How to Finance an Engagement Ring
Financing an engagement ring can be scary. You know she deserves the very best but economic times are tough. Discovering a way of financing an engagement ring that fits your needs can mean the difference between an engagement ring that is "nice" or one that sends her over the moon with delight.
Other People Are Reading
Instructions
-
-
1
Consider placing the engagement ring on your credit card. If you do this, it is advisable to pay more than your minimum monthly payment to avoid paying more credit card interest than you have to. Obtaining a new low interest credit card especially for this purchase may be smart.
-
2
Take out a personal loan. Your bank can provide you with a short term loan to enable you to pay for the engagement ring. Shop around to ensure you get the lowest interest personal loan that you can. Avoid using the engagement ring as collateral.
-
-
3
Shop around. Many jewelers offer a layaway plan. Of course, you will not be able to get your engagement ring right away but with the proper amount of planning, this could be the safest financial choice. Likely, you will not have to pay any interest at all and can get an average of 3 months or more to pay off the engagement ring.
-
4
Get a job at a jewelry store. Jewelry stores give fantastic discounts to their employees. I've heard of employees paying as little as cost +15% for jewelry. That could mean getting an engagement ring for half the ticket price, or less. Be sure to visit the link in the resources section below this article to learn more.
-
1
Tips & Warnings
Some people claim you should spend the equivalent of 2 months salary on an engagement ring. Not true. But do buy quality. It would be heartbreaking to later find out the ring was not made well or didn't hold up to time.
Avoid department store rings. Always go to a respected jeweler that stands behind their jewelry.
Resources
- Photo Credit http://www.dreamstime.com/res401038
More Like This
Comments
View all 13 Comments-
Brett445
Nov 14, 2008
Cool advice on financing an engagement ring -
Brett445
Nov 14, 2008
Cool advice on financing an engagement ring
-
cadence
Nov 13, 2008
Great advice. An engagement ring is an investment, so it's worth shopping around and trying to get a good deal on a great ring.
-
cadence
Nov 13, 2008
Great advice. An engagement ring is an investment, so it's worth shopping around and trying to get a good deal on a great ring.
-
TheWriteGuy
Nov 11, 2008
I used a credit card, but a brand new one with O% interest for a year. I have only 1000 left from the initial 8500, and there's still 3 months left to pay it off. Going with a 0% CC was definitely a great way to go in my situation.
