how did you or your fiance pay for the engagement ring?

[chrono]

Either wire transfer or credit card (paid the bill in full to avoid interest charges).

 

[msop04]

My DH purchased the stone on a new credit card that had 3% cash back on purchases made for the first month, then paid about half off as soon as the charge cleared on his CC app. He had 18 months interest free to pay the remainder. We used the extra cash for our wedding expenses. I'm glad he did it this way, because we were able to get about $750 in cash back AND my stone has gone up in value since then -- oh... and I couldn't wait another minute for it!!

 

[livannie]

My husband has saved his money since he was 10. He is 31 now. He still makes sure we are always saving now. He is so smart with money and always thinks about the future. I have seriously never known anyone like him. He never buys anything for himself, he never wants to, he doesn't like material things. I know our family will never starve or go without. He paid cash for my ring. I was pretty impressed, he was only 23 when we got married.

 

[WinkHPD]

Did you finance it? Put it on a credit card? Pay in cash? Just wondering how people pay for an engagement ring... thanks

Wow, memory lane here...

I took my now wife of 40 years shopping with me and we spent $300 cash on her engagement ring. On the way home she started crying and I said if she did not like the ring we could go back to the stone and exchange it. She said she did not think she wanted to get married. By the time we got back to her apartment I had convinced her that she was just getting second thought jitters and that she loved me even though I was only a lowly Marine. We were in Rio de Janeiro, Brasil at the time. I was a member of the Marine Security Guard detachment and she worked for an "unnamed" government agency with a "poke your eyes out before reading" second or third level clearance above the top secret rating that I had. On the social scale of the Embassy, Marines ranked somewhere below whale poop on the bottom of the ocean.

Forty years later she still says she was my greatest sales job since she had decided she could not spend her life in the trenches and I convinced her that we would rise up together and have a great life together. We have and we continue to have a great life together.

We have upgraded her ring once, also for cash and I purchased her a second ring, also for cash. Now she has two wonderful rings that she can wear, either one or the other, depending on her mood for the day.

When asked, I always recommend to my clients that they start out with what they can afford, and I do not lean on silly guidelines like two month's salary. I never want the ring or diamond that I sold to become a burden to my clients when they are starting their lives together.

Most young couples have enough obstacles to their happiness when getting started without adding to them. There will be moving expenses when couples consolidate their homes, new furniture to buy, often there will be children and the ensuing expenses of child care, clothing, education etc etc.

When I bought that first ring, I made $600 per month as a Sargent in the Marine Corps. Back then I could just about cover my monthly expenses with that so it would have been a ridiculous burden to try spending two month's salary on a ring.

I think that has always tempered my thinking on getting an engagement and wedding ring. I believe that if you can not pay for it, you might not need that ring at this moment. Get one you can afford that comes with a great trade up policy. Now that I have been doing this for nearly 40 years, I have seen the power of doing that, as couples come back in after ten, fifteen, and even as far out as twenty-five years later and trade up for the ring they always wanted now that they can finally afford it.

Just my thoughts...

Wink

 

[Dreamer_D]

My engagement ring -- the one my DH proposed with -- cost $1400 and he paid $900 cash and put the other $500 on a line of credit.

 

[smilligan]

If you pay via wire transfer to a reputable PS vendor...besides reputation I do not believe there is added protection, correct?

There is no "added" protection, no. Like Laila said, you can dispute the charge, but it's a lot easier to do that with a credit card. I paid for the ring with my credit card (as I do with everything) and then paid it off at the end of the month. I've been doing this since I graduated high school. I only spend what I can back up with cash and then pay it off without accruing interest. The added protection, points, and benefits to credit score make it well worth it to me. Plus, they keep lowering my interest rate for having good credit, which means that I'd pay less if I really had to go into debt (which is normally a terrible idea with a credit card).

I guess it depends on how much the diamond costs, because mine would have been $1000 more if paying by credit card. That would have not been very smart, in my opinion! Why would I need added protection with vendors like Good Old Gold and WhiteFlash who offer an unconditional 30 day return policy for in-house diamonds? I'd much rather pay the wire price and save the money! (I wouldn't bother on small items under $1000 or so, though.)

You are correct. I should have clarified this in my post, but I was referring to rings that were < $8-10k, which I would still consider above average cost. Obviously, if the diamond is worth a significant amount of money, the money saved by wire transfer would also be significant. It also depends on where you shop. The discount ranges anywhere from 2-5%. Also, I didn't mean to imply that the added protection of a credit card is necessary. I was just saying that it offers more protection than a wire.

ETA: I should further clarify that even at $5k, you would save $250 with a 5% wire discount (minus the $20-40 wire fee). If the discount were only 2%, however, the discount would be $100. After the wire fee is paid, such a small discount isn't worth it, IMO. DS is right to correct my post, though. PS has a fairly large percentage of wealthy or well off members, which is not necessarily representative of the general population.

ETA 2: Paying by credit card can also give just as much of a discount depending on cash back offers, though that isn't really relevant to this thread.

 

[Rhea]

My ~£900 ring was paid for by wire transfer. He bought it in US where I lived at the time from England where he lived at the time and wire transfer was the only option. We normally pay for things by credit card and pay it off each month.

 

[diamondringlover]

ha I am one of the poor ones...I have had 3 engagement rings and all were put on credit cards and we did not pay them off at the end of the month...we would never have the money to pay for a large purchase such as an ring....but I still wanted one..so we did what we had to do..neither of us have regrets...we will be married 30 years in May.

 

[iluvdiamonds2]

My DH purchased the stone on a new credit card that had 3% cash back on purchases made for the first month, then paid about half off as soon as the charge cleared on his CC app. He had 18 months interest free to pay the remainder. We used the extra cash for our wedding expenses. I'm glad he did it this way, because we were able to get about $750 in cash back AND my stone has gone up in value since then -- oh... and I couldn't wait another minute for it!!

MSOP - I HAVE BEEN LOOKING FOR U!
Where oh where can I find your beautiful diamond wedding band, it's like a circle band ...??????????????
I love the combination.

 

[Cluless]

Wink,

Just want to say you're post brought a tear to my eye and a smile to my heart, bless you. May you have many more wonderful years together.

 

[WinkHPD]

Wink,

Just want to say you're post brought a tear to my eye and a smile to my heart, bless you. May you have many more wonderful years together.

 

[KristinTech]

Back in 1999 when we got engaged, dh's industry was riding high and there were big bonuses. He bought my ring with cash from one of the quarterly bonuses. He also bought a new Jeep Wrangler with a hefty down payment that year. The bonuses are long gone, and we often look back on those days wistfully!

 

[heididdl]

First e ring was a stone given to us by his mother and the setting was $700....My second ering $5000 we somehow paid for as our kids were little and we were both working. My current ring was my moms. But my studs were We saved , traded in, sold a lot of my mom's pieces that I knew I would never wear and neither would my girls, sold gold....flea market booth etc. Cash rocks debt doesn't. Funny can't pay our regular bills but had to have my studs almost 8,000 cash and my old studs trade in

 

[Tekate]

My husband paid cash, in 1987.. he sold some stock.

 

[c-k]

My husband paid cash, many many years ago....it was a very small diamond, store graded, I am sure it is most likely a J K L color, SI@ or?....but it was what he could afford....and I will always LOVE it.

 

[anne_h]

My original e-ring and subsequent upgrade (in avatar) were paid for from the proceeds of a one-hit-wonder stock pick my husband made. He also used some to pay down our mortgage.

The rest of my jewelry I bought myself. Some with the proceeds from a favorable real estate transaction, and the rest from my regular professional salary. Sometimes I'd also use parts of bonuses (eg: save some, spend some).

I often pay by credit card for the protection and points. But I avoid carrying a balance.

Anne

Yes, we paid for original e-ring, upgrade diamond and upgrade setting via wire transfer to save on fees. Only because all transactions were to reputable pricescope vendors (ERD and Victor Canera respectively). Almost everything else I pay for via credit card or Paypal for added protection. But fortunately no issues yet. Twice I received antique jewelry pieces that were not as sold (plated vs solid and palladium vs platinum) but in both cases the vendors issued partial credits to my satisfaction. I have a local appraiser I use when I buy something I'm not 100% sure about. He's great.

Anne

 

[woofmama]

My original ring was bought with cash as were our wedding bands. Of course that was a long time ago and my ring was not expensive to begin with. Everything else that I've purchased since finding PS has been on credit cards which are always paid the day we receive the bill. I love taking advantage of cash back points and have amassed around $1500 in cash back across my cards this past year. I never pay interest. If I upgrade in the future I'll figure out whether a wire transfer or cash back award gives me more savings and go that route.

I see so many young men come to PS with a budget of $5k and up for their e-ring purchase and see nothing wrong with using a zero percent card or financing if you know you'll have the funds to pay it back before interest is added.

 

[msop04]

MSOP - I HAVE BEEN LOOKING FOR U!
Where oh where can I find your beautiful diamond wedding band, it's like a circle band ...??????????????
I love the combination.

Thanks, iluvdiamonds2! I actually got it at a small town jeweler in AL -- not sure where they got it though... It's a bezel with milgrain.

(sorry for the threadjack, OP)

 

[Polished]

I just asked my husband that question now! He said he put it on credit and paid off the whole $750 of it as soon as the bill came in. I'm still a bit miffed the jewelery shop only showed us rings with .20 stones. We were 27 but I'm sure looked younger. I'd love to have gone out to .25!

I loved reading your story Wink. I like your "no rush" message. My father in law said something similar to us when we were first married. It applies to lots of stuff really not just rings. Over the years I've realised he was right.

 

[WinkHPD]

I just asked my husband that question now! He said he put it on credit and paid off the whole $750 of it as soon as the bill came in. I'm still a bit miffed the jewelery shop only showed us rings with .20 stones. We were 27 but I'm sure looked younger. I'd love to have gone out to .25!

I loved reading your story Wink. I like your "no rush" message. My father in law said something similar to us when we were first married. It applies to lots of stuff really not just rings. Over the years I've realised he was right.

Thanks. It is one of the advantages of being a geezer. I have lived long enough to have learned a few lessons.

Of course, one of the disadvantages is that no one younger than 50 normally wants to hear what I have to say...

Wink

 

[recordaras]

Wink, what a wonderful story. May you have many, many happy years ahead!

 

[Hudson_Hawk]

Wire transfer. The reset is going on the Amex for the points, but he pays off charges the day/day after they post.

 

[Ally T]

Both my original engagement ring & subsequent pear diamond were bought outright with a debit card. The money was in the bank waiting. My husband DOES NOT do credit of any kind except for our mortgage. We have a credit card each which gets cleared by direct debit each month, just for points collection purposes. If I wasn't with this man I would be credit carded & debted up to my eyes

 

[Andahaion]

I financed a very large and obnoxious ring from a merchant who's not very popular on this site. Some of you may share my thought that there's nothing wrong with that. It felt great to get it for her, actually it felt effing amazing and I'm grateful our financial system is built to allow opportunities like that to everyday individuals who honor their commitments.

I smoke the occasional cigar and there's a saying that my fellow brothers and sisters of the leaf share, "smoke what you like, and like what you smoke." There are likely 10 million other ways to get the point across (eg, "to each his own", "different strokes for different folks"), so choose one that speaks to you. We all choose our own paths in the pursuit of the same end; happiness.

(Steps down from soapbox. Fade to black.)

 

[Laytiffany]

Thanks for your responses you guys.

 

[momhappy]

He paid with cash.

 

[dk168]

Cash via debit card.

DK

 

[WhoaNelly]

Wink, thanks for sharing your story---loved it!

For our upcoming purchase, my fiance will be paying via wire transfer to a reputable PS vendor.

When I got married in my early 20s, my husband at the time and I said that no matter how much our income changed, that wouldn't affect our lifestyle. Despite the fact we are no longer together, that philosophy has continued to guide my spending habits. I definitely splurged some over the years as my income increased but always with the knowledge that I had cash in the bank and then some. I'm grateful now, as I get closer to 50, to be engaged to a man who shared a similar approach: no debt other than mortgage.

I wish that as part of schooling, kids were taught the basic skills of budgeting. Some schools do and I applaud them for it. The kids who have gone through the classes have an understanding how to manage their money. In the best of circumstances, it lays the foundation for learning how to make the money they earn work for them.

End of rambling thoughts.

 

[WinkHPD]

Wink, thanks for sharing your story---loved it!

For our upcoming purchase, my fiance will be paying via wire transfer to a reputable PS vendor.

When I got married in my early 20s, my husband at the time and I said that no matter how much our income changed, that wouldn't affect our lifestyle. Despite the fact we are no longer together, that philosophy has continued to guide my spending habits. I definitely splurged some over the years as my income increased but always with the knowledge that I had cash in the bank and then some. I'm grateful now, as I get closer to 50, to be engaged to a man who shared a similar approach: no debt other than mortgage.

I wish that as part of schooling, kids were taught the basic skills of budgeting. Some schools do and I applaud them for it. The kids who have gone through the classes have an understanding how to manage their money. In the best of circumstances, it lays the foundation for learning how to make the money they earn work for them.

End of rambling thoughts.

I wish they did too. One only has to look at the huge number of pro athletes who were payed millions of dollars who are flat broke within 5 years of leaving their sport to know how poorly a job we have done in preparing our children for the financial aspects of their lives.

Wink

 

[Sparklelu]

Wink, thanks for sharing your story---loved it!

For our upcoming purchase, my fiance will be paying via wire transfer to a reputable PS vendor.

When I got married in my early 20s, my husband at the time and I said that no matter how much our income changed, that wouldn't affect our lifestyle. Despite the fact we are no longer together, that philosophy has continued to guide my spending habits. I definitely splurged some over the years as my income increased but always with the knowledge that I had cash in the bank and then some. I'm grateful now, as I get closer to 50, to be engaged to a man who shared a similar approach: no debt other than mortgage.

I wish that as part of schooling, kids were taught the basic skills of budgeting. Some schools do and I applaud them for it. The kids who have gone through the classes have an understanding how to manage their money. In the best of circumstances, it lays the foundation for learning how to make the money they earn work for them.

End of rambling thoughts.

I wish they did too. One only has to look at the huge number of pro athletes who were payed millions of dollars who are flat broke within 5 years of leaving their sport to know how poorly a job we have done in preparing our children for the financial aspects of their lives.

Wink

Thread jack, I teach money management to 8th grade students. It's a 13 week program that covers the following topics.
Money Management: how to Control Your Cash Flow
Borrowing: Use—Don’t Abuse
Earning Power: More Than a Paycheck
Investing: Money Working for You
Financial Services: Care for Your Cash
Insurance: Protect What You Have

I tell them if I had this class at their age I would be retired at the beach right now instead of teaching them!!
I've been teaching this class for 5 years now.
The one thing I remind them to do is start saving for retirement from their first "real" paycheck. 10% each check. Well I had a student come over from the HS this year to tell me he already had 1000.00 in his retirement acct from his summer job. He said I put away more than 10% to get a head start sooner!!!