Post # 1
Ok so I’m a little concerned.
My FI and I have been together for 3 1/2 years now. Recently, we started talking about getting married and it all just fits! We’re really good together. We’ve found our groove and getting married just seems right for us. I can’t see anyone else when I walk down that imaginary aisle in my head! We went shopping and I found the most beautiful ring I have ever seen. I decided on a ruby because I didn’t want a diamond and I wanted it to be special. We’ve also decided since we’re living together and all our finances are combined already that it just makes sense to pay off the ring together.
However, I’m reading all of this stuff from other people that say they absolutely will not finance the ring. That makes me feel like we’re doing this all wrong! We aren’t having a normal engagement because we just decided it was the right time to get married instead of him getting down on one knee. We’re buying the ring together because it’s economical. And we’re financing it! I have made sure that we can afford all of the payments. I’m very money concious. I don’t buy anything that I think will hurt us.
I just don’t want to lose a chance at this ring. It is everything that I want. I’ve read all these stories about people buying a place holder and then buying a better ring later on and how if you can’t afford to pay for it now, you shouldn’t buy it. It all just makes me think that we’re doing this wrong and everyone is going to look at us like we’re idiots for getting engaged. (P.S. I’m really self concious about what other people think of me. The FI constantly reminds me how silly that is and that all that matters is that I’m happy, but it’s really hard!)
Should we wait?
Post # 2
acglandorf: DH put mine on his credit card, I don’t see the difference. That said, we both had a good laugh when the sales lady at a high end store tried to talk DH into buying me a ring that was about 3x our budget and paying it off at 3% interest over 15 years. That is insane IMO.
Our wedding bands were purchased on a no payments no interest plan just because it was one less thing to pay for before the wedding. I don’t see anything wrong with it at all.
Post # 3
- Wedding: October 2011 - Bed & Breakfast
It’s a personal priority thing. The only things I am willing to finance are our home (because saving $500k in cash takes so long and housing prices will increase even more while I’m saving for the original mark), a vehicle (if desperate), and we’re now considering partially financing IVF rather than draw all of that money from our savings account. That’s it. Jewelry is most definitely not on my list of things that are “worth” going into debt for.
Post # 4
It really depends on your individual situation. We financed my ring and paid it off in a year on a 0% interest deal from the store. We let our money sit in the bank collecting interest and paid them off before the promotion ended.
Post # 5
I should also point out, we’re not planning on actually getting married for 2 years. We’ve picked October of 2016, so the ring will definitely be paid off by the time we start having the wedding to think about and I’m not going to get a band because of the shape the ring is.
Post # 6
DH put my ring on his credit card to get the points but paid it off the next month because we don’t carry a balance on our cards.
I see nothing wrong with having a no payment/no interest plan and paying it off before it’s due. However, if you’re going into debt for a ring, I don’t think that’s a smart move.
Post # 7
You should do what is right for you and your fiance. You should also try to stop caring what other people think of you. There are not the ones saving for your future and their opinion should not matter whatsoever in what choices you make in life. unless they are paying for them.
Post # 8
Nobody lends you money for free. You either pay interest, or you pay a higher purchase price.
You can do a lot of negotiating with jewellery. If you’re financing through the store or taking advantage of those “Don’t pay for 6 months!!!!” offers, you could be missing out on a nice discount. That said, if you absolutely must have the ring, there’s nothing embarassing about paying a little extra to ensure you get it.
Post # 9
Everyone’s going to have a strong opinion on this, but I think the only people who should be concerned or have a say in this decision are you and your FI. If you both feel it’s acceptable to finance jewelry, then that’s all that matters.
If I were in your shoes, I wouldn’t because I can’t justify taking a loan or financing anything except a home. That being said, my DH paid for my custom e-ring and our wedding bands in full with his savings, but if the option to finance was brought up, I would have asked him to purchase a less expensive ring and band. But that’s just my opinion.
Post # 10
- Wedding: June 2015 - Surrey, BC, Canada
No advice to offer on that front except for do what you want, and what feels right for the 2 of you. No one else’s opinion matters. I also struggle with wondering what others think of me but am trying to overcome that. 🙂
Post # 11
- Wedding: May 2015 - Walnut Hill Bed & Breakfast
My fiance could have paid it out of his savings immediately but deicded to get a new credit card with a 0% interest for 12 months deal + i think he got a $300 or so statement credit back for spending X amount within the first 3 months or something. He pays on it so that it’ll be paid off before the end of that 0% interest time.
Post # 12
My FI and I were a lot like you guys! We just decided to get married and even picked out a ruby ring! We put it on our credit card, and paid it off once the bill came out. With that said, I wouldn’t have any problem financing something at 0% and paying it off before paying any interest, as long as I knew I could pay it off. If there was interest involved, I probably would do it. If pressed, I would rather sign up for a credit card with 0% for a year and put it on there.
Post # 13
SithLady: That’s pretty cool actually! I’d love to see a picture of the ring! I just love rubies, I think they’re so romantic.
Post # 14
If you can afford the payments and if it’s the right option for you then go for it! I think most people say not to finance a ring so you don’t start off married life in debt. Because financial difficulties can cause strain on a marriage especially a new marrage since the first year tends to be the hardest. I think this is more directed to couples who are financing a ring that is beyond their means. So don’t worry about it if you guys can easily make the monthly payments. Congrats 🙂
Post # 15
- Wedding: March 2016 - Whitetail Ridge
My fiance put 50% down on my ring and financed the rest at 0% interest for 12 months. He will have it paid off way before the end of those 12 months. If it is something that you can feasibly budget and are getting 0% interest on it, I’d say go for it. Helps build credit, as well.