How do most of you pay for your stone?

[pyramid]

Do most people already have the funds for their stone or are they financing it.

Has anyone saved beforehand particularly to buy a diamond. What time frame should be set aside to save when planning this in the near future?

 

[Tarams]

That's your call, but I believe it's best to save and not finance. If you find that that's hard to do, you can always start small & trade up later!

 

[golfer]

I hadn't really saved up, but took advantage of a credit card offer (0% interest checks or balance transfer for 12 months) to finance my e-ring for my GF, which will run about $10k.

 

[tayd]

FWIW, I charged the entire ring on my credit card that earns airline miles and then paid the whole thing off with my home equity, which has a lower interest rate than the bank card.

 

[2MACHO]

I got a loan from a bank then paid it off with a credit card with 1.7% for 12-months.

 

[2MACHO]

Forgot to mention that I only financed the diamond, I have been saving, and will pay cash for the setting I want.

 

[rsilvers]

I think the low-interest for a year credit card card is the way to go. I personally saved up and paid wire-transfer.

 

[diamatuer]

I spent what I had saved intending to pay it off right away. Then Discover (why not get a little cash back??) told me I can make the purchase with 0% interest until March. So I will make the minimum payments, earn a little more interest, then pay it off in March.

 

[jerseycat10]

Hello. I am in the process of ring-hunting right now, now that I have saved up the proper amoung (~6000). I hate monthly payments, and figured it would make sense to avoid the unnecessary finance charges. I am in a fortunate situation to be able to save a lot of money quickly, so if you are in the same situation, I recommend you go that route. Also, if you walk into a jewelry store with a certified check, you have unquestioned bargaining power.

 

[pyramid]

Thank you all for your experience. I am presently saving for the stone. I liked the idea about keeping the savings to accrue interest for a year whilst using a 0% interest credit card offer. (Especially good as long as one does not dip into the savings for other things.)

I will have to keep this idea in mind when I get nearer to purchasing time.