Engagements rings are one of the most important decisions you’ll ever make in your life. There’s no need to feel bad if you’re in a position where you’ve got to finance one. Recent surveys show that 64% of working Americans couldn’t come up with a $1000 for emergency expenses. The average price for a diamond engagement ring is around $4,000 to $6,000 dollars and it’s easy to understand why financing is a popular choice. Below is a list of options for paying for her engagement ring – some suggestions from the pros, we also delve into purchasing a cheap engagement ring without sacrificing quality!
Paying For The Engagement Ring
Cash is the cheapest way to purchase a diamond engagement ring or other wedding accessories. There are no interest fees or late payments when you use cash. Cash enables you to have a debt-free engagement ring with no strings attached. You can propose knowing your ring is paid for and not have to worry about being tied down to the equivalent of your monthly car payment. For all attentive purposes; cash is king.
Having a saving account is a great way to pay for your engagement ring and comes with a sense of pride because you did it all on your own. There’s a few various ways to utilize a savings account. Using your bank as a source to save money is the best savings option and some banks offer perks for having a savings accounts with monthly deposits in your account based on how much money you keep in there. The more traditional method is using a Piggy-Bank at home, however, the chances of not getting into it are slim to none.
Credit Cards & In-House Financing
These options are widely available for those with good to excellent credit. In-house financing will be done by the jeweler where you’re buying your engagement ring. Every jewelry store is different with terms and conditions so it’s very important to read the small print and see exactly what you’re signing. Credit cards are a good way to boost your credit score when you buy an engagement ring, especially if you can pay it off with large payments within a year. This will increase your credit score.
Acquire an Heirloom Engagement Ring
Engagement rings that are handed down from generation to generation sometimes make the best wedding rings. You can check with your fiancé’s family or your own to get one. If you do acquire an Heirloom, remember you still need to invest some money. The chances of the ring being an exact fit are small so you’ll need to have it sized. That’s the least you’ll spend, however, options are available for creating a new setting or adding a new band on the ring. There are ways to give an impressive engagement ring with minimal investments.
Tips for Going Cheap When Buying her Engagement Ring
- Shop in the summer: Winter months are the busiest time of year for diamond sales so buy in the summer when diamonds are being offered at stable prices.
- Don’t buy a full carat diamond: If you’re looking at a 1K diamond, ask to see one that is .9K, this will get you close to the size you wanted and it will save you a lot of money.
- Compare prices: Look before you buy and don’t settle for the first place you go, a better deal could be around the corner and check for quality sites online.
- Use an alternative gemstone: There are a lot of different gemstones you could use on your engagement rings like rubies, pearls, jade, emeralds, and cubic zirconia.
- Super cheap: Ask around to your friends and family or any other sources you can think of to see if anyone has an old diamond engagement ring that’s not being used anymore. If you can get one this way the most you might have to do is get it sized.
- Bottom of the barrel cheap: Break the traditional gemstone/metal band wedding engagement rings for really cheap options like leather rings, wooden rings, and tattooed engagement rings. Make sure your fiancé is alright with this option before you do it on your own, you might not make it to the altar.
There are various ways to pay for a diamond ring, however, there are some other things you should know before you purchase your diamond ring. You should know what the 4Cs are and how they affect the diamonds value and how you can get ripped off if you’re not paying attention. We hope you found these tips on paying for her engagement ring helpful! Please contact us with any questions and leave a comment.
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