What It Takes To Finance An Engagement Ring
Not only is a wedding ring important and life-changing, but it’s also going to be one of the most expensive single purchases you will ever make, other than buying a house or a car. I want to tell you not to forget about what the ring symbolizes. You should never get caught up in the finances of the ring and to remember that it’s a symbol of your love for your partner. If you are considering spending a ton of money on a ring, remember that you have options and that’s a good thing.
There are many who believe financing a ring is the answer to their financial woes, but there are others who don’t believe in it. No matter which you choose, the goal in the long-run is to get the perfect engagement ring.
The Meaning Behind It All
Me being a traditionalist thinks that saving up for a ring to propose with and buying it with cash is the right way to go once you can afford it. If you are thinking like I am, you won’t hesitate to agree with the fact that starting a life with somebody shouldn't include being in debt over your head.
With that being said, there’s something new that you should be aware of. Large chain jewelers have begun offering 0% interest financing for both wedding and engagement rings. Sure, it may be a great option for those who can't afford the ring they want, but should you really enter into debt when you are supposed to be stabilizing your finances?
Is Financing The Answer?
You can free up a good amount of time and money by finding a great financing offer. This allows you to save or invest the money that would have gone towards paying interest. Since engagement rings are such an expensive and valuable purchase, you should remember to allow some time to save before you buy, even if you can put a little bit of money down before you finance the ring. You should save three to six months’ worth of income for an engagement ring. This can help you relax about the overall thought and you may also feel less pressure when you are ready to actually make the purchase.
What’s A Good Starting Point?
Setting a budget is a personal choice. When you choose a ring, the final piece of the puzzle is the budget. If you are going to keep the proposal a secret, then you should be the only one setting the budget. If it is a shared choice, then the budget should be followed by both partners.
As long as you are buying a ring that falls within your budget, you shouldn’t even consider financing the ring to avoid troubles later on. This will also help the jeweler when they are searching for you for the ring that falls within your budget.
Are You Ready?
If you have good credit and are able to get a 0% interest loan for 12 months, then go for it! You can knock out the debt in just 12 short months. If you can’t make the payment within 12 months, then the deal will break and you will have to pay some pretty hefty interest fees.