Ring Financing Option – What You Should Know

We all have that one item that takes our fancy, which we are willing to purchase – if the cash is available. If it’s beyond our budget, we walk away, thinking to ourselves “another time.” But proposing to our loved ones doesn’t come with another time – it’s now and here. As such, everything should be in place before popping the question, especially when you know other folks are waiting in line to take a shot at this lifetime opportunity. Of course, if the person is yours, they will stay. But guess what? You’re running out of time.

So, how do you go about purchasing an engagement ring for your spouse? I believe in the “save-it-buy-it” ideology. It saves you the embarrassment that comes with being in debt. Why start a newly married home with a series of phone calls from your lender? If it's really expensive, you can plan ahead – six months is a good start. Save every dollar and cents to ensure you get the best deal from your jeweller. But if that’s not your thing, then there are other options to consider.

How much are you willing to spend on an engagement ring? $2,500? $3,200? $6,400? You determine the amount. Once you have the figure available, it is time to map out how you intend to raise the money. How much do you want to save monthly - $200, $500, $700 or $1,000? If your partner is aware of your plans, both of you may have to work out the budget. However, keep it within your means. The last thing you want is to be broke after leaving the jewellery store. Besides, life continues after the proposal.

An engagement ring bears a symbol of love, not cost. So, don’t feel you have to break the bank to make your spouse happy. At the same time, don’t go all Frugal Lucre to get a knock-off ring. Understand that this is one of the biggest investments you will make in your lifetime. Ensure that the ring reflects the value of your love towards your spouse. Individuals with little or no financial means to purchase one can opt for financing.

To get financial support from your lender, you should have good credit. Once approved, you can opt for a credit card with 0% interest with a time window of 12 months. You are to pay the money during this period to avoid high-interests. If this sounds like an ideal plan, then kindly proceed; otherwise, hit the brakes. There is another option.

Several lenders are available to offer you competitive loans with low-interest rates. If you’ve saved some money but were unable to meet up with the ring cost, you can apply for a loan and pay it back with ease when due. In summary, saving remains the best option. You can map out three to six months of your paycheck to get the ideal engagement ring. The longer you save, the more money you have to purchase the perfect jewel and undertake other related projects.