I’m Down on Bended Knee

Hi Scott,

I have been seeing my girlfriend for three years now, and I am finally ready to propose! She pointed out the ring of her dreams on the weekend, and it looks like it is going to cost me $4,800. The jeweller is offering a payment plan which requires 10% deposit plus 14% p.a. I have enough to cover the deposit, but I would also love to take her to Fiji in one month so I can propose. I am unsure if I should go with the payment plan option or pay the ring with my credit card, or what?

Dan

Hi Dan,

It sounds like you’re about to get yourself on the hook, cobber ... in more ways than one.

So let me spell this out for you:

First, there is no correlation between how much you spend on the engagement ring, and how happy your marriage will be. None.

Second, diamond rings are one of the biggest marketing con-jobs in history (though of course I bought one anyway). The key is to save up and buy one with cash … hopefully via Gumtree at a substantial discount from a bruised bachelor. You’ve got rocks in your head if you borrow money to buy an engagement ring. Don’t do it.

Third, I proposed to my wife on the back porch. Would she rather it had been in Fiji? Sure. But she still said yes. Job done. If your girlfriend loves you, it won’t matter where you propose.

Finally, and most importantly, know this: the spending decisions you make today will set the tone for the rest of your married life.

Bula Bula!

Scott