How much did you spend on your engagement ring?

[LeeMiller]

I would have always said the same thing. But my brother bought his new wife a 17K ring when they were both barely out of grad school, 200K in debt, living with my parents, and he financed over half that. I thought they were nuts, and I was secretly damn judgmental about it. But they are both ridiculously happy with their decision, and she'll have a ring for life that she loves and is stunning. Their financial situation will improve-- school debt isn't for nothing-- and this debt will be a blip in their lives.

If you know you're income is on the way up, and you have a plan, there's nothing wrong with financing a ring, unless you're uncomfortable with it. It's just not true that you can't afford it if you don't have the cash. I have completely changed my view on this.

I can't disagree more with this approach. How you manage five figures or even six determines whether you'll ever reach seven figures IMO. I know people who make about 160-180k a year for years and barely were able to make a dent in debt like that, after taxes and living expenses there isn't a lot left.

Also, trust me, there is nothing you love for life. Either they'll have to sell that ring when they hit financial troubles or within 5-7 years she'll want an upgrade or perhaps a matching car/earrings/bracelet.

 

[LeeMiller]

Maybe I come from a socioeconomic status that is outside of the "norm" here at TPF but I have NEVER known anyone in their 20s (much less early 20's) that have 100k in the bank.

OP: spend as much as you can afford in order to pay it off in 2 months time while not draining your life savings to do it or cashing in your 401k.

I caution anyone just starting out from accumulating unsecured debt if they can help it.

Well we weren't in our early 20s, but a little later still my husband is a saver. I also don't know very many people with a ring that expensive IRL.

 

[rabbits]

I actually got a second ring with a similar style and am not sure which one looks best. I could always change the clear one to a yellow diamond too. Any opinions on the settings?

I prefer the white, don't get me wrong, they're both outstanding and having it in white keeps the focus on the ring and stone.
Congratulations!

 

[friday13bride]

I prefer the yellow diamond, but that's jmo! What are the specs for both, if you don't mind sharing?
I don't think there is a set amount of $$ one has to spend on a ring. My DH was in his early 30's when he proposed. I don't know what he had in savings at that time but it wasnt $100k.. thats a little high i think. I also don't know what my ring cost. I only know the appraisal was $13,000 and that's what it was/ is insured for. We had just bought our 1st car together, BMW 330, and had put a down payment on our 1st place together to buy. He didn't go into debt for my ring but we didn't talk about it either.
It's very personal what one WANTS to spend and what they can afford to spend. My husband did not spend 3m salary.. I would have gotten one honkin large momma diamond if he did! But that being said, I love my diamond, its not huge, 1.4 Ct..It's been 10 yrs and I just reset my ring but kept my stone.
Good luck to you!

 

[missD]

I have to disagree here. It is never a good idea to buy any large purchase on a credit card, even if it is an interest free CC. What if someone loses their job? Gets in an accident and can't work? Has huge medical bills?

If you don't have the cash, you cannot afford it. Better to save the cash first and then make the purchase.

I probably wasn't clear, what I meant to say was if one already has that amount saved up and readily available. For me, I see it as cash flow to not drop down a large amount upfront.

 

[lorenzo94580]

Hi Ladies, I have been looking for an engagement ring and saw this ring that has a pave setting with a 1.5ct fancy light yellow center stone for $9000. I like the ring, but I think it's too much for me to spend since I'm in my early 20s. ( I don't plan on getting an upgrade in the future. Looking for a ring is a lot of work. ) What do you think and how much was your engagement ring if you don't mind telling.
TIA for any comments.

You are in your early 20's. Your future fiance is about to graduate with no job lined up and you are asking if nine thousand dollars is too much to spend on an engagement ring?

Honestly, yes, it's too much considering the limited information you have given us.

Can I ask you.. Have you guys been happily living together for awhile? Do you both have no student loan debt? Do you at least have a great paying job where you are saving every month in you Roth IRA? Do you have every other duck in a row to honestly, comfortably make this kind of purchase? Because purseforum or not, $9K is no drop in the bucket.

If you answered yes to even most of the above, then I rescind my yes and say go for it.

 

[Masteryoda]

thank you for your input. My fiancé will buy the ring for me. He will graduate next month, so he doesn't have a job yet. But he has enough savings to pay for the ring (not 100k though).

Pffttt. Whatever girl. U cray cray!!

 

[Jetsetmax]

Well, I would not buy something you cannot afford outright. I would charge it and pay it off in one month in one payment, so not only do you get points for the purchase, you have protection on your purchase. DON'T PAY CASH if you can avoid it. Wire transfer is ok in a few instances, because you can still get some prtection, for a few decent vendors who will still refund you. But credit card (not opening new) is the best and safest because then you have recourse.

+1. Great advice. Pay on a card and then pay it in 1 payment. For a large purchase its always better protection for yourself to pay on a credit card in case there is a problem. The credit card company can step in to help you and freeze the transaction until the matter is resolved. If you pay cash and there is a problem it can be much more difficult to resolve, and you are on you own.

I actually got a second ring with a similar style and am not sure which one looks best. I could always change the clear one to a yellow diamond too. Any opinions on the settings?

I like the white far more. For some reason in the square pave setting doesn't sit well with me..,it reminds me of costume jewelry.

As to the center stone, for an engagement ring stick with white. If you have money for another diamond later on then consider a yellow diamond if you still like them.

Also, before going with a yellow stone , watch the diamond scene in the movie "Beautiful Girls." I can't help but think of it when I see someone wearing a diamond that is not white.

Good luck and congrats!

 

[Levo]

Well we weren't in our early 20s, but a little later still my husband is a saver. I also don't know very many people with a ring that expensive IRL.

Thank so much for all your helpful comments. I think I will go with the white one since it's cheaper and I should think more for the future. I think i will maybe get an upgrade after we both have job security and a house first.

 

[Levo]

I prefer the white, don't get me wrong, they're both outstanding and having it in white keeps the focus on the ring and stone.
Congratulations!

I agree. I think I like the white one more now. thank you ~

 

[Levo]

You are in your early 20's. Your future fiance is about to graduate with no job lined up and you are asking if nine thousand dollars is too much to spend on an engagement ring?

Honestly, yes, it's too much considering the limited information you have given us.

Can I ask you.. Have you guys been happily living together for awhile? Do you both have no student loan debt? Do you at least have a great paying job where you are saving every month in you Roth IRA? Do you have every other duck in a row to honestly, comfortably make this kind of purchase? Because purseforum or not, $9K is no drop in the bucket.

If you answered yes to even most of the above, then I rescind my yes and say go for it.

A lot of the answers to your questions are yes. But after much consideration I do agree spending 9k on a ring might not be a good idea. I decided to go with the white one. Thank you for your input.

 

[Levo]

+1. Great advice. Pay on a card and then pay it in 1 payment. For a large purchase its always better protection for yourself to pay on a credit card in case there is a problem. The credit card company can step in to help you and freeze the transaction until the matter is resolved. If you pay cash and there is a problem it can be much more difficult to resolve, and you are on you own.



I like the white far more. For some reason in the square pave setting doesn't sit well with me..,it reminds me of costume jewelry.

As to the center stone, for an engagement ring stick with white. If you have money for another diamond later on then consider a yellow diamond if you still like them.

Also, before going with a yellow stone , watch the diamond scene in the movie "Beautiful Girls." I can't help but think of it when I see someone wearing a diamond that is not white.

Good luck and congrats!

Thank you, I will keep the white one.

 

[Levo]

I prefer the yellow diamond, but that's jmo! What are the specs for both, if you don't mind sharing?
I don't think there is a set amount of $$ one has to spend on a ring. My DH was in his early 30's when he proposed. I don't know what he had in savings at that time but it wasnt $100k.. thats a little high i think. I also don't know what my ring cost. I only know the appraisal was $13,000 and that's what it was/ is insured for. We had just bought our 1st car together, BMW 330, and had put a down payment on our 1st place together to buy. He didn't go into debt for my ring but we didn't talk about it either.
It's very personal what one WANTS to spend and what they can afford to spend. My husband did not spend 3m salary.. I would have gotten one honkin large momma diamond if he did! But that being said, I love my diamond, its not huge, 1.4 Ct..It's been 10 yrs and I just reset my ring but kept my stone.
Good luck to you!

Thank you. Realistically I should go for the cheaper one, I should consider my fiance's financial situation I will maybe upgrade to a fancy yellow latter in life.
( the yellow diamond is a very good cut, fancy light, SI2, 1.5ct)
For the white is good cut, H color, SI2? I'm not sure for that . It's not an amazing , but I think it's pretty.

 

[anne1218]

The white one seems to look better than the yellow one for some reasons

 

[chicinthecity777]

I would have always said the same thing. But my brother bought his new wife a 17K ring when they were both barely out of grad school, 200K in debt, living with my parents, and he financed over half that. I thought they were nuts, and I was secretly damn judgmental about it. But they are both ridiculously happy with their decision, and she'll have a ring for life that she loves and is stunning. Their financial situation will improve-- school debt isn't for nothing-- and this debt will be a blip in their lives.

If you know you're income is on the way up, and you have a plan, there's nothing wrong with financing a ring, unless you're uncomfortable with it. It's just not true that you can't afford it if you don't have the cash. I have completely changed my view on this.

I will never finance a ring, just because I don't like borrowing money from others. I think a persons future is very unpredictable, so I like to have some saving for cushion. But I do admire people who just go all out and enjoy beautiful things without worrying.

I agree with OP. You may think your financial situation will improve but nothing is guaranteed! Many things can happen which couldn't change your situation overnight. I wouldn't finance a purchase like this unless you get 0 interest loan.