Guys-- How do most of you pay for the e-ring?

[chloecro]

I'm just curious how people are able to afford such a large down payment, which almost every vendor/b & m requires.
I've noticed that most places don't have a great payment plan.

Suggestions and advice would be appreciated.

 

[Laila619]

Well, in my hub's case, he had the money saved up, but the store offered him an 'interest-free' dealio for one year when he opened a Jared account. So it made sense to leave the cash in the bank and make a few payments; the ring was paid off entirely before the year was up. That's the one benefit of shopping at a store vs. online. This was four years ago, though, and like you said, a lot of store payment plans aren't that great anymore.

 

[webdiva]

GOG offers 6 months, I believe.

However, hubby saved it up over a couple of years and after some unexpected expenses, paying for the wedding ourselves, we waited another 1 1/2 years after the wedding to save up enough so that we had a nice emergency fund on top of the ring fund. In the meantime, I wore a beautiful cz temp ring. I also cut down my budget significantly (in half) from my original budget. I'd rather save that to redo our roof than have it on my finger.

I think it's also misleading to see the gorgeous rings on here, without reading the backstories. Many are 10, 25, etc anniversary ring resets. Very few extravagant rings are actual pre-wedding engagement rings. I know many people feel it's tough to pick a ring when you live in a major metro area like NY and LA, and not want to feel like your ring is so much smaller than the average. Perhaps a more elaborate setting would help with that.

 

[chloecro]

I found a RB stone I fell in love with at GOG. The thing is, they don't have a great financing plan (and they don't tend to offer much.) My bf still wants to buy at Tiffany because of their financing. I don't want to put him in debt, and I'm trying to figure out the best way to guide him from here. I really loved the GOG stone, but it's not going to be doable.

I know he wants to make me happy, and I want to find the best options. It makes me sad.

 

[mandasand]

Cash - and since we just bought a house and have to pay for the wedding ourselves, my BF and I came up with a more reasonable budget for an e-ring. It's funny how nowadays, we'd rather have the house and stable bank accounts than the rock. Seems like if I was 18 years old, all I'd care about is the ring!

I think if you found a stone you like at GOG, you should just get that one. They still have a financing option - might not be as good as Tiffany's but you will pay more for the Tiffany's ring, and even more after you pay interest.

 

[marymm]

Whiteflash has a 90-day Flex Plan:

"Any purchase of in-house diamonds and regular catalogue jewelry over $1,500 is eligible for the Whiteflash Flex Plan. The order may be placed with a 20% non-refundable down payment and three equal payments of the balance scheduled at 30 day intervals. (Prepayments may be made at any time.) Should any scheduled payment be more than 10 days late, the merchandise will be returned to stock and a store credit issued to the customer in the amount of the down payment. Any amount paid over the 20% down payment will be refunded.

The order will begin processing upon final payment of balance. Normal 30 day return privileges apply for all in-house diamonds and jewelry items from our catalogue. The 20% down payment portion of applicable returns for Flex Plan orders will be made in the form of store credit.

Diamonds from Virtual Selection category are not eligible for Flex Plan. Custom designs and catalogue items altered from their stated specifications (semi custom) are not returnable.

Customer’s interested in making a purchase using the Flex Plan should speak to their Whiteflash diamond consultant or contact customer service at 877-612-6770."

(The above was copied and pasted from Whiteflash's FAQ page, from the "Does Whiteflash Offer Financing?" section http://www.whiteflash.com/about-diamonds/faq/.)

We found my diamond sooner than planned (and before we had saved up enough cash specifically for this), so we used the Flex Plan and it was easy and straight-forward - no debt and no interest - can't beat that. As a suggestion, you could split up the diamond and the setting into two separate purchases (as long as each was at least $1,500 and from in-house inventory) and essentially spread the payments over 6 months.

 

[ddiamond]

Cash money. I actually used a credit card just for the added insurance but that bill was paid off within 30 days.

If you can't afford to pay for the ring in cash you can't afford it at all.

 

[kenny]

You can just buy what you can afford to pay cash for.
She'll still say yes, because YOU are more valuable than any ring. (Let's hope. )

If she says NO because the ring was not expensive enough I wouldn't want her anyway.

 

[rosetta]

Definitely in cash, and it wasn't even a significant dent into our savings.

It's nice to have a luxury item, but in no way would I prioritise jewellery over essential expenses, or practically anything for any matter.

Just my own personal approach to life and finances I guess.

ETA: i should have said HIS savings, not OURS. Credit where credit's due eh?

 

[bcavitt]

You can just buy what you can afford to pay cash for.
She'll still say yes, because YOU are more valuable than a ring.

If she says NO because the ring was not expensive enough I wouldn't want her anyway.

Explains the woman who has had a 3, 4, and 5 carat RB solitaire in our store's consignment case for each engagement she has broken. Can you say "gold digger"? I knew you could.

BTW - she learned from the best. Her mother was the same way through her 5 husbands!

 

[firelover]

We plan to buy a house in the next year so I cut my requirements in half AND might get my dream setting next year so as to split the cost and not compromise on what I want. This way the emergency fund is untouched and we can bear the cost of the wedding as well.

Also, I feel there be more opportunities...5th, 10th etc. etc.... and getting upgrades are fun!

 

[Deactivated member 42515]

For us, I've always handled the finances. Whenever hubby needs something I save money. The only thing we have financed are the house and my car.
Whenever we want to buy something, I cut back on luxuries like eating out and buying clothes we don't need, etc.

So this upcoming diamond purchase will be all in cash.

 

[Lotus99]

I'm another person who doesn't like to buy stuff on credit. Hubby paid cash for the ering.

The ering budget is definitely something you have to think about. Figure out something you can really afford. If your financial situation is significantly better in the future, buy your wife a new ring or something else sparkly.

Having said that, it looks like BlueNile has a financing plan (six months interest-free credit). I haven't looked into the details, but it might be worth checking out.

 

[MichelleCarmen]

We purchased a smaller diamond. That was how we made it affordable.

Many vendors have upgrade policies and if you're sentimental, you can always get a smaller diamond, then later when you have the funds, reset that smaller diamond into a pendant and "upgrade" your eng. ring.

 

[baby monster]

GOG has an upgrade policy. Buy the stone you can afford today and upgrade when you have extra cash.

IMHO, you should have an honest discussion about financing a luxury item like an ER with your BF. Not being on the same page about how to manage money is a big issue.

 

[ame]

We paid via wire transfer for the stone this time around, bec it made the stone more affordable for the budget I'd set in my brain, but every other one we paid via credit card because we wanted more protection, and it was paid off within a week, as soon as it posted to the account. I would rather "pay more" and use a card simply bec I want the protection vs cash but we never carry a balance over so it's always paid off right away. If we can't immediately pay it off we find something we CAN pay off right away.

You can just buy what you can afford to pay cash for.
She'll still say yes, because YOU are more valuable than a ring.

If she says NO because the ring was not expensive enough I wouldn't want her anyway.

Explains the woman who has had a 3, 4, and 5 carat RB solitaire in our store's consignment case for each engagement she has broken. Can you say "gold digger"? I knew you could.

BTW - she learned from the best. Her mother was the same way through her 5 husbands!

Uh, what? Is this a dig at the OP? or Kenny? Or otherwise...

 

[rubybeth]

I can't speak for anyone else, but I do know how DH paid for my e-ring (and all subsequent jewelery purchases): money in hand (i.e. cash or on CC but paid off within the month, no interest). But my e-ring was about $1k and a .55 solitaire and I'll never trade it in for an 'upgrade' since I'm sentimental.

Maybe TMI, but I'm hoping to get an anniversary ring over the 1 carat mark for our 5 year anniversary next year (after we are debt free), and that will also be paid for with cash. I am not comfortable financing non-necessities. In fact, I'm not even comfortable financing what most people ARE comfortable financing (cars, houses) and would love to someday just pay cash for a house, or at the very least, take out the smallest 15-year mortgage possible. We're frugal in other ways so that we can have a healthy bank account and splurge on some things. This philosophy has allowed us to pay off a good chunk of our student loans and buy two used cars in the past 2.5 years.

 

[diamondseeker2006]

My husband was a senior in college when he proposed, and he borrowed the money from his parents and paid them back the first year he worked after graduation.

GOG has 6 months interest free which is pretty good. Then I assume you pay interest after that which you would if you used a credit card, etc. I see nothing wrong with borrowing for an engagement ring as long as it can be paid off in a reasonable amount of time and the payments are not a hardship.

 

[Rhea]

My husband wired the money for my engagement ring from his bank account to the estate jewelers. He was 20 years old and bought me a pretty 0.47 round in a white gold setting with side baguettes. The cost was about $1,500 in 2004.

 

[distracts]

Fiance had the money in his account because he'd just got his bonus, he paid for the ring with a credit card (for the airline miles, lol) and then paid that right off. We both agreed that we wanted to spend around a third of his bonus money so we could use the rest to pay more on the house mortgage (halfway paid off!) and do some renovations. So we could have spent three times as much money without needing to worry about saving up or payment plans, but it didn't seem like a financially wise choice.

At the end of the day, a ring is a luxury item and you shouldn't buy one you have trouble paying for. There is beautiful stuff available for every budget.

 

[webdiva]

Chloe, what is his budget - the collective minds here can find you something (even among GOG's inventory) that may be similar or offer a compromise on one of the 4 Cs without sacrificing much size. I was in the same position (in a much lower budget) and was able to get creative to get the approximate size I wanted (I dropped to an eye clean I1), with a more ornate setting that would make the entire ring appear larger.

I saw the 2.6 you posted that was $65k and the 2.5 was $58K, was that the range? If so, there's a lovely 2.35 I with medium fluor that looks pretty white for $31k and a 2.35 G SI1 at $35k. The spread is not actually that far off. Have you seen these in person? In an RB, color is not that much of a factor as in other shapes and anything I and above should appear "white". What kind of setting were you leaning towards?

Let us know what you're looking for and we can all pull this off together, on budget (or whatever can be financed in 6 months)!

 

[diamondseeker2006]

With total understanding about wanting a nice stone, I will have to say that if the downpayment is a problem, you are looking in the wrong price range for a diamond. My first stone was 1 carat and I waited 30 years for an upgrade because it didn't cross my mind until then! You two need to sit down and decide what you have for a down payment and then the rest could be financed for up to a year (half interest-free and half with interest, if needed). What you can afford with parameters such as these should determine the budget. So if it is $5,000 or $50,000, we can certainly help you find a great stone!

 

[ame]

With total understanding about wanting a nice stone, I will have to say that if the downpayment is a problem, you are looking in the wrong price range for a diamond. My first stone was 1 carat and I waited 30 years for an upgrade because it didn't cross my mind until then! You two need to sit down and decide what you have for a down payment and then the rest could be financed for up to a year (half interest-free and half with interest, if needed). What you can afford with parameters such as these should determine the budget. So if it is $5,000 or $50,000, we can certainly help you find a great stone!

THIS.

 

[Rockdiamond]

It's extremely important to look at the fine print.
Every interest free plan I've ever seen includes the addition of all un-billed interest at the end of the interest free period.
For example, $10,000 interest free for 12 months.
If you've paid $9000 after the 365th day, on the first day of the next year, the entire year's interest is now applied to the debt.

Another thing I've noticed is the interest rate charged by jewelry stores that offer financing.
Ouch


My own personal feeling is that it's a far better idea to buy what they can afford.
Why start a marriage with a debt for a ring?
At exorbitant interest.

 

[Christina...]

I can understand wanting what you want, but I completely agree with DS.

When I began reading the thread I assumed we were talking about funding something in the .5-1.5 range, but if your having trouble locating the funds for a nearly 3ct stone, then I have to say that your priorities and mine are very different. I started with a .75 then we bought a 1ct and recently wanted a 1.75-2, but decided that we would pay off our vehicles and roll the money over to our (my) 12yo sons college fund so we went with a 1.2 and it certainly didn't feel like a sacrifice. We paid cash for each of our diamonds and to tell you the truth I've felt selfish for each and everyone one of them knowing that the money was being spent on ME and not something that our family could enjoy together. A diamond last forever but so does memories of a family vacation and the benefits of an education that my son will now be able to receive because of our financial decisions.

Someone else posted about PS not being a good guide as to what the average person receives for an ering. One of the largest threads on PS is the 'under a ct thread'. I'm not suggesting that you should be expected to wear what the average person is, especially if your finances dictate that you can afford more, but that doesn't appear to be the case.


I don't know...I'm sure I sound preachy and I don't want to be that person, but I'm always so surprised at some peoples (and not you particularly) expectations and the pressure that those expectations but on a person and a relationship that is just beginning. I guess I'd be much more focused on the new life I was building with my new husband than the size of the rock on my finger.

EDIT: I considered deleting this post as it doesn't address your question specifically, but changed my mind because I hope that it adds some perspective.

 

[Dancing Fire]

It's extremely important to look at the fine print.
Every interest free plan I've ever seen includes the addition of all un-billed interest at the end of the interest free period.
For example, $10,000 interest free for 12 months.
If you've paid $9000 after the 365th day, on the first day of the next year, the entire year's interest is now applied to the debt.

Another thing I've noticed is the interest rate charged by jewelry stores that offer financing.
Ouch


My own personal feeling is that it's a far better idea to buy what they can afford.
Why start a marriage with a debt for a ring?
At exorbitant interest.

that's the reason why i borrowed from my loan shark...

 

[Missy]

With total understanding about wanting a nice stone, I will have to say that if the downpayment is a problem, you are looking in the wrong price range for a diamond. What you can afford with parameters such as these should determine the budget. So if it is $5,000 or $50,000, we can certainly help you find a great stone!

My own personal feeling is that it's a far better idea to buy what they can afford.
Why start a marriage with a debt for a ring?

Yes, totally agree with the above sentiments. A ring is a luxury item and I personally would never go into debt over a luxury item. There are so many necessary expenses in life that you may have to take loans out for (home, student loans, etc) and starting out a marriage you don't need any added stress or expenses that may be more than you can afford. Start with what you can afford and go with a vendor who has a trade up policy and that way you can purchase the ring of her dreams when you can better afford it and still get her a darn nice ring now! Good luck and congratulations on your upcoming engagement!!

 

[diamondseeker2006]

Hopefully most people here are able to understand what the interest rates are and choose financing or a credit card with the lowest available rates. Young couples just starting out have many obligations and may not have had time to save up for a ring. An emergency fund is more important, actually. So I see nothing wrong with buying on credit as long as the payment is easily budgeted and can be paid off reasonably quickly (and the interest rate is reasonable). We actually pay for our cars in cash now, but we didn't in our 20's. Just because you borrow a little money in your early years does not mean you are irresponsible. But borrowing too much for unessential things can be irresponsible, in my opinion.

 

[ImmaSquashYou]

I was reading, and it seemed like you were looking ot get a $50k ring or so. If your downpayment for that is an issue, what exactly are you able to afford as a downpayment? Perhaps if its $15k you can afford, why not try getting a $15k ring? My best friend told her b/f that she wants nothing less than a 3 ct ring. She's now said she's "compromised" to a 1.75. I can tell she really loves this guy, so i'm sure within no time, she's going to be saying a 1.25-1.5 is going to be fine. Again, i'm not saying she doesn't love you, but why bother pulling your hair out or even have the chance of ruining the relationship because you bought her a small lil rock that won't allow you to go out or have vacation? Sure, i can afford a bigger ring. But when it comes around to vacation time, i won't be able to go because i spent all the money on a ring for her. And knowing myself, i might get mad and "regret" for spending so much on a ring. Which is why i'm buying a ring that will not hit me hard financially

 

[Asscherhalo_lover]

We started smaller and upgraded a few times