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Dancing Fire

Super_Ideal_Rock
Premium
Joined
Apr 3, 2004
Messages
32,399
I have always been a cheapskate! I was born that way, I just don't see everything in black and white like you do.
You cheapKATE..:bigsmile:
 

Rockdiamond

Ideal_Rock
Trade
Joined
Jan 7, 2009
Messages
8,406
Call me crazy ( join the crowd:)- but when a young couple asks us if we offer financing, I advise them against going into debt to buy a ring- encouraging them to buy what they can afford to pay for now.

We have also never allowed financing companies offering deals on our site.
Most of the 0% interest for (x) months deals are structured in a way that can really hurt buyers that don;t have the ability to pay. When the 0% is done, most of these plans tack on the entire interest accrued if it's not paid in full. I learned the hard way, years ago......
 

KristinTech

Brilliant_Rock
Premium
Joined
Aug 7, 2013
Messages
1,567
Call me crazy ( join the crowd:)- but when a young couple asks us if we offer financing, I advise them against going into debt to buy a ring- encouraging them to buy what they can afford to pay for now.

We have also never allowed financing companies offering deals on our site.
Most of the 0% interest for (x) months deals are structured in a way that can really hurt buyers that don;t have the ability to pay. When the 0% is done, most of these plans tack on the entire interest accrued if it's not paid in full. I learned the hard way, years ago......
That reminds me that we did use something like that for a used car when we were first married. We had cash in hand to pay for the car, but there was a $1500 incentive to finance it. So we did finance it and we paid it off the next month in full. We spent a lot of time going over the fine print to make sure we wouldn’t incur any pentalties for paying it off so soon!
 

Big Fat Facets

Brilliant_Rock
Joined
Jun 7, 2019
Messages
1,220
for me, i believe in purchasing what i can responsibly afford. i don't want to incur debt for something like diamonds and jewelry. so for me spending responsibly is with cash. for larger purchases such as cars it is also paid for, in cash. for a home, i think a mortgage is reasonable.

the only exception is for a young couple in love. they are shopping for THE ring, then it's probably alright to finance it, at 0%, instead of putting off a proposal or marriage. Because, in my opinion, that time creating a life together as an engaged or married couple, is more important than the risk of calculated and strategic debt. although, be sure to read the fine print and pay it off
 
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maryjane04

Shiny_Rock
Joined
Nov 21, 2013
Messages
362
I've made some bad financial decisions and had credit card debts and personal loans in the past thankfully not because of jewelry purchases.

I have mortgages now and banned myself from ever getting a credit card lol these days I make use of these layaway/layby deals to buy jewelry so if I can't pay it off in 3 or so months then I don't buy it. Hopefully I get to a point where I can actually start saving.
 

dk168

Ideal_Rock
Premium
Joined
Jul 7, 2013
Messages
6,945
I have a mortgage; and less than 50% of my campervan/RV is financed by a bank loan with the rest being financed by my pensions/retirement funds.

I have a credit card that I intend to pay off the remaining balance in the next 3 months.

I am a healthcare professional and a key worker with good job security, and still have a sizable pension pot that is growing nicely that I shall not touch for a number of year.

I got my fingers burnt badly in the past, and am determined not to get into that situation again.

As for jewellery, they are financed by cash and in some cases, in installments nowadays.

DK :))
 

KristinTech

Brilliant_Rock
Premium
Joined
Aug 7, 2013
Messages
1,567
Maybe someone reading would like to join us in another thread :)


67726A1D-6A31-45E8-893F-720802E00021.jpeg
 

LisaRN

Ideal_Rock
Premium
Joined
Nov 1, 2007
Messages
3,370
I keep lusting for a 3 carat OEC. I have almost pulled the trigger twice. Then I remind myself that I hardly wear my diamond rings as it is. Or any of my other jewelry. Instead I have been throwing extra money on the mortgage. We have lived here 6 years and I have paid half it off. No credit card debt either- I hate credit card debt.

I have noticed that I usually purchase jewelry when the seasons change. I think I might have have a slight issue with seasonal adjustment. Once I recognized that I decided to take up a new hobby instead of buying jewelry. This year I took up painting.
 

voce

Ideal_Rock
Joined
May 13, 2018
Messages
4,035
Honestly, I've taken advantage of 0% interest countless times to up my cash flow in the past 2 years, and I've still yet to pay interest. Some of the gems I buy (unheated ruby, paraiba tourmaline, red and cobalt spinel) are going up and up in price, so it behooves me to snatch it today instead of paying double-digit price inflation in a few months, if the gem I love is still available for purchase. I would never consider financing a diamond because 1) restricts cash flow too much, and 2) perception that diamonds will always be available, plus 3) I'm avoiding too much flash in jewelry.

I think anything I can pay off before I start getting hit with interest is what I can responsibly afford, as I am all about maximizing retirement savings with my cash. It really irks me that the money I put into managed funds has barely been growing, but I've gotten triple digit returns on individual tech stocks in my IRA that have really carried and overpowered the rest of the portfolio.

I've no other debt besides my 0% interest debts, and I haven't had a car loan since 10 years ago, when I financed it for (have you guessed?) 0% interest. Since then I've only bought cars with cash.

It is a fine line to walk to make the most of my cash, and I've had my other half help out when I had emergency expenses, so I guess I can only do this without worrying because I have a safety net of more conservative loved ones?

I've gotten to a point where I have collected most everything that I have wanted to collect, in terms of gems. I don't personally think of my purchases as investments, as they're meant as family heirlooms or gifts for others, not for resale, but if a) I expect something to get bought up soon because it's priced low now and b) I don't have the cash on hand for it, I do not hesitate to consider 0% financing as an option.
 

Petalouda

Shiny_Rock
Joined
Mar 27, 2016
Messages
217
Original deleted. Our rule of thumb is we won’t finance anything we consider luxury.
 
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dk168

Ideal_Rock
Premium
Joined
Jul 7, 2013
Messages
6,945
Nowadays, I try my very best to ask the question 'do I really need this?' before I purchase anything, and am failing when it comes to jewellery! :roll2: :lol-2:

A good example was the diamond tennis bracelet, in that I don't really need one, however, I lusted after one for years and was in the position to be able to afford a decent one, so I bought it. ;)2

DK :))
 
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