college students and $

[midgirl]

How much would one expect a college student to spend on an engagement ring? I know that there are so many factors that would go into it. Lets just say he or she has some in savings (700-1300) and a part time regular old job.

I am not sure what perameters to use so just think college student...

 

[MichelleCarmen]

Well, with under your financial circumstances, I think $500 would be max. There is always plenty of time later on to upgrade to a larger diamond once you and your SO have graduated and FT well-paying jobs.

If you''re wanting to spend more on a larger stone, you can always apply for credit. I don''t think this is the best approach, but it is an option. FWIW, my DH and I did put my ring on a CC and I don''t regret it. We were in college and we did pay the ring off, so it''s no biggie.

 

[midgirl]

These aren''t my conditions at all, I was just curious. We almost have our ring complete!

My SP setting will soon be off to WF for the diamond!

Anyways I was just wondering in general since I am a college student with many friends who are planning on getting engaged. Most of the guys are clueless and have no jobs. Fortuntely my bf has been saving for 3 years and has a fulltime job. But I was just wondering...one of the guys spent $700.00 and plans to get something better in a few years so that number is about right.

So generally, what would you expect a college student to spend?!

 

[movie zombie]

personally, i can''t see taking on debt for this. college is expensive enough. perhaps something really small and under that $500 suggested benchmark. perhaps a small diamond in a band and the ring could be both engagement and wedding ring.

movie zombie

 

[cinnabar]

Date: 3/2/2006 1:29:19 AM
Author: movie zombie
personally, i can''t see taking on debt for this. college is expensive enough. perhaps something really small and under that $500 suggested benchmark. perhaps a small diamond in a band and the ring could be both engagement and wedding ring.

movie zombie

I know at least two girls who have a small (1/3ct) diamond in a plain tension set type band which they use as both engagement and wedding ring. I think it looks really good on both of them.

 

[MsP]

... by the time you''re in college most have worked quite a bit already. Many students these days don''t pay for their education/living expenses so they just save the money. Its possible to earn a good 7-10,000 in a summer (working full time in a professional environment)... that times a few summers... not too shabby savings.

Most the the college girls that I know who are engaged have eternity type rings... they bought a great eternity ring with the intention of adding a solitare when they can afford it. One of my friends has a 6 stone (20pt each) ring as a promise ring... really stunning.

 

[XChick03]

I think its going to be different for every person. I know some people in college who get financial aid and don''t have to worry about college expenses or parent''s who can afford to pay for it, and many of them have jobs and quite a bit of savings. But I also know some people who are working just to pay for tuition and they don''t have as much as much money. Its hard to give an answer because everyone is in a different financial situation.

 

[midgirl]

I agree.

I am just trying to get my friends who have no money not to take out $5,000.00 loans to get erings. Some of them have NO moeny and no income and others have thought wisely and purchased something appropriate for the time being.

It kills me to see these HUGE laons people are taking out in college-granted almost all of my friends are in graduate school (PhD students and some MA students) but there are some who just don''t understand a loan is a LOAN!!

 

[ChargerGrrl]

Date: 3/2/2006 12:47:03 PM
Author: midgirl
I agree.

I am just trying to get my friends who have no money not to take out $5,000.00 loans to get erings. Some of them have NO moeny and no income and others have thought wisely and purchased something appropriate for the time being.

It kills me to see these HUGE laons people are taking out in college-granted almost all of my friends are in graduate school (PhD students and some MA students) but there are some who just don''t understand a loan is a LOAN!!

I''m 100% with you!

The other thing that kills me is when people take out a loan for their wedding!! We''re talking upwards of $25-30k. Why begin your new life together burdened by such debt??

 

[Caribou]

I don''t think anyone should go into debt for a ring. If you have to put a ring on a cc or take out a loan for it, I think you should only pay for what you can pay off in a year, tops.

 

[Rhapsody]

All of my friends who got engaged during college spent what they could save over one summer of working full time, which was between about 1000 and 3000. Some people really count on the money they make over the summers to get them through the rest of the year though, so this wouldn''t work for everyone.

I wish I knew where that summer job was that paid 10k!

That would be about a 30k a year job, I dont even make that much now with 2 college degrees.

My boyfriend and I were in the category of had to work to pay the tuition and bills so we couldn''t have bought a ring while still in school. He graduated a year and a half ago, me a year ago and we just now have saved up the money to buy the ring we both wanted. The waiting sucked, especially since others didn''t have to in their financial situation, but I don''t regret waiting.

 

[Waited2Long]

Date: 3/2/2006 3:45:02 PM
Author: Rhapsody
I wish I knew where that summer job was that paid 10k!

I probably had the most lucrative P/T job in my class as an intern, and I made $12/hr. Factoring in inflation, that''s maybe $15/hr today. 16 weeks * 40 hrs/week * $15/hr = $9600. So I can see making $10k with a summer job, but backing out taxes and living expenses, it''s hard to see saving too much in a summer. Free room/board with parents makes a huge difference, but it''s pretty hard to stay at home all day when you''re that age!
Just remembered, I also waited tables in college and I recall the money was better...though the work wasn''t. Both depend a lot on where you live and the local economy, min wage, etc.

 

[ladykemma]

my hubby bought me a quarter carat engagement ring when we were just starting out. I''m wearing it now 11 years later.

of course now in more prosperous times, I have a right hand ring nicknamed the "jesus" ring because when people see it they exclaim "jesus!"

 

[Dancing Fire]

agree with midgirl and ChargerGrrl. they''re crazy,taking out loans for e-ring and wedding.

if my future son in laws did that,i''ll kill him.

 

[MsP]

Date: 3/2/2006 4:04:42 PM
Author: Waited2Long

Date: 3/2/2006 3:45:02 PM
Author: Rhapsody
I wish I knew where that summer job was that paid 10k!

I probably had the most lucrative P/T job in my class as an intern, and I made $12/hr. Factoring in inflation, that''s maybe $15/hr today. 16 weeks * 40 hrs/week * $15/hr = $9600. So I can see making $10k with a summer job, but backing out taxes and living expenses, it''s hard to see saving too much in a summer. Free room/board with parents makes a huge difference, but it''s pretty hard to stay at home all day when you''re that age!
Just remembered, I also waited tables in college and I recall the money was better...though the work wasn''t. Both depend a lot on where you live and the local economy, min wage, etc.

I''m a college student... and I''ve made the 10K that I referenced. Working in corporate settings as an intern can net you between 15-20 an hour. As you come back year after year you get slight raises as well. I worked around 40 hours a week, from the week after school ended til the start of the next semester... I live at one of my parents homes and commute to work each day. So basically no living expenses.

 

[Rhapsody]

Date: 3/2/2006 6:59:01 PM
Author: MissPrudential

Date: 3/2/2006 4:04:42 PM

Author: Waited2Long

Date: 3/2/2006 3:45:02 PM

Author: Rhapsody

I wish I knew where that summer job was that paid 10k!

I probably had the most lucrative P/T job in my class as an intern, and I made $12/hr. Factoring in inflation, that''s maybe $15/hr today. 16 weeks * 40 hrs/week * $15/hr = $9600. So I can see making $10k with a summer job, but backing out taxes and living expenses, it''s hard to see saving too much in a summer. Free room/board with parents makes a huge difference, but it''s pretty hard to stay at home all day when you''re that age!

Just remembered, I also waited tables in college and I recall the money was better...though the work wasn''t. Both depend a lot on where you live and the local economy, min wage, etc.

I''m a college student... and I''ve made the 10K that I referenced. Working in corporate settings as an intern can net you between 15-20 an hour. As you come back year after year you get slight raises as well. I worked around 40 hours a week, from the week after school ended til the start of the next semester... I live at one of my parents homes and commute to work each day. So basically no living expenses.

Wow. I''m in the sciences, and in my area you have to beg to get an unpaid internship so this is unheard of. I don''t think many students are in a position to commond 15-20 an hour as an intern. The highest paying job I had while in school was waitressing was well, avg''d about 12 an hour. Lol worked 2 jobs most summers to save money and still didn''t make that kind of money. I am so in the wrong field. But you have to follow your joy I guess.

One thinkg I was suprised to see on here was how many college age people are taking out extra school loan money to pay for the ring. I guess as far as credit goes that''s as good as it gets, low interst and wont hurt your credit score. If people insist on buying more than they can pay for in cash I would say this is the best bet.

 

[CareBear]

Someone I know just bought a 6k ring with only 1k in the bank. He spent it all and financed the rest. Luckily the guy does have a stable job. But this sounds so scary to me because there are just so many expenses that comes with having a wedding and possibly buying a house. And to start your life off together with a 5k ring debt?

 

[Dancing Fire]

Date: 3/2/2006 7:53:55 PM
Author: CareBear
Someone I know just bought a 6k ring with only 1k in the bank. He spent it all and financed the rest. Luckily the guy does have a stable job. But this sounds so scary to me because there are just so many expenses that comes with having a wedding and possibly buying a house. And to start your life off together with a 5k ring debt?

then...he really needs two stable jobs.

 

[midgirl]

I am lucky throughout college my bf and I have both had jobs that pay $25.00/hour with Kaplan (SAT LSAT MCAT) tutoring. So working full time in the summer and saving has helped us go a LONG way...we already have savings for a house! I am just waiting for the ering!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!