Engagement rings can be a symbol of promise, love, and in many cases, money. The average amount Americans spent on an engagement ring in 2016 was approximately $6,163, according to theknot.com. Although finding and purchasing the perfect engagement ring is important, it shouldn’t be a reason for your credit score to drop. Here are a few ways to purchase an engagement ring without taking a financial hit.
Before shopping for an engagement ring, create a budget, and stick to it. Only look at rings that will help you stay within budget. If you go over budget, have a backup plan for additional financing.
Although most jewelry stores will offer financing options, credit card financing is also an option. There are ways to make the credit card financing process a bit easier.
With credit card financing, there are a few things that you should be cautious about. It may be difficult for you to get a new credit card account if you have poor credit. Although this can be fixed by a credit repair company, it might take more time than expected to open the account and get the physical card in hand. If you're on a deadline to purchase a ring, this may not be the best option for you. If you do choose to finance your purchase with a credit card, make sure you aren’t late on payments. This can damage your credit history and cost you even more money in late fees and interest.
You can avoid relying on your credit card when purchasing an engagement ring. A usatoday.com article suggests that people upgrade their engagement rings later rather than purchasing something they can’t afford at the time. This allows for greater financial flexibility and assures that you buy within your means.
Like every big purchase, buying an engagement ring can be stressful. However, remember that you have options. You can choose where you get the ring, how much you spend, and how you want to finance your purchase. Consider your options carefully and choose the one that will allow you to start the next stage of your life stress-free. After all, it’s good to keep in mind that the ring is not the only thing that matters.