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Some purchases are hard to forget in a hurry, including cars, houses, boats, and yes, engagement rings. While other material items showcase our lifestyle, engagement rings are unique. They transcend materialism and shows our love and commitment for something bigger and someone special. When we love someone and are willing to make them ours, we go all the way out to make them realise that, one of which includes popping the question. But to do that, you need an engagement ring.

An engagement ring is symbolic and can be expensive as well. However, you don’t have to empty your pockets to buy an ideal ring for your spouse. Although, I would recommend that you pay cash for any gemstone and ring band you intend to purchase. But what if you don’t have the money? Then there are some options worth considering in this guide.

Ways to Finance an Engagement Ring

The modest way to purchase a ring that is above your budget is to save more money within a specific timeframe. It is not uncommon to find some men saving six months before their engagement date. This option saves them from debts and give them more freedom to focus on future activities, including planning a wedding, relocating to a better house, starting a family, and even purchasing a better car. But why spend all that money on an engagement when there are still other needs to meet?

Some people believe that an average engagement ring should be worth two month’s salary. But this is not a general rule of thumb. It is essential to do what is convenient for you and your spouse. You can always upgrade with time. But if you have less time to save up money for the engagement, you can take a loan.

Financing an Engagement Ring through a Credit Card

There is an option for buyers to own an engagement ring by getting a line of credit. However, credit cards have high-interest rates that may leave these individuals stuck in an endless loop of repayment. If you want to get the best credit facility deal, then look for loans with low or 0% intro purchase APRs that match an ideal timeframe, preferably 12 months. You also have to consider promotional deals, interest rate, and hidden charges before applying for the loan.

Loans with 0% intro purchase APRs make it possible for borrowers to finance their engagement rings and cover their costs without interests. If the loan term is 12 months, that means that you can cover the jewellery cost within 12 months without having to pay interest, which is ideal for anyone who wants to take this option. Online reputable jewellery retailers offer as much as 50% monetary value on engagement rings, saving the buyer more money.

How About On-Site Jewellery Retail Stores?

By purchasing from a brick and mortar jewellery store, your soon-to-be spouse can check out various gemstones and ring bands to find the perfect match. Interestingly, you may have the opportunity to participate in promotions that offer you more value for money. However, be sure that you understand the terms and conditions before making any commitment.