(Closed) Should he pay for the ring, or should we buy it together?

posted 8 years ago in Waiting
Post # 3
Member
411 posts
Helper bee
  • Wedding: January 2011

In any case, you two have joint finances. If he takes out a loan, both of you are going to be paying it off together regardless – with interest. I say pay it out of your joint account. What’s the point of an unnecessary loan?

Post # 4
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

When I first read the title my answer was automatically that he should pay for it but after reading your post I say take it out of the joint account. Since you guys are not married are all of your accounts really joint? If so, then since his money is linked with your money then you are both paying for it. Fiance and I just linked all of our accounts since we just bought the house and will be married in a couple of months so anything he buys be for here on out I am technically paying for it.

Post # 6
Member
1104 posts
Bumble bee

I vote against the loan. A loan means interest, which means your SO ends up paying money to the bank unnecessarily. They don’t deserve your money! You have already arranged your finances in a way that works for you, so I say keep it working for you, and use your savings for a ring. If your SO really wants to use his own money, he could then put extra of his allowance into the house savings over the next little while, so at least he’s not paying interest but he feels like he’s still paying for it himself. In any case, how exciting 🙂

Post # 7
Member
524 posts
Busy bee
  • Wedding: December 2009

Buy it together.  I bought my own ring.  My Fiance went straight to graduate school and I worked and saved for several years before I went to grad school.  It’s silly for one person to pay interest when in reality it’s all already in or going to be in the same pot anyway.

Post # 8
Member
11325 posts
Sugar Beekeeper
  • Wedding: February 2011

Buy it together, seriously. Why pay interest on something when you don’t have to? I like that he is WILLING to do it for you, but I don’t think that you should let him go through with it. 

Post # 9
Member
1020 posts
Bumble bee
  • Wedding: January 2011

im just curious…does your jeweler offer financing? soooo many jewelers offer 0% as long as you can pay it off in a year and you have good credit…that’s what my fiance did (i did not contribute to the ring)..he took out a “loan”, but there’s no interest and it will be paid off right before our wedding next year…i didn’t mind this, since it didn’t make sense to him to “save” that money each month THEN buy the ring when he had all the money to pay for it outright.

Post # 10
Member
2309 posts
Buzzing bee
  • Wedding: January 2012

I think mountainbride have a great idea. Buy it from your joint account and he can an extra amout in some other account (house?)for a while. That way you and not the bank benefits.

In anycase you must be so excited and dont forget to enjoy this time for all it is.

Post # 11
Member
3219 posts
Sugar bee
  • Wedding: November 2010

I agree with blondeeebuckeyesee if they have a year with 0% most places do.

We bought mine together but seperate. I bought the setting and he bought the center stone. We picked it out together and i dont mind paying for part of something that i LOVE.

Post # 12
Member
592 posts
Busy bee
  • Wedding: June 2012

I’d vote against the loan. Why should either of you be in debt when you have a savings. My boyfriend and I started a savings account specifically to buy an engagement ring. At the time we started it I was making more than him and I also set the bar for our standard of living (I come from more than he does and therefore I expect more, and I had an apartment he moved into with me and started sharing the bills for). In other words, he could have paid for the ring, but would have had to pay less in living expenses and therefore I would have paid more. Since then I have been laid off and he is working a second job and paying more for living expenses and putting money into savings. I’m happy to contribute what I can –  after all, marriage is a partnership so why shouldn’t that start now?

Post # 13
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

Well, since you are getting married, any money he spends IS *your* money, so I would say definitely help pay for it if that’s how you want that money to be spent. Think of it as your intro to thinking in terms of “this is a huge chunk of change, and where this money goes makes an imoact on our future together”

Post # 14
Member
3041 posts
Sugar bee
  • Wedding: May 2010

I voted against the loan, its hard to start out a marriage in debt, let alone an engagement. I think that he should buy it, but maybe get something more in his price range.

I would also add that maybe you could get a less expensive engagement ring & then either “upgrade” when you can afford it, or put the money towards your wedding bands or a good portion of a downpayment on a house. You can get beautiful rings under $1k!

Post # 15
Member
3041 posts
Sugar bee
  • Wedding: May 2010

I just read your other comment about how it would take him years to pay it back. That will be really hard on you guys paying for your wedding if he’s already in debt for the ering. Unless, someone else is going to help you pay for your wedding? 

This is all my opinion, but a budget for something should only be set if you can pay it off within 1-5 months. Interest rates will cause you to pay a lot more money on the ring, so he may think it will take a year but it may take 2 because interest on $7k is quite a lot. I’d strongly suggest him buying you a ring using the majority of the money he already has saved up for & then you can upgrade later, maybe on your wedding or anniversary. Either way, congrats on the upcoming engagement :)!!!

Post # 16
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

I vote for paying for it out off the joint account. a 7K loan, when you technically have the money, seems like your’e just shooting yourself in the foot

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