Post # 1
Hey Bees! my husband and I have been married about a year. We got engaged using a lab created diamond with every intention of buying a “real”, natural diamond to replace the lab stone.
We are also saving to buy a house but don’t plan on buying for about a year. We have our down payment but want to continue to stash extra savings into our emergency fund.
we went out and put half down on a diamond yesterday but am having some buyers remorse. We can afford to pay for the entire thing up front but my FI took advantage of the interest free financing.
Basically, I’ve never made a purchase this big. Financially we can afford to go through with the ring but it will take a few extra months to put the same amount of cash back into the extra savings.
Post # 3
Does having a real diamond REALLY matter that much to you? What do you think about the ring you have now? I have a real diamond engagement ring, and now that I’m shopping for wedding bands, I’m honestly considering lab created or even CZ for my band! I can’t stand the thought of spending that much more money on a ring. Especially since we’re also trying to buy a house next year. I bought a CZ/White Gold enhancer from an etsy shop and although it didn’t fit with my e-ring it was beautiful and I plan to try and find something similar. It cost me $65 rather than over $700 for the real thing. Not only that, but we’re trying to get pregnant and I know I’ll need a larger stand in ring when my wedding rings don’t fit and those will definitely be CZ.
I think it’s a very personal preference kind of thing but if you feel that strongly about the financial aspect of it, I would seriously consider keeping the stone you already have.
Post # 4
What’s more important to you right now — having a real diamond, or being prepared to buy a house? For me, it’s a no-brainer – I don’t need more jewelry, but I do need a house, and I do need to feel comfortable with my finances in that house. Honestly, I hated where I was living before we bought our house, so I would have given up almost anything to buy a house!
Post # 5
@FauxRing: Buyers remorse is an awful feeling. I get it all the time. Like your FI, I would have taken advantage of the interest free financing too but that’s besides the point.
You have some time to think about this. Is the stone on your finger worth some extra time on the savings account end of things? If so, get the stone and plan on wearing it forever! If not, come up with a timeline to purchase the stone. Say, after we have $X in the account, we’ll try again. Or, for our 5th wedding anniversary, we’ll revisit this.
As with many things in life, rarely is there a perfect time to do ANYTHING! If you can afford to do it and and WANT to do it now, do it now. Otherwise, resolve to be OK with the decision you make.
Post # 6
It sounds like you don’t have to choose either/or – and in the grand scheme of things, what’s a few more months, really? If both are important to you, get both.
Post # 7
Er…I have to say this, but real, lab-created diamonds are expensive – around the same price as real diamonds, maybe even pricier, and they come small. By “lab-created diamond” do you mean you got something from Diamond Nexus? Because unfortunately, that’s not what they are – it’s a scam and their products are just super marked up CZs.
That aside, I think that it’s up to you and where you live. If you live in a big city, like I do, it actually doesn’t make sense to buy property right now because prices are ridiculous. There are all kinds of helpful calculators online to help you figure out if renting or buying will be more financially sound for you in the long run. Plus no one tells you about all the taxes and huge maintenance fees owning property comes with. As someone who’s lived in a house all her life, there’s ALWAYS something that needs to be fixed, just like owning a car, but more expensive. >.< So if you live in a big city with astronomical property prices, I’d choose the ring.
If you live somewhere with cheaper housing and you want to settle down there, it may make more sense to pick the house.
However, if you want to have your cake and eat it too, have you considered moissanite? It’s much more affordable than diamonds but just as durable and beautiful – much better alternative than CZ because you won’t have to replace it!
Post # 8
Buy a ring before the house. Once you have a house there will always be something to spend your money on, trust me. 🙂
Save for a few more months anyway – you might get a good deal in the winter, but a lot more property will go on the market next spring and maybe the market will stabilize a little. Prices have been all over the place in some cities.
To qualify my answer – I love shiny things and we live in a crappy house (I moved in when we married). Now that I’m living in his crappy house, I’d have a hard time spending that kind of cash on my ring since the house needs so much work, but I’m glad I have and will always have the ring.
Post # 9
for me? i’d take the house over the diamond.
Post # 10
In the grand scheme of things what’s a couple more months? If it’s something that will make you happy I say go for it. I’m not a home owner but FI is and if you think it’s rough trying to save for things you want now it’s going to be MUCH harder when you own a home so while you can, just do it!
Post # 11
- Wedding: June 2014 - EDD 06/12/2016
@FauxRing: I’m in almost the same boat!! FI and I are buying a house in july, we have the down payment saved and some extra but continue saving. We went to pick out a ring with the intentions of not spending more than $2,000 and we were going to pay upfront. Well we came across a beautiful 3 carat ring that was priced at $8,900 on clearance for $4,007 including taxes and warranties!!! So he also opted for the interest free financing but put $2,000 down on it. It made my stomach churn thinking about all the money lol but we are doing great, still saving and haven’t touched a dime in savings. Trust me your buyer remorse will go away soon, I experienced the same thing!!
Post # 12
House over a ring, but I don’t really get it.
A nice ring can be bought for $1000. $1000 probably won’t make or break if you can buy a house.
Don’t go for a super expensive ring.
Post # 13
@FauxRing: WELCOME to the hive!! I see this is your first post!!
And for me, I have a ‘wedding/house’ savings account and Mr VB knows about it. I would rather have a house before a wedding or a ‘real’ ring.
I feel like you can get a house NOW, get a real ring LATER and then a wonderful vow renewal ceremony later.
My situation is different: Mr VB and I are planning a cross country move for his job and he expects to be transferred/moved in 3-6 years. So, unless something changes for us, a house won’t be in our cards for a while. But IF I had to choose, I’d say house for sure!
Post # 14
If you have the money for the house, and some emergency savings, then it sounds easily affordable, go for it! I’d take advantage of interest free financing and get it now too instead of wait a few month to save up the entire amount you fell comfortable paying.
Post # 15
Suze Orman says if it makes you scared or feel yucky inside, then don’t do it!
Maybe let the upgrade be on a special anniversary, like 5th or 10th!
Post # 16
- Wedding: March 2014 - A castle!
@FauxRing: I would get a house over a ring, hands down.