Post # 1
We are REALLY regretting spending the money our parents are giving us for the wedding ON the wedding. Why on earth didn’t we do a small/quick ceremony and use the money to pay off our debt?
We’re going to go into our marriage barely making it financially but with a huge wedding to show for it. Yes we’ve cut corners nearly everywhere but it’s still a 200+ wedding that we’re spending money on. We could have used the $7,000 from our parents combined to pay off everything and have a little left over for a small shin-dig.
So I’m considering selling my engagement ring (FI still owes $1700 on it, it cost $3,000, and it’s our credit card with the highest interest rate). I’m not sure how much we’d get for it. I’d get something cheaper/CZ or Moissanite that we could upgrade later in life when we’re on track.
Ugh this really sucks. 🙁
Post # 3
I’m so sorry you’re going through this! I hate to say it, but I don’t think selling your e-ring will get you much. I’ve never heard of a ring being sold for more than 1/2 of it’s original price… Although someone may come along and competely prove me wrong on that one.
Post # 4
=( I’ve heard the same thing though I have had no experience trying to sell a rings so I dont know for sure. A friend of mine bought a 1ct tiffany solitare second hand for only 6k.. I’m sure it was worth about 10k if it was from the store. That’s my only encounter with selling rings. Can you do a transfer balance to a lower rate card? Is it too late to downsize the wedding? If invites havent gone out yet.. you can still cut the list.
Post # 5
Do you need that money RIGHT this second? I know you said you’re barely getting by but you ARE getting by. In college I thought about selling my Tiffany jewelry on ebay to get some extra cash so I didn’t need to use a credit card. FH talked me out of it because I was making it and it wasn’t a huge amount of debt. I am SOOOO glad I didn’t sell that jewelry because I’d be in the same shape just without my sparkles 🙂 For me though I knew I was in a temporary state and could make things work. The additional money I would have gotten wouldn’t have been enough to make it worth it.
Good luck with whatever you decide!
Post # 6
Sorry to hear that! But do you think that if you weren’t spending the money on your wedding, you still would have received it from your parents?
Either way, I hope you can keep your e-ring. I think you would regret selling it later on.
Post # 7
Why don’t you have a smaller celebration? If possible, cut your guest list in half if you need to, and have something simpler and smaller. That’s one of the quickest ways to save money. But if you feel you absolutely must have that 200+ wedding, then sell off some things you don’t really need. Maybe you don’t really need a fancy engagement ring right now. My fiance didn’t pay anything for our engagement ring since it first belonged to his mom; it only cost $50 to refit and polish the ring and now it looks like new. In any case, the last thing you’d want to do is start a new life together in debt. Don’t get into more debt because of a wedding. Find ways to cut cost by adjusting your wedding plans and/or find ways to earn more money and save.
Post # 7
Could you take out a line of credit with a lower interest rate to pay off your credit card bill?
Post # 8
You’d be lucky to get 30-40% back on the ring, just from a practical standpoint.
Post # 9
Yeahhhhh…my fiance basically told me I was stupid for thinking we should sell the ring. Good point: he goes, “so what, I paid $1,000 so you could wear a diamond for almost a year?”
I guess we’re just going to try to cut in other areas….definitely cash bar. Definitely cheaper foods. I think I’m just going to go ahead and cancel our cake (just do sheet cakes for dessert) and completley nix the cake-cutting part to save a couple hundred there.
Post # 10
Sorry if this is a dumb question but you’re already married right? Like it’s a done deal? I see your date but from your OP it sounds a bit like its still not happened?
Post # 11
my FI and I sold my first ring (ended up gtting screwed from the jewlers) it was almost 3ct. tw and we got $3000 for it when he had paid almost $10,000 for it origionally. I regret it everyday. i feel so bad that all that money was thrown away. you will be lucky to get $1000 for it just being honest. hope everything works out for you
Post # 12
@Oneeleven: No our wedding is in Sept. We’re just regretting planning this huge wedding. And we already have everything booked so we’ll lose out on money if we cancel.
Post # 13
What about selling other stuff? I wanted new books. All of my books on my bookcases were from a previous relationship and I just wanted a new look. We took about 300 books to Half Price Books and they gave us $75 for all of them. That’s not much, but it’s something. Also I take my daughters old clothes to a shop that buys the gentle worn ones. I have two TV’s that are just sitting in storage and I sold those on Craigslist for $100 each.
What about finding a part time job?
Post # 14
Aw shit! I’m sorry. I am thinking in months/years ahead right now.
I got mixed up.
Is there any way you could sit down and figure out a way to trim stuff down and maybe lose only some of the deposits? Like maybe having a civil service and just having the reception?
I’m sorry you’re experiencing this. Financial struggles are scary.
Post # 15
Since your wedding is four months out are there any areas that you can cut out or change? or is everything already paid for?