Category Archives: Money Stories

The Frugal Engagement Ring

This is a guest post by Elizabeth, who writes for Confessions from a Work at Home Mom. Her engagement ring story is awesome (is her engagement story as good as mine? We’ll have to wait for that post).

This April 9th will mark eight years since the love of my life slipped the perfect engagement ring on my finger, asking me to do him the honor of becoming his wife. Today, for the first time, I’m going to share a secret about that ring known only to my now-husband of almost seven years and our parents.

It all started when my then-boyfriend’s brother proposed to his long-time girlfriend. When she joyfully showed me the new bling on her left hand, I threw up in my own mouth a little. It was hideous. Knowing she liked unique jewelry, my boyfriend’s brother had decided to build a ring on his own, without consulting a professional jeweler first. First of all, no diamond smaller than half a carat should ever be cut into a pear shape. Ever. And while vintage-inspired jewelry is a lovely trend, combining that diamond dust with an ornate band made the ring look mismatched, not antique.

Knowing the kind of taste my boyfriend’s family had in engagement rings, I vowed that – when the time came – I would take the decision out of my boyfriend’s hands entirely. That’s when I began the slow process of orchestrating my entire engagement.

I started my engagement ring shopping – where else? – at Jared. Yes, the Galleria of Jewelers had it all – except a ring my boyfriend could afford. At the time, he was on football scholarship at a major East Coast university, and while his monthly stipend for living expenses supplied him with a lot of hamburgers, beer, and ice cream, it didn’t exactly cover the standard two-months salary of an average engagement ring. I tried visiting smaller jewelers, but continued to find nothing but disappointment behind those glass display cases.

“You don’t need an engagement ring to get engaged,” I told myself and anybody who would listen to my plight. I started urging my boyfriend to propose without a ring; I’d be ok with it, I promised him, and said we could buy a ring for an anniversary down the road, once we were on more stable financial ground.

One day, I meandered into my mother’s favorite jewelry store. The locally-owned small business was way out of my price range – perfect for window shopping and little else. As I lamented my situation to the owner, he said something that would change everything:

“You know,” he started, “You don’t have to buy an actual diamond engagement ring.” Blasphemy! Seeing the obvious shock on my face, the jeweler quickly continued. “There are plenty of diamond substitutes these days that look just like the real thing; we’re not talking about the cheap cubic zirconia of a generation ago.”

From behind the counter, he quickly produced a stunning engagement ring. “How much do you think this ring costs?” he asked me. I knew from the size of the stone alone – easily a carat and a half – that the ring must cost at least $10,000. “Go lower,” he encouraged me. I slashed my estimate in half. “Lower,” he repeated. I continued to cut my guesses until I came to $1,500.

“Bingo,” he said.

I was floored.

And two weeks later, I was engaged.

That’s right, folks. If you’ve read between the lines, you’ve already figured it out: my engagement ring is a fraud. A fake. A faux.

While it looks like a carat and a half, grade E (meaning it’s virtually colorless), flawless princess cut diamond is actually Moissanite, a naturally occurring gemstone first discovered by Dr. Henri Moissan more than a century ago. Today, just about all Moissanite jewelry is man-made in a laboratory. It looks just like a diamond; in fact, because of how it is engineered, it looks better than most diamonds – especially the diamonds my husband could have afforded at the time.

Although I’ve worn my engagement proudly every day in the eight years since, taking it off during the final days of my two pregnancies when my ring finger grew too swollen for it to fit, I’ve never come clean about exactly what it is. When people gush over the brilliance of my ring – with good reason, since a Moissanite has 2.4 times the fire of a diamond – I let them think it was the real thing. When people asked me how much it cost, I coyly replied, “A real lady never tells!” In some ways, I was ashamed that my husband and I were too thrifty to buy an actual diamond.

Over the past year, however, as I’ve become increasingly frugal – and proud of it – I’ve come to embrace my ring’s unique story. I’ve realized that my decision to go with Moissanite wasn’t me being cheap; it was me being frugal, and there’s a crucial difference. I was able to get a ring that looks exactly like I’d always dreamed for exactly the price my husband could afford back in his younger days; how many couples can say that?

So guess what? My ring is not a real diamond. And I don’t care who knows it.

What Happened to Envaulted?

I’ve discussed Envaulted just once before on this site, when my brother asked if he should sign up for a service that gives 1% cash back on all credit card purchases just for giving them access to your purchase information on certain credit cards.

At the time, I said no because I thought there were a few actions that would have a much bigger effect on his finances. Why try and make about $2 a month when you can make changes that will make you $50 or more?

After signing up for Lending Club and opening an IRA account, he decided to try out Envaulted. Why turn down free money? It’s hard to argue with that logic.

My brother received a cool $100 from Envaulted over the past year, which is pretty sweet. But this past week, the site went down. I won’t even link to Envaulted.com because the site doesn’t even load.

There is no way to request payment anymore, let alone log in. People have connected their bank information, and there is no way to delete it. If I were a customer, I’d be worried. There’s no response from customer service, either. The only public communication was a single tweet from the Envaulted Twitter account, which has elicited plenty of responses, such as this one:

Envaulted

There is also this forum about Envaulted on FatWallet that discusses the issue. Alex, the COO, mentions that information is safe, but doesn’t say anything else to help people out. The mystery continues.

People want to know what happened, if their information is safe, and if there’s any way to get the payments they deserve.

This is just another reminder to choose the companies you do business with wisely, especially when it comes to secure financial information. I think the smart thing to do now is to change the passwords to any financial institutions that you had connected to Envaulted.

The Hardest $100 I Ever Made

Previously I’ve written about the easiest $100 I ever made, but today is time to talk about the day I made the most difficult $100.

Actually, it was such a grueling job that it spanned 2 almost full days of work. When I was 16, I got a job making $7.25 as a farmer. I would bike to work at 6am and immediately start picking whatever the vegetable of the day was. Sometimes it would be corn (ever have fresh corn on the cob? The sweetest thing I’ve ever tasted), sometimes it would be strawberries (pick 3, eat 1), and other times it would be sugar snap peas.

But in August, it becomes planting season, which means a lot of weeding in the hot and humid field. And when things haven’t grown yet, it’s not really a field. Just a big brown area many acres long and wide. And I’d stand there weeding around the pumpkins for a few hours, making my way up the line. When I got to the end, I’d move one row over and work my way back.

Obviously this wasn’t the most interesting work, but the time managed to tick by just a little bit faster because I was working with a few friends from school. At noon, we’d go back in for a two hour break when the sun was hot and grab some cold water and usually some bread and jam. At 2pm, we were out the door and back to weeding.

It was brutally hot, 100+ degrees at times, and in New England, it was pretty humid, too. I would come home and shower and the dirt and mud would come off, but I was left with a mighty fine farmer’s tan that summer.

The reason I hated this work was because it involved no thought whatsoever. Every minute was the same as the last one and the same as the next one and there wasn’t much to look forward to. Why? Because the next day was going to be exactly the same. The only thing to look forward to was that I’d be picking an actual vegetable and would be able to grab a healthy bite to eat every few minutes!

Readers, what was the hardest $100 you ever made? Any horror stories from your teenage years?

The Easiest $100 I Ever Made

On Sunday, HP had a firesale on their TouchPad tablets. They did not sell well at high prices over the past year or two, and this is their last batch that they’ll be selling. I wanted to buy a tablet for $100 because at that price, I could use it sparingly and still get my money’s worth.

I knew there would be a lot of competition, so at 7pm EST sharp, I went to HP’s eBay page and tried to purchase the $99 16GB refurbished tablet. The site was slow, and while I was able to get to the checkout page, it hung up there. I tried in several different tabs and browsers, but with the same result.

I got a tip from a twitter user to use ebay.co.uk, and that site was working much faster. However, I was too late to snag the $99 version. All that was left were the $149 32GB version. At that price, it didn’t make much sense, but I figured I could worry about that later and sell it for a little profit if I decided it wasn’t worth it.

I was able to check out successfully and I had a $149 version on the way. I immediately listed my item on eBay to see how much it could get. I was hoping for $200 so that I could turn around and buy a Kindle Fire tablet (which costs $200). The total price for me would effectively be $149, which is great for a tablet that would have much more value to me.

After half an hour, I refreshed the page to find that the price has skyrocketed from the initial $0.99 price to a whopping $212. I had to double check that I was reading it properly, but my eyes weren’t deceiving me. 30 minutes later it had reached $232.50.

Well, that worked out well. The final price ended up being $250, which meant a $101 profit before fees (but the buyer paid for shipping).

This whole operation took no more than 20 minutes of my time on a Sunday evening. It was the easiest $100 I ever made and it allowed me to get the tablet I really wanted for effectively $100, which is a no-brainer.

Readers, what is the easiest $100 you ever made?