidays- they've just come back from a 3 week tour of India, they were in USA in July on a 5000 mile road trip, they're looking at a cruise in January etc. Anyway I mentioned thinking of spending £200 on a new bedside table and dm was shocked at my extravagance! Df had always wanted a Rolex and treated himself to one a few years ago which is fine, his money etc but anything I want is seen as too expensive- obviously my money not theirs. I do work but on UC.