The average person spends about $6,300 on an engagement ring.
While for some lucky people, that amount of money might seem like a drop in the bucket, for most, it’s a serious expense.
You want to be able to afford the engagement ring of your future spouse’s dreams — but you’d also like to avoid going broke in the process. You want the ring to be a symbol of your love, but the reality is that, especially given the expenses of weddings in today’s world, you’re on a bit of a budget.
Luckily, you have lots of options when it comes to understanding how to pay for an engagement ring.
In this post, we’ll cover some of your best ones.
1. Define Your Budget
Let’s face it: the temptation to overspend on an engagement ring can be very real.
You don’t want your partner to feel disappointed in the size and stone, and you certainly understand the social pressures associated with engagement ring shopping.
However, the truth is that your spouse would probably much rather have a home, food on the table, and some savings in case of an emergency than a giant rock.
Before you go shopping, sit down together and clearly define your budget. Make a list of all your current expenses, and understand what price range you can afford to shop within.
Plus, this conversation is a great time to learn more about the kind of ring your partner wants.
2. Consider a Personal Loan
Sometimes, the reality is that the best way to pay for engagement ring costs is to take out a personal or a payday loan.
While you should always be certain that you’re still operating within a healthy budget, if you’re a few thousand dollars short of your goal, a loan can help you to bridge that gap.
You may need to undergo a credit check to be approved for the loan — so if you’re thinking of proposing, now is the time to start repairing your credit. The best way to approach borrowing money is to take as little as you possibly need.
Understand the terms of the loan — like any fees to apply or a penalty for early repayment. Work only with reputable lenders, and ensure that the interest rate won’t swallow you alive.
If you have extremely poor credit, there are some online lenders that are still willing to work with you. In fact, taking out this loan — as long as you can make your payments — is a good way to rebuild your credit.
3. Ask About Payment Plans
Paying for an engagement ring is something that countless couples struggle with.
Jewelry stores are certainly aware of this, and they want to do everything they can to help you get the ring of your dreams and make a sale at the same time.
So, when you’re heading to the jeweler, ask about plans that allow you to make payments on an engagement ring in installments. Make sure you evaluate the interest rate before you sign anything and that you’re truly able to make those payments.
4. Buy Estate Jewelry
Especially if you love the thrill of antiquing or even attending options, you should consider buying estate jewelry or even shopping for an engagement ring together at a flea market.
Going to an estate sale can be a beautiful and memorable experience all on its own, and the reality is that you’ll pay far less than you would shopping at a store. This is a wonderful option for couples who are looking for a ring with a bit of history and a story, as well.
You’ll be able to uncover truly unique vintage pieces from the art deco era, Victorian times, and even rings from the 1930s and ’40s.
You’ll get a wonderful deal and something that’s just as one-of-a-kind as your future spouse.
We do suggest that you meet with an appraiser who can tell you about the value of your ring, and determine that the stones are real. When shopping, be on the lookout for rings that already come with a certificate of authentication.
5. Look for Affordable Stones
The best way to mater how to afford an engagement ring?
Look for stones that are low-priced, but still, offer that telltale amount of shimmer and shine.
For example, try a tanzanite stone as opposed to a sapphire. Instead of shelling out for a diamond, consider stunning and conflict-free moissanite options. See if your partner would be just as happy with a garnet stone as they would be with a ruby.
Costume jewelry is also an option. Many couples who are on a bit of a budget also opt to go for a “stunt” ring — a costume stone until they’re able to afford the real thing.
Remember that the ring is, above all else, a symbol of your love. There’s no need to break the bank to prove that.
How to Pay for an Engagement Ring: Wrapping Up
Learning how to pay for an engagement ring can be tricky, but if you follow the advice in this post, you won’t clean out your wallet in the process.
Remember to be realistic with your budget, ask about payment plans, and comb estate sales and thrift stores looking for great deals.
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