Financing E-ring

#16
Hokaplan said:
As many TPFers know here, I have a pretty nice jewelry collection NOW. But I've been married for 20 years and have received or purchased for myself all of my most expensive pieces just within the last 3 or 4 years. But one of my most if not "the most" cherished rings is my $550 dainty yellow gold one with a teeny tiny marquise stone purchased in 1991. It reminds me of all the love and happiness darling husband and I began our marriage with and makes me feel so wonderful to wear and think about that time when I was 26 years old. OP has a whole future to add to jewelry collection. Don't strap yourself and find something lovely and meaningful that you can afford today. JMO!
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Agreed 100%. I've been married for 15 years and we are just now looking at an upgrade and other substantial jewelry. But the YG band with the little diamond will always hold a special place in my heart. There's plenty of time for jewelry later; don't finance your future for the sake of a ring.
 
#18
I see nothing wrong with OP buying her own ring if she has more money. The moment they're married her money (or debt) is basically his and vice versa anyway.

However, OP, I have to agree with some others that I don't think that you should finance a ring. Buy what you two can afford and upgrade later. It makes more economic sense and you'll get more for your money when you don't have to finance.

Congrats, BTW!
 
#19
Agreed, financing isn't the way to go. When my husband and I got engaged, we were both still in university and he saved up for months from his part time job to have enough money for a ring. We had a budget and I had to choose something I loved within that budget - luckily I love my ring though and don't feel the need to upgrade.
 
#20
Agree with everyone else.. buy a ring (simple, or doesn't have to be) in your budget. If you don't mind sharing your budget, we can help you find something beautiful that you can afford :smile:

Pleeease don't finance a ring, and especially don't ask someone else to co-sign for it. You are getting married and if you haven't already, this is the time for you and your fiance to establish your own adult lives and independence from others. Asking someone to co-sign for jewelery is very different than asking someone to co-sign for a mortgage or school loan.

Financing aside-- in today's world, buying your own engagement ring is becoming more accepted (look at all the celebrities out there that buy their own engagement bling!). So I could see why people do it.

That being said, I (and I realize not everyone shares this view :smile:, I view the engagement ring as a sentimental symbol. It is a gift from my fiance, something he gave me to wear for the rest of my life to remind me of the day he proposed. Buying it myself would make it feel more like "a ring I'm wearing on my wedding finger," rather than "an engagement ring." I personally would prefer to receive a very simple ring :smile:

There are tons of options out there for you guys, even half-eternity bands that are super-blingy and would look great with a wedding band.
 
#22
I agree with the others - purchase what you can afford with cash now and go for the bigger diamond later. Jewelry isn't a good reason to start out a marriage in debt (although neither is a wedding, in my opinion).
 
#23
i would encourage you to look on etsy, you can get some fabulous rings for much cheaper because it comes straight from the creator.. plus you can always sub out a pricey diamond for another stone or stimulant and then replace it later... personally, with my current income, i could never imagine buying a pricey diamond and would rather put it towards nicer furniture etc. i will (when the time comes) go for an alternative stone.. sapphires come in so many unique colors and shapes as well... if you feel like you are overextending maybe try looking into one of those options?
plus i think it would be hard to find someone willing to cosign for jewelry
 
#24
Although I don't see any problem buying your own bling, I agree with all others on here, please do not finance a piece of Jewllery. Jewellery is not a necessity and buy what you can afford. Congrats and all the best!
 
#26
I agree with most of the people here...don't finance your e-ring. Choose one that's simple and within what you can afford right now and then upgrade when your budget allows it. For me, I'd hate to be wearing my engagement ring and look at it everyday and be reminded about the debt that comes with it.
 
#27
The ring I am looking at is 2,000 with tax and will be paid for within 3 months. It's not a huge 5 or 6 thousand dollar ring on a minimum wage salary. If that helps any and there was no proposal it was a mutual thing between us at the last minute. Everything about it is non-traditional and I love it.
 
#28
hollywoodbadgrl said:
The ring I am looking at is 2,000 with tax and will be paid for within 3 months. It's not a huge 5 or 6 thousand dollar ring on a minimum wage salary. If that helps any and there was no proposal it was a mutual thing between us at the last minute. Everything about it is non-traditional and I love it.
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I know waiting is no fun but to avoid the credit issues, why not just wait three months and save up the cash that you would be using for the payments and then buy the ring outright in February? It could be a nice Valentine's Day gift (even if its just from you to you) and you would save money by avoiding the finance charges. :smile:
 
#29
Perhaps you could buy a big simulated diamond to wear for your wedding, and buy a real one when you have cash.

Def don't put it on credit. Check out wholesalers too, no point throwing money away!
 
#30
Sometimes stores have financing where if you have it paid off in 6 months or one year than it's interest free, so I'd say if it's a situation like that where you'd have it paid off without having to pay any interest on it than go for it. I do understand you wanting it by your actual wedding, so do what you feel is right and enjoy it!
 
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