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Thread: How do you budget for watches?

  1. #1
    Craftsman
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    How do you budget for watches?

    I guess this is not for the people that are really rather wealthy, but the rest of us that do alright but have a mortgage and have something not too dissimilar to an average working wage.

    My personality means I can get a bit carried away sometimes I guess, I never have and hope never would make silly financial decisions due to things as unimportant as watches but I was thinking of setting up a self imposed "watch subscription", put away 50-100 a month and use the proceeds plus sales of watches to buy. Anyone else do this?

    Funny how I am reverting back to pocket money...

  2. #2
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    Considering the situation you described, i would have the following approach:

    Start with something affordable while enjoying it for a while, then selling. With the proceeds along with injecting some more cash, buy something a little dearer and repeating the process.

    Have a "north star" and enjoy the journey until you get there.

    Hope this helps!

  3. #3
    Grand Master
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    Rule 1 is to always buy used watches at fair prices. Like cars, buying new equates to a big initial loss.

    Rule 2 is to always buy the best quality examples, they'll sell easily if you decide not to keep them.

    Rule 3 is to be v. patient, play the long game, build a collection over a period of years. Don`t sell a watch you really like in order to fund one that you might like a little more, save up and own both..........eventually.

    If you buy sensibly the watches are a tangible asset, unlike clothes or other items that are worth nowt in a couple of years.

  4. #4
    Master Sinnlover's Avatar
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    I donít think there is a single answer.
    Only you will know what you are comfortable spending and how that reflects on what you what you would like to own.
    Whilst not trying to sound patronising (but at the same time achieving it) I would say donít try to follow the people you see on line. Itís the same as cars. Not everyone can buy a Ferrari.
    Find what you like and aim for it, save as you can, be sensible with finance if needed but remember there are more important things in life than watches.

  5. #5
    Master
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    I donít.

  6. #6
    Master jukeboxs's Avatar
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    Quote Originally Posted by walkerwek1958 View Post
    Rule 1 is to always buy used watches at fair prices. Like cars, buying new equates to a big initial loss. ...
    I agree with you Paul except on the point above - where we know that for certain models (hot Rolex and Patek models) buying new at RRP is the cheapest route (for those models).

    I tend to spend my annual bonus on watches (when not needed for holidays), and I'll usually buy on a 0% card and pay it up over the term. I'd like to say I spend within my watch allowance, but I usually go over. But, there's worse things I could be spending it on (hard drugs, cigarettes, hookers, a mistress, sport cars, etc).

  7. #7
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    Quote Originally Posted by jukeboxs View Post
    I agree with you Paul except on the point above - where we know that for certain models (hot Rolex and Patek models) buying new at RRP is the cheapest route (for those models).

    I tend to spend my annual bonus on watches (when not needed for holidays), and I'll usually buy on a 0% card and pay it up over the term. I'd like to say I spend within my watch allowance, but I usually go over. But, there's worse things I could be spending it on (hard drugs, cigarettes, hookers, a mistress, sport cars, etc).
    I guess i could take up smoking and some cocaine on the weekends. Give it up and use the savings...

  8. #8
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    Quote Originally Posted by Sinnlover View Post
    I donít think there is a single answer.
    Only you will know what you are comfortable spending and how that reflects on what you what you would like to own.
    Whilst not trying to sound patronising (but at the same time achieving it) I would say donít try to follow the people you see on line. Itís the same as cars. Not everyone can buy a Ferrari.
    Find what you like and aim for it, save as you can, be sensible with finance if needed but remember there are more important things in life than watches.
    Absolutely and watches are one of the last things on my financial priority list, if not the last to be honest. But you have to have a little fun, and if you follow some simple rules as described above then actually you wouldn't lose that much

  9. #9
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    Quote Originally Posted by walkerwek1958 View Post

    Rule 2 is to always buy the best quality examples, they'll sell easily if you decide not to keep them.
    Great advice, I have always used this rule when buying watches even if it meant I had to wait a little longer to afford it.

  10. #10
    I could be that organised about it. But not unless I was saving for a particular watch.

    In the past I've bought a Rolex on 0% - my first Rolex.

    I've bought a few Omega watches at a decent discount and 0% over the years too. Much easier than saving and watching the prices slowly creep up.

    Generally, if I see a watch I really like I check my bank balance and see whether I can justify spending X amount - then generally buy. Lots of times I see watches that in would love to buy but available funds dictate otherwise.
    It's just a matter of time...

  11. #11
    Master
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    In the past I used to put some of my annual bonuses into watches to build up funds. These days (and it took many years to reach this position) - my watches are self-funding, though I may put 1K or 2K into the watch fund if there is a stretch to get something I really want. It used to be SC could be a kinda 'rental' space for trying different watches, less so these days - too many BMW / MX5, bags and coats.

  12. #12
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    Quote Originally Posted by jukeboxs View Post
    But, there's worse things I could be spending it on (hard drugs, cigarettes, hookers, a mistress, sport cars, etc).
    Really?

    Mrs jukebox "Jesus christ, you've wasted your bonus on another watch when you know there are a dozen things we could use the money for."

    Mr jukebox "oh yea, well at least it on a watch and not a hooker. You want me to get a hooker honey, well, do you? ď

  13. #13
    Master
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    I do it the same way I buy anything. If I see something I really want, then I put money aside, sell things etc, until I have the money to buy what it. Not sure why the method of buying watches would be different to buying anything. Need a new sofa, then you save until you can afford it.

  14. #14
    Master jukeboxs's Avatar
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    Quote Originally Posted by Wilson_smyth View Post
    Really?

    Mrs jukebox "Jesus christ, you've wasted your bonus on another watch when you know there are a dozen things we could use the money for."

    Mr jukebox "oh yea, well at least it on a watch and not a hooker. You want me to get a hooker honey, well, do you? ď
    Other than the profanity, pretty much spot on !

  15. #15
    Master
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    Last year I set myself a quite ambitious weekly income goal (I'm self employed) and I've just started to track everything I earn over and above that every week and put it into a hypothetical watch fund speadsheet. My target is one of the new 36mm Datejusts. Based on the last two weeks, at current rrp I recon it will take me two years to save up for it. If I get there I will have absolutely no problem with spending that money.

  16. #16
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    Well if itís not a Rolex watch then a few places eg Goldsmiths does a 4 year interest free loan. Iím not saying you donít have to financially plan it anymore, but just that it makes it a lot easier on cash flow.

    I would consider buying a used one instead if planning to wear it a lot, and if buying a brand new one I find itís best to place a deposit, have a good think about it before purchasing. Impulse purchases are very very lethal...

    Maybe also consider whether you want a nice watch or 2/3 to swap around and tailor your options accordingly.

  17. #17
    Master
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    I donít get it I only spend what I have and buy what I can afford.

    Thereís no big plan.

  18. #18
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    I used to put aside all overtime pay for things like watches. Now I just spend from annual bonus if thereís nothing more important.

    Everyoneís situation will be different.

  19. #19
    Master Geralt's Avatar
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    It's not about quantity for me. I only buy what I can't live without. I'm very picky and I know for certain what I like and what I don't. Pretty early on I decided that I'd have a max amount per watch. Around a grand. I'm kept in check by the law of diminishing returns. There are great watches at all prices and some I'd love above my limit, but I just can't bring myself to do it.
    Last edited by Geralt; 23rd September 2019 at 09:02.

  20. #20
    Master mycroft's Avatar
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    I have a watch fund in the form of a separate bank account. If I sell something I own then the money goes into that account. Iíve also topped it up once or twice with a self-awarded bonus (I run my own business) if Iíve had a particularly good half year.

    Selling a car and changing to leasing also netted me some cash.

    All of that has enabled me to pay cash for a number of significant (to me) watch purchases. I would not choose to buy on credit and anyway itís rare for me to buy new unless thereís an opportunity for a really significant discount.

    I also pretty much agree with everything that Paul said (although our watch tastes are pretty much diametrically opposites!).

    Simon

  21. #21
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    Quote Originally Posted by cheesycake7 View Post
    Well if itís not a Rolex watch then a few places eg Goldsmiths does a 4 year interest free loan. Iím not saying you donít have to financially plan it anymore, but just that it makes it a lot easier on cash flow.

    I would consider buying a used one instead if planning to wear it a lot, and if buying a brand new one I find itís best to place a deposit, have a good think about it before purchasing. Impulse purchases are very very lethal...

    Maybe also consider whether you want a nice watch or 2/3 to swap around and tailor your options accordingly.
    "Impulse purchases are very very lethal..."


    Amen to that 🙁

  22. #22
    Craftsman
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    for me this splits into 2 parts.
    1) financing the watch purchase
    2) gaining approval for the watch purchase.

    1 is via a number of methods:
    Sale of an existing piece (unlikely as i'm a bit of a pack rat and have never actually sold a watch although i understand some do),
    Saving - this is the usual route, putting an amount aside each month in a special 'watch' bank account that is hard to get at and is higher interest.
    Borrowing - either via a vendors IFC or a 0% purchase card. I dislike doing this but have done so on occasion to snap up a deal or to coincide with accountants largesse.

    2 is the tricky bit. My usual trick is to not moan too much about the money she spends on make up, hair products, skin products, spa days, evenings out with friends etc. Then when the time is right a bit of persuasion using her previous spendyness as leverage and bobs your new breitling.

    At present though we are buying a new house so any and all funds are earmarked for that. This does mean though that I get to indulge in things like a new TV, sound system and the like so swings and roundabouts...

  23. #23
    Craftsman
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    I set myself a maximum amount I won’t go over for my collection. I either have some cash balance within that amount or I have to sell one to increase the available balance.

    Then when I go to buy some thing, tongue in cheek here, I convince myself it’s good value and a keeper before, generally, flipping for a couple of hundred quid loss a few months later...! Standard. Can’t continue!
    Last edited by Berty234; 23rd September 2019 at 10:51.

  24. #24
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    Quote Originally Posted by mycroft View Post
    I have a watch fund in the form of a separate bank account. If I sell something I own then the money goes into that account. Iíve also topped it up once or twice with a self-awarded bonus (I run my own business) if Iíve had a particularly good half year.
    Ditto - a sep savings account earmarked for self-indulgence.

  25. #25
    Journeyman Tabs's Avatar
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    I've been snaffling away monthly gains from premium bonds for the last 10 years, plus a percentage of dividend income into successive highest (at the time) paying interest accounts. Granted returns haven't been great but with each passing year my egg has grown.

    Now in a position to start looking. Ideally I'd like a 116710LN but I'm no rush and will wait for the right option to come up. Once purchased I'll roll over any leftovers and start again.

  26. #26
    Master
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    Quote Originally Posted by hafle View Post
    I do it the same way I buy anything. If I see something I really want, then I put money aside, sell things etc, until I have the money to buy what it. Not sure why the method of buying watches would be different to buying anything. Need a new sofa, then you save until you can afford it.
    Pretty much this ^, if I decide I want something & I don't have the spare funds at the time then Iíll try and save until I do.
    Same with all my hobbies tbh.

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