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Doesn''t anyone pay cash anymore???

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winternight

Brilliant_Rock
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Nov 12, 2006
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I''ve been noticing on alot of the threads that people finance some pretty expensive rings. My fiance won''t be, he can pay cash for it, and frankly I could buy the ring myself for cash. I will be the first to admit I was getting a little jealous of some of the amounts people until I realized they were financed - one to the tune of about 20k?!

How/why do people spend thousands they don''t have on this? What about paying for the wedding? Honeymoon? A house? Do you mean you''ll end up married with all that debt?

Frankly I''m just utterly confused/perplexed. Not that I don''t spend too much sometimes, and I do have student loans but some things I think you gotta be able to pay cash for.
 
From what I''ve seen, the huge majority of people who post on PS pay cash for their jewelry and discourage other posters from going into debt for diamonds.
 
i haven't seen that trend at all winternight. as christa mentioned, the vast majority of ps'ers pay cash and we definitely advise others to do so as well. it's silly to finance a luxury item.
 
I paid 100% cash. I wouldn't finance for a luxury item. Houses, cars and student loans are more important. I think most people here feel this way.
 
ITA...we typically do not advocate buying luxury items on finance around here, not sure where you were seeing that. sometimes people say 'i am doing 0% card for like a month or two' in which case people are typically fine with it but long-term finance? no way!
 
OK, I guess I just saw two threads and was like WTH? Good to know people are more sensible.
 
My husband paid cash for my ring. In fact for offering cash they gave a slight discount.
 
Errr, I paid cash for the ring. Biggest check I ever wrote at the time. Most people in the posts I''ve read advice against financing the ring, bringing up wedding costs, house down payment, etc.
 
according to my fi, if you have any debt at all, or may need to incur any debt at all in the near future, then it''s like anything you buy that you don''t need is purchased on credit.

if that doesn''t make sense, let me use an example. he may go to back to school for his m.b.a. from 2007-2009 (but only if he gets into one of a few certain schools, otherwise he''s not going to bother). he has close to 100k in savings, and he was planning on using this for tuition. anything we spent on my ring that would eat into his savings so much that he may need to borrow for tuition, according to him, was the equivalent of borrowing money to buy the ring. even though it would be a few years before he had to borrow, even though he may never go back to school, even though student loans carry low interest rates and in my opinion he should borrow for school anyways and invest his savings and easily get a better return than the lender of his student loans! but then again, i''m not the one who''s the finance wiz.

thank god i don''t have student loans. my engagement ring would have been an engagement loan-repayment!
 
We paid cash for our $8000 ering at 22 (still in college- hubby was saving his pennies) and then 3 yrs later paid cash for the upgrade too...lol

We don''t ever finance anything and at 26 and 27, we hardly carry any debt. I am grateful for that.
 
FI put my ring on his credit card and when he told me I freaked out and paid it off immediately. I had the money in savings and had told him that I wanted to just buy it together since as soon as we got engaged we were combining all of our money anyway. I absolutely HATE using credit. The first thing I''ve ever used credit for is our new washer and dryer we just got and only because it''s 18 months no interest. We have the money now, but personally I feel more comfortable having money that I can access in case I need it than having the washer and dryer totally paid off. I do make sure to pay well above what we need to pay to have it paid off in time, though.
 
DH paid cash for my ring but he also bought it online (Bluenile) which saved himself hundreds because we didn''t have to pay tax.

But since he paid cash, my e-ring "budget" was lower than some friends who had financed their girlfriend''s e-rings.
 
Cash for us too... FI saved for about a year, adding a little at a time... and then I contributed $1000 of my own when we went slightly over budget! We wouldn''t have been comfortable making an $8500 "luxury" purchase on credit... in fact, FI preferred not to even pull money from his savings account... he started a new account just for the ring.
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My main condition when we started talking about engagement and a ring was that he paid cash for it. Whether it was expensive or not didn''t matter, but under no circumstances was he to go into debt for it. I even wanted his credit card to be paid off before he picked up the ring and was ready to wait for it. My FI used to have bad spending habits, no bad credit because he always paid the minimum, but his cc was never empty and he barely had any extra in case anything happened. Thankfully, saving up for my ring helped him learn to have heathier spending habits! It took him 6 months to save up for my ring, and he''s very proud to have made this effort for me. I''m very proud of him taking control of his money!
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As for the wedding, my parents are offering to pay for half of it and I already have the other half put away especially. Not bad for a 21-year-old college student (my tuition fees are only 1k per term, so I have to say that helps...)!
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J is now saving towards a downpayment on a house we''d like to make in 2-3 years.
 
Credit card for the miles - and paid off immediately. So cash with benefits! My parents paid for the wedding.
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I''d say maybe 1-3% of Pricescope, if that, finance their diamonds. Not many here do, since it''s a luxury item.
 
We charge so we can get the cash back on our CC but we pay our bills in full each month.


I agree with others, I could not sleep at night if I carried debt for a luxury item.
 
Cash, definitely! I definitely have seen the regular PSers encourage people not to go into debt for this and I totally agree (that''s what the upgrade is for, right?
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- Too many things come up unexpectedly that you don''t want to be in debt when they happen like illness, unexpected pregnancy, car crash, etc. Plus there are things like houses, routine maintenence, insurance, etc that have to be planned for. Don''t really have to have a diamond, but they sure are pretty!
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Credit Card for the points, it was paid off immediately. The money was already in the bank, but it was worth using the CC to get the airline miles.
 
Cash here too! I think my fi also set up a separate account to put the savings into. Since it was an online purchase he used his credit card, but payed it off immediately!
 
Cash cash cash. Paid cash for my wedding to0 (dad paid cash for 1/2 of it thank goodness, very sweet of him to help). Did not want debt at the beginning of marriage.

Jeannine
 
cash only. i tend to buy "used" anyway. it's against my personal beliefs/religion anyway (lapsed mormon) to be in debt. i love and use layaway.

there was a woman on here about six months ago who was crying that she couldn't afford to pay her bills and was planning bankruptcy, yet she was planning her next upgrade! she has serious bling on her fingers. wow was that an ulcer inducing thread.

psers were trying to get her to pay her bills, instead of declaring bankruptcy and buying diamonds on credit that she was planning in advance to default on.
 
We paid cash, but I have to say that I don't see a problem with 0% financing...yes, it's something hanging over your head, but you get the present value of your money and don't have to shell it out at once....Others might not have it now, but will have it later.....some don't care about debt...It's an individual perspective...
 
Date: 11/17/2006 2:36:41 PM
Author: Mara
ITA...we typically do not advocate buying luxury items on finance around here, not sure where you were seeing that. sometimes people say 'i am doing 0% card for like a month or two' in which case people are typically fine with it but long-term finance? no way!
Click to expand...
we did this - we did the financing through bn that is like 90 days same as cash and once we decided to keep it we sold stock to pay it off. I told him he should wait until like 75 days had passed but he didn't and as soon as he sold it it went up like 3 bucks! i swear that man needs to listen to me!!!!!

ETA: 3 POINTS!!!
 
Cash - absolutely.
 
We pay cash for everything including cars, house is paid off, no loans for kids'' college, no balance on credit cards, etc. However, my husband did borrow the money for my original e-ring from his parents and paid them back (interest free) the first year after college. We were only 21 and had no debt, and my parents were paying for the wedding. I don''t really see an engagement ring as a luxury item like a boat or fur coat or something. But the new ring certainly is a luxury item, and we paid cash for it as we do everything else. I don''t think we''ve had a car loan in the last 15 years or more. I don''t encourage debt, but I also see no problem in borrowing for an e-ring if the person has a plan to pay for it in a relatively short time.
 
Cash. You won''t find many PSers encouraging newbies to do anything otherwise.
 
credit card for the points and paid off immediately. I don''t even remember the last time I saw anyone on here financing a ring.
 
Date: 11/17/2006 6:41:45 PM
Author: ladykemma
cash only. i tend to buy ''used'' anyway. it''s against my personal beliefs/religion anyway (lapsed mormon) to be in debt. i love and use layaway.


there was a woman on here about six months ago who was crying that she couldn''t afford to pay her bills and was planning bankruptcy, yet she was planning her next upgrade! she has serious bling on her fingers. wow was that an ulcer inducing thread.


psers were trying to get her to pay her bills, instead of declaring bankruptcy and buying diamonds on credit that she was planning in advance to default on.
Click to expand...

Man oh man, that was some thread.

I''ve always wondered why it was deleted, especially since there was some very good cost-saving advice on there.
 
My husband paid cash for it too.
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If I hadn''t been able to pay for it in cash I wouldn''t have bought it.

I wouldn''t encourage anybody to go into debt for jewelry they couldn''t afford at the time of purchase.
 
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