Options for Paying for a Diamond Engagement Ring

Diamond engagement rings have been popular for a very long time-- many people associate diamond rings with engagement rings, and the beauty of a diamond ring can't be denied. However, since quality diamond engagement rings are not inexpensive, most people can't just go out and purchase one on a whim. If you have found the person who you want to spend the rest of your life with and you want to propose in the next several months, you need to have a plan in place to purchase a diamond engagement ring. Continue reading to learn more about the different options available to pay for a diamond engagement ring.

Pay Cash

In an ideal situation, one would be able to purchase a diamond engagement ring with cash. But, a diamond engagement ring can cost thousands of dollars, so if you want to pay in full upfront you will need a savings plan. Depending on your income, it may take some time to save up enough money to buy the ring that you want to present to your significant other. If you want to pay in cash, it is a good idea to set up your bank account to automatically have a set amount of money transferred to a dedicated savings account whenever you receive your paycheck.

Finance Through a Jewelry Store

Most jewelry stores understand that buying a diamond engagement ring is a big purchase, and some people do not want to wait until they have enough cash saved up to buy a ring and propose. Thus, almost all jewelry stores offer in-house financing, making it possible to buy a diamond ring when you want to do so. If you're planning to finance a diamond engagement ring through a jewelry store, wait for seasonal sales, and watch for promotions that offer financing with no interest for a set amount of time.

Use a Credit Card

Getting a new credit card to buy a diamond engagement ring can be a good choice if you select the right card. Many credit card companies will offer a new card holder no interest on their purchases for several months, meaning that you can purchase a diamond engagement ring and possibly pay it off before the offer expires. If you do your research and select the right credit card, you can buy a diamond engagement ring quickly and then pay off the purchase while paying little or no interest.