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August 20, 2018 08:05 AM

BFFs for life.

Hailey Baldwin and Justin Bieber looked cozy and happy in a new Instagram photo from over the weekend, with the bride-to-be showing off her impressive bling while gushing about her future husband.

“Absolute best friend,” wrote Baldwin, 21, alongside the image, in which the happy couple were snuggling on a boat.

The sweet moment comes after a Bieber source recently told PEOPLE the pair is slowing down their wedding planning so they can enjoy their engagement. The insider explained, “They still don’t want a long engagement, but they are also not rushing the wedding.”

“It was getting quite intense and they realized they want to enjoy being engaged for a while,” the source said of the pair’s engagement. “It’s not like they need to rush — they are both so young. They aren’t slowing things down though because they are unsure if they want to marry; they definitely want to get married.”

RELATED: Young and In Love! Every Photo of Justin Bieber & Fiancée Hailey Baldwin Since Rekindling Their Romance

Robert O'Neil/Splash

Added the insider, “Justin and Hailey are great. They are very happy and having fun together.”

RELATED: Justin Bieber ‘Happiest He’s Ever Been’ with Hailey Baldwin Despite Public Breakdown: Source

The on-off couple — who previously dated before breaking up in 2016 — rekindled their relationship this summer, and Bieber, 24, proposed to Baldwin in the Bahamas on July 7.

Hailey Baldwin/Instagram

While the whirlwind engagement shocked fans, sources have told PEOPLE the pair’s relationship is the real deal.

“This is not a joke to him. He proposed because he truly feels Hailey is the love of his life,” another insider told PEOPLE shortly after the July proposal. “He had a rough time last year, but he worked very hard to change and find more meaning in his life. Hailey couldn’t make him happier.”

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