13 Jan 2010

When is it wrong to save?

Three years ago my husband to be and I went shopping for my engagement ring. We ended up buying it from Theo Fennell in Selfridges. The engagement ring did cost my husband about £3000.
Good quality jewellery is an investment, not a particularly good one but it doesn't depreciate

 to zero and if everything should go really bad and you need to sell it you'll get most of your money back if you bought a good piece.

Now, ASDA is selling engagement rings for £397. A popular personal finance site now suggests that it's a great buy for a savvy groom and that if you are not well off financially you shouldn't be stretching yourself to buy something that's so overrated anyway.
I agree that it's wrong to take your salary as guidance to how much a ring should cost you.

I couldn't disagree more with cheering for the ASDA offer though!

The best piece of financial advice I ever got was "ask yourself what's the BEST buy for your money is and not how you can get the cheapest version of what you want"

Buying staff of inferior quality just creates junk that you than need to de-clutter!

And here is another thought - why buy something of a poor quality at all? I have friends who bought their "engagement" ring years after they got married because they couldn't afford a quality one at the time of their wedding!

I wished I was that strong three years ago, instead we bought my engagement ring on a credit card and are technically still paying it off. - STUPID

I know they say you should save up for your big purchases but we decided to get married very quickly and we haven't really planned in advance... at least I don't think Nigel did... Not that I ever would know it for sure.
Truth to be told, we still would have to pay it by credit card (or loan) and even though I consider myself being much more financially savvy now, I still would not choose a cheaper option, because in some cases what's cheaper now will not be the best option later.
But may be this approach to life is exactly what caused us to be in debt ...
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