Is Financing An Engagement Ring A Good Idea?

Oh! So now you have found the girl of your dreams? Well, it is time to bend down on your knees and propose to her for marriage. However, there seems to be one problem which you are quite worried about and that is, you don’t have substantial cash to purchase an engagement ring. You are in a fix! How to get out of such a critical situation? Should you save money for some time so that you can have enough for the engagement ring and thereby postpone the marriage, or choose a smaller ring? Should you opt to finance the engagement ring? Will that be a good idea? Have a look at the upsides and downsides of all the options you have.

Should You Finance An Engagement Ring?

It doesn’t need to be told that people can do all the crazy things in the world when they are in love. So, compromising and opting for a smaller engagement ring or postponing the marriage to save money might not be on the cards for the majority. Since an engagement ring usually costs something in the ballpark of $5,500, getting it financed might seem to be a good idea. While the downside of this is that the ring might burn a hole in your pocket, the upside is you will see tears of joy in your girl’s eyes when you gift her the ring. Even though you will get jewelers offering you loans at a low-interest rate, you will still have to encounter quite a high payment each month for several years.

If you purchase the ring through your credit card, you could end up shelling out an elephantine rate of 20 percent. Unless you can keep the debt under check, you will almost empty your pockets. That is, you will be paying an amount that’s much more than the actual value of the ring. If you finance an engagement ring, you will be starting a new life after marriage with debt on your shoulders. Are you fine with that? Money issues can lead to a lot of problems in a marital relationship. Therefore, choosing to finance the engagement ring can lead to a shaky start to your marriage.

Save Money to Buy a Ring Later On

When you notice that the price of an engagement ring is currently beyond your spending abilities you should start saving money. However, that will take a lot of time. This implies that you will have no other option but to postpone your marriage to a later date to arrange the funds for the engagement ring.

While you have to have a lot of patience and wait for the time you lay your hands on the ring, moneywise, that’s a smart thing to do. With that being said, smart monetary decisions often have nothing to do with love. If you are willing to get engaged to the love of your life now but want to stay away from incurring debt, the next option might be suitable for you, so do check it out!

Buy a Small Ring for the Time Being

In case you are not satisfied with the two options stated above, this might be the one you are looking for. Aim for a smaller ring for the time being. Being less expensive it will be within your budget. So, you wouldn’t have much difficulty in getting the ring for the present. Later on, you can save money to purchase the bigger one you always had an eye for.

If you discuss it openly with your girl and she loves you, there shouldn’t be an issue. You can settle the engagement with a smaller ring and promise her that you would get her the ring of her dreams soon. However, don’t fail in living up to your promise! With more time in your hand, you will be able to check out different ring designs, compare the prices, and grab the best deal. Period.

Maintenance is Important

The ring that you gift your fiancée would need maintenance from time to time. The most basic requirement is that it needs to be cleaned every two to three months. You can get this done for free from many places, but some stores will charge you a fee for all the things that need to be done. Also, don’t forget to get your ring insured. Although remember, it will take quite a sum!

If you wish to begin your married life happy, you have to build a strong financial base. Therefore, financing an engagement ring is never a good idea. Love for each other is what matters at the end of the day, not the cost of an engagement ring.