Understanding Jewelry Making Tools and Practices

5 Ways To Afford An Engagement Ring

14 June 2016 by Roberta Vasquez

You're head over heels in love with your partner and are eager to get married and build a life together. But first, you have to budget and pay for an engagement ring. With the average cost of an engagement ring hovering at around $5000, paying for the ring can require creativity and planning. Here are five specific ways to pay for an engagement ring for you to consider:

Apply for Financing from the Jeweler

Jewelry stores often offer their own financing programs for people who buy engagement rings, allowing you to purchase the ring now but make payments over time. This can make it much easier to buy the ring you want now, without having to save a large lump sum first.

Financing from jewelers often comes with a low introductory interest rate that goes up after a certain amount of time has passed. Read the details and figure out how much you need to pay per month to pay off the ring before the introductory rate is up. This can help you set the right budget and use your credit responsibly.

Start a Side Gig

If you'd prefer to pay for your ring at once but don't have enough money set aside, consider starting a part-time job or side business in addition to your regular job. Any extra money you make can go toward the purchase of the engagement ring. Some ideas for side gigs include delivering pizza on the weekends, starting a freelance writing or web design business you work on in the evenings after work, or offering babysitting or pet sitting services in your neighborhood.

Since your regular job already covers your life expenses, you may be surprised how fast you can save up a large amount of money from a part-time endeavor.

Consider Diamond Alternatives

Another great option is to look into more affordable diamond alternatives, which can mean buying a gorgeous ring with a larger stone while spending much less than you would on a diamond. Some diamond alternatives include moissanite (a stone which looks just like a diamond to most eyes), white topaz, or even a colorful gemstone like an emerald or sapphire. If your soon-to-be fiancee loves her birthstone, you may want to look for a ring with that as a center stone and simply use small diamonds as accents.

Look into Layaway

In addition to financing, many jewelry stores offer layaway programs. The way this works is that you reserve the ring you really want, preventing other shoppers from being able to buy it. Then you make weekly or monthly payments until you cover the entire price of the ring, at which point the engagement ring is yours. This can make coming up with the money for the ring a more manageable process, without the risk of high interest or unwanted debt.

Don't Get Hung Up on Imperfections

Many diamond engagement ring shoppers get caught up on the idea of buying a "perfect" diamond that has no flaws. Unfortunately, that type of perfection is reflected in a steep price and can mean buying a much smaller diamond than your significant other may be hoping for. Be open-minded when looking at rings and ask to see rings with slightly flawed or imperfect diamonds.

In many cases, flaws in diamonds are so tiny and imperceptible that they can only be seen with a magnifying glass. As long as the diamond isn't obviously cloudy and has a good amount of sparkle, a flawed diamond can be a great bargain.

By utilizing one of these options, you will be able to buy your girlfriend the engagement ring you know she'll love without unnecessary financial stress.

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