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Why You Don’t Have To Wait To Buy An Engagement Ring


Now more than ever, it’s becoming difficult to take care of things that we once took for granted. Many Americans already suffered from financial difficulties prior to the pandemic, with about half of all American households living paycheck to paycheck.

The pandemic itself has only made it more difficult for people to follow through on the plans they made months ago, with many people having to tap into their savings or funds that they meant for other purposes. This has hit people who were planning to get married particularly hard. Getting legally married itself isn’t all that difficult, but many of us have certain expectations in mind when it comes to the engagement process and the wedding itself.

Unfortunately, this has led to a lot of people putting off their engagement plans in particular. Engagement rings obviously don’t come cheap, and there are often certain expectations involved regarding the value of a ring, depending on the community you’re from. While some couples are choosing to forego a ring, this is often a temporary measure; and for others, an engagement really isn’t official without a ring.

With that being said, there are options for those who want to buy an engagement ring now, while still being financially responsible. For that matter, even after the pandemic is over, many people will be left in different financial conditions than they began with. Therefore, it’s smart to start thinking now about alternative engagement ring financing options than what you may have initially started your planning process with.

How Much Does An Engagement Ring Cost?

The cost of an engagement ring can vary greatly. Many Americans still recommend that a certain amount is spent on an engagement ring, relative to the buyer’s income. In the past, it was often recommended that a buyer spend one month’s salary on an engagement ring. But in recent years, many Americans have had to adjust their expectations.

For that matter, a lot of people would rather spend more on engagement rings, and realize that they can with engagement ring financing options. Some engagement rings are much less expensive than others, but remember that this is often reflective of quality. Ideally, you’ll want to get an engagement ring that your partner will love, that will last, and ideally, that comes with a warranty or insurance options.

Is Engagement Ring Financing An Option For Everyone?

A lot of people dismiss the idea of investing in a quality engagement ring outright, believing that they’ll be denied due to bad credit or simply a lack of credit history. Many people that previously had fair or good credit are now struggling to maintain their credit scores in the midst of the financially challenging pandemic.

Engagement ring financing is more attainable than you might think. In fact, jewelry financing is something of a norm, as many customers cannot afford to spend a lot of money on jewelry outright. Lots of jewelry stores offer customer financing with poor credit in mind, particularly when it comes to engagement rings.

Now, bad credit financing or no credit needed financing can sometimes come with higher interest rates, and it may require more money down initially than financing plans made with good credit in mind. However, this does make an engagement ring more immediately attainable.

How Can I Build Or Rebuild My Credit Score?

You can look at a financed engagement ring as an opportunity to build your credit history back up, or you could start building your credit history ahead of buying a ring. Essentially, the best way to build or rebuild your credit score is to simply make regular payments on your loans or financed belongings, as well as your credit cards.

Many build their credit histories by buying necessities, like groceries or gas, with a credit card and immediately paying off that card as soon as those purchases are made. This is much more feasible than using store cards, which can offer tempting “deals” but often encourage over-spending.

Whether you decide to wait on buying an engagement ring or simply go ahead with your original plans, know that you can buy the ring that you and your partner want. It’s simply a matter of getting creative.

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