A ring is a symbol of an eternal commitment and fidelity that two people share with one another, and when you’ve found the one, an engagement ring becomes all that much more important. But even before you say “I do” at the wedding, you need to determine how much you should spend on an engagement ring.
After hours of research and numerous trips to jewelry stores to learn about diamond characteristics, the latest fashion in settings and the variety of colored stones, options start to blur together, including engagement ring financing options. There’s no single piece of advice that can work for you to find the right style for your love, but there are lots of things that can help you pay for the ring you choose without it being a financial burden.
Here are three things to keep in mind so that you start off in wedded bliss, instead of deep debt.
Tips for the Perfect Affordable Ring
Once you’ve determined what your future spouse likes, most of the other decisions will feel pretty easy. That includes paying for your ring. Here are three guidelines for staying affordable:
Spend What Is Comfortable: In the 1930’s, De Beers ran ads advising people to spend a month’s salary on an engagement ring1. This eventually rose to two or even three month’s salary. That’s marketing, not financial advice. Spend what you’re comfortable with and you’ll start things off on the right foot.
Learn Expectations: Try to learn your betrothed’s likes and dislikes when it comes to engagement rings – the stone, the cut, the setting. If you want to keep it a surprise, employ a little help from friends or family. This will help you determine the style and size you want, and determine whether or not it fits into your budget.
Know Your Options: With a finite engagement ring budget, you might want to look for ways to cut costs. Buying at the jewelry store means you’re not only purchasing the stone, you’re also purchasing the band as well, which could corner you into engagement ring financing. One example that could save you some money is to purchase the diamond directly and to get it set by a jeweler separately. There are several reliable companies that sell certified, loose diamonds. You will still have to buy a band and have the diamond set, but the amount you save from buying the diamond separately could be meaningful.
Now that you’ve set the budget and found the ring, it’s time to figure out how to choose an engagement ring you can afford. You might be tempted by store financing, but there are options that could be better for you and more flexible.
The Personal Loan Plan
One key to a happy marriage is financial stability. A great way to reduce engagement and wedding stress is to keep your purchases manageable and know your costs. Using a personal loan in place of engagement ring financing is a step in the right direction, considering the average cost of an engagement ring can be pretty steep.
One way to handle your expenses and create a plan that’s easy to afford is to choose a personal loan for an engagement ring. They may offer greater flexibility than some of the in-store financing options jewelers offer. This is especially true if in-store financing comes with strings attached, like promotional introductory rates of 0% for six to twelve months. If the ring isn’t paid off in that time, you could end up being charged 25% interest2.
By working with an established lender, you’ll be able to secure competitive interest rates with flexible loan re-payment terms. You also work with a loan professional who wants to get you a loan you can afford, instead of making a sale on a more expensive engagement ring. And, with a Discover Personal Loan, you may also secure a low interest rate to help pay for the reception or even a beach honeymoon.
Choosing an engagement ring can be stressful, as can figuring out how to pay for it, but with a little planning you can get the ring your betrothed will love and start a smarter, safer financial future together.