Post # 1
So Fiance and I got engaged April of last year. I went shopping with my mom the day before Thanksgiving and lost my ring. I was devastated and I still miss it to this day. I’ve been wearing a fake ring I got from khols for like $20.
Now that planning is getting more serious, I want a real ring. My Fiance bought my last ring in cash. Is it worth financing?
Post # 2
No! Only buy what you can afford.
Did you not have insurance on your ring? Could you not use that cash to buy a new one?
Post # 3
How much was the ring you lost and was it insured?
Post # 4
Personally, I think it’s a very bad idea. I understand wanting a ‘real’ ring, but you should save up and buy a ring when you have cash. Debt needs to be avoided at all costs, with there being few exceptions (mortgage, car and student loans). Sometimes you have to wait for the things you want.
Post # 5
hssweetheart : Unless it’s not very expensive and you can get 0% financing and you know you can pay it off within the timeframe, then I’d say no.
Post # 6
We did and it was definitely worth it for us. But that is only because we got 0% financing for 15 months. Without that deal, no I would not have been comfortable.
Post # 7
I can speak from experience — avoid financing at all costs! Like PP said, the only debt that is “good” debt is in the form of things like mortgage, car, and student loans. These help you establish and improve your credit; in the case of a mortgage, your collateral actually appreciates, and you can usually refinance to a lower interest rate. Jewelry store credit interest rates are usually through the roof, and your ring would depreciate the instant it’s on your finger. Over time, you’ll end up paying significantly more for it than the retail or purchase price — money down the drain. I totally, totally understand wanting your forever ring, but slow and steady will definitely win the race here, trust me. I’m so sorry you lost your original ring — that must have been heartbreaking! 🙁
ETA: 0% financing is a good option, but it requires discipline to ensure it’s paid off within the agreed-upon term. If there is no guarantee it would be paid off before the term expires and interest accrues, I would avoid financing.
Post # 8
I wouldn’t incur interest charges or go into debt for a ring. Start a fund, put away some money every week, and save up for a replacement. Until then have fun choosing options! If you fall in love with something before you have the all funds ask the jeweler if they have a layaway option.
Post # 9
hssweetheart : Nope. Financing should only be for things you NEED (house, basic car, education) not things you WANT (wedding, jewelry, luxury car, etc).
Post # 10
I would say no. I think buying what you can afford within your budget is more important. Don’t start off your future together by going into debt when you can save that money!
Is there something nicer you can buy in your comfortable price range, like a lovely vintage piece or a Moissanite or gemstone? You could always swap a diamond in later. Or maybe buy a lovely sparkly wedding band? Or you could always just wait and save until you’re ready to buy the replacement ring of your dreams!
Post # 11
Depends on if you’re doing it out of need cause you don’t have the cash, or cause you can get 0% financing, have the cash to back it and prefer to keep the cash in your hands invested or or seomthign isntead of pay it up front. If it’s the latter, sure. If it’s cause you actually don’t have the cash, then no… I can’t fathom being in debt for jewelry.
Post # 12
Another vote not to finance- especially with wedding planning ramping up. You’re going to have a lot of expenses in the coming year and you will feeluch better on the other side of it if you haven’t accumulated a bunch of wedding related debt. I’d vote for getting the ring you can afford now or sticking with your stand in until you can replace it debt free.
The holidays are coming- there might be some amazing deals on offer.
Post # 13
scissorgirl : Unfortunately no. Our families don’t get married much so we didn’t really know to do that and our jeweler didn’t mention it.
Post # 14
MrsFuzzyFace : It was 2500 and not insured.
Post # 15
I would only if there is 0% financing available and the payments are easy on you and you already have a savings account. I use this on some of my cards occasionally. So I can hold onto my cash that I do have and just make some payments over a number of months. Of course, for a ring I wouldn’t spend much and finance it if I were you, not sure what price range you’re thinking. You don’t want to have a huge amount that can’t be covered by savings or something if there were an emergency. Any interest would be a no-go.