I wanted to end this week with a reader question (I haven't done one in a while!). I was thinking the other day about whether or not it was appropriate to finance an engagement ring.
I consider myself to be very traditional, and think that you should save up you salary and wait to buy an engagement ring until you can afford it. In fact, I think you're bride-to-be should value that more than going into debt for an engagement ring.
However, I saw a commercial on TV yesterday about 0% financing for an engagement and wedding rings a local jewelry store (which was actually a nationwide chain). I found it to be a little off…
I think a marriage should start on a solid financial footing as much as anything else, and I don't think going into debt for a ring is worth it. However, there must be a demand for it since it was advertised on television!
So, readers, what do you think? Is it okay to go into debt to buy an engagement ring or wedding ring? What about the wedding, is it okay to go into debt for that?
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I just can’t think of any good reason “why” you should do that. If you only can get your fiancee to say “yes” when you go for the engagement ring that needs financing… and you fall for that… good luck; you deserve each other.
Hahaha…very true!
I bought my fiancee’s ring without going into debt. I started saving in college….for her. I didn’t even know her then! I just knew I wanted to get married and knew one day the Lord would bring me my wife…and I wanted to have the money. I think it’s ridiculous to go into debt for a ring. I even went back and forth to major jewelers and brought them down. I finally settled on a private jeweler and got it for half the price I would have at a major store. I think it’s silly when people tell you you have to spend the amount of your salary for a month (or is it two?). That information probably comes from jewelers! I didn’t go cheap for my bride to be, but I went smart. She would have killed me had I gone into debt for her.
Seriously, what ever happened to saving for two months (whether or not it came from the jewelers)?
I would much rather have a ring that a guy saved for than something he had to finance. When I got married, my engagement ring only cost $200. And probably my only regret about being divorced is that I can’t wear it anymore. I loved that ring! I didn’t need something that cost thousands of dollars, and I’ll still feel that way if I ever get remarried someday.
Agreed, I didn’t give my wife a borrowed ring. It was a hard earned ring with my first job.
I totally agree! I feel like an engagement ring is a token of your love and if your paying on it and (eeek) going into debt it’s not the right way to go. Men, work your little booties off and if she’s worth it, buy her the ring.
-Ashley Morrissey
ashleymorrissey90(at)yahoo(dot)com
If that is the only way possible because of a current financial situation then it is understandable. However I don’t think you should finance an engagement ring. If you finance the ring, it is likely you will be paying for it after you get married, which means now you are both paying for something that was supposed to be coming from you alone.
I don’t think you should let it be “the only way possible”. Save some money, then get the ring!
It is definitely a bad idea to finance an engagement ring with debt. Just imagine if the engagement broke up and you couldn’t get the ring back. You would be stuck holding the bag for that money. You also need to make sure that it is ensured properly with floater insurance.
I don’t think it’s ok to go into debt for anything that isn’t life-threatening, and an engagement ring sure isn’t that. Plus, I think it just starts things off on the wrong foot.
My husband told me (later) that if I had asked for a big, fat, ring, that would have been a dealbreaker for him. One of the ways he knew we were right for each other is I only wanted a simple ring, and that I was more focused on a marriage, than a wedding.
You answered the question. I think you need to go with your heart as your answer is in your blog.
I found it to be a little off…
go with the truth or your truth and you can’t go wrong.
The first gift should not be financed. A ring is first gift for your wife. Later on I don’t think any girl would mind receiving other jewellery on loan.
Hey I am not seeing my comments now…
I can see all your comments.
I agree, starting out a marriage with as little debt as possible is the way to go. And lets face it, if you can’t save up enough money to buy a ring, can you really afford a wife (and eventually kids)?
Hahaha…good point!
i dont think AT ALL that u should go into debt for engagement ring or the wedding , you want a good start for your mariage and i dont think going into debt is going to give u that !
I agree you should definitely wait till you can pay for it.
You should never finance any ring… there is no need. Many people think you have to have everything at once and you don’t. You can start off with a smaller stone and always have a larger one put in if thats what you want, and it makes for a nice 10 or 20 year anniversary gift. I know many people who have went with the larger stone at a later date when finances are better.
How is taking advantage of 0% 12 month financing from some jewelers a bad idea? If you have enough or know that you will have enough in another 6 months why wouldn’t you take advantage of this offer? It keeps the cash in your pocket in case of emergency, no interest is accruing, and it allows you to buy a slightly nicer ring that I think my girl deserves. Financing with a loan that collects interest on the other hand I do not think is a smart idea.
Good point! My fiance proposed to me with a $30 cubic zirconia ring. I love it, but he wants to get me a “real” ring with real diamonds before the wedding. We were throwing around the idea of going in and picking out my new ring together and financing it with one of those 0% interest cards. Why not? We know we’re in it for the long haul, and he can pay it off in 12 months without having to worry about paying more than the ring is worth on interest. That way we can use what we’ve got in savings to pay for the wedding itself. What’s wrong with that? I agree, though, that if you’re going to go into debt for it, it’s not worth it.