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The Ultimate Guide How To Finance An Engagement Ring

The Ultimate Guide How To Finance An Engagement Ring

How are you going to pay for the engagement ring that you are going to place on the finger of your beloved? It can be rather expensive buying a ring, and if your future spouse thinks money equals love, then just a few hundred dollars may not be enough. Here is the ultimate guide on how to finance your engagement ring. It is made up of tip after tip after tip in the hopes that maybe one of the tips will be the right one for you.

Consult Her First if Possible

How you approach this will determine if you win or lose. Your aim is not to approach her and say, “Hey Hunni Pie, we need to get hitched. How much should I spend on that lil old rock for you?

What you need to do is bring up the question of both of your futures and say that “If” you were to get married in the distant future, should you consult her on the money spent, or should you just go with it and use your own judgment.

Remind her that any debt you are lumbered with will be her debt if she marries you, so maybe she should have a say in the matter before any proposing is done.

Is She Willing to Pay Half?

funny proposal with a seal saying yes

We live in an age where women have more rights than men, including but not limited to if a child is born and who looks after it, and in this day and age, it may be worth asking her to pay half.

As mentioned in the section just above, if you get into debt, then she is in debt when you get married, so technically she is going to pay half anyway. There is a good chance that she earns more money than you do, and there is certainly a good chance that she has a better credit rating. She may be amenable to paying half of the cost of the ring.

Get a Personal Loan for the Ring

If you are going to get into debt, then a personal loan will offer the best interest rates (usually), and personal loans are easier to pay off than payday loans, than credit card loans, and than poor-credit-rating loans.

A personal loan will eventually be paid off, whereas other forms of debt may have you paying the interest off without ever paying off the balance. If you are looking to get into debt over your life partner…then a personal loan from your bank should be your first port of call.

Use a Credit Card to Buy the Ring

I strongly recommend that you do not get into credit card debt. It is the most difficult type of debt to get out of. You can max out a card and pay the interest for the rest of your life and the credit card company will sit back and laugh at you.

However, if you simply must get a credit card, then get a new one and get one that offers a 0% interest rate for new purchases for 12 months or longer. You must then vow to pay off all of that debt before the 12-month period is over, and you must immediately cancel the card. For the sake of your future wealth, your future security and your future happiness, please do not get into credit card debt for a purchase such as this (i.e. an avoidable one or one that can wait).


Start a Side Job and Use the Money to Finance the Purchase

If you really love the person you are going to propose to, then take the time to save up the money, and you can do it both professionally and smartly with a job on the side. Use the extra money you make to save up for the ring and for the proposal scenario, which some people like to do in style. For example, both times I have visited the top of the Eiffel Tower; I have witnessed at least two proposals. It is such a cliché up there that there are more knee prints on the floors than there are footprints (giggle).

Man proposes at the top of the Eiffel tower love


Once he or she says yes, you may use the side job to help save up for the wedding or to save up for a place to live so you do not have to pay as much for the mortgage. If you are looking for side jobs, then we have a truly epic post called, 64 Easy Ways to Make Money On The Side

Save 10% of Your Pay Check Every Month

If you are going the wealth-building route and you are the type of savvy saver that is worth hundreds of thousands by retirement age, then save part of your paycheck every month.

Yes, you are going to have to wait to propose, but surely the love of your life will not leave you because you are tardy making a proposal. After all, if that person is the love of your life, then he or she should be willing to wait forever.

Avoid Jewelry Store Financing Deals

Just don’t do it. I may be wrong, but I have never seen a good and/or reasonable deal. Plus, jewelry stores that offer financing deals are often less than favorable, especially when it comes to the quality of their merchandise. If a store gives a financing deal, then give the store and its deal a miss.

Get the Darn Thing on Two-Week Approval

If you are taking the plunge, then get the ring on approval. In other words, make sure you get a ring that you are able to return if he or she says no. There is nothing worse than being rejected and then discovering you can only get 1/3rd of the original cost of your ring back when you sell it online or back to a jeweler. Even worse is if you are stuck paying off debt for a ring you cannot use. If you are smart, you will get it on approval so you can take it back. If you are not smart, then at least keep the ring so that you may offer it to the next love of your life.

Funny Rejection Message

Sell Your Stuff and Spend as Much as You Make

Decide which of your possessions you are going to sell and then sell them all. Take your time over it so you can chase the best prices. Once you have sold every item, then that is how much you should spend on the ring. You have not only financed your ring, but you have also allowed an exterior force to control how much you spend…sounds like love to me.

Opt for a Cheaper Ring

Just consider it as an option. Should she really have a ring the size of a hamster? Should you really spend so much money when she would probably prefer a new car instead? Are you really getting into debt as your first act as a soon-to-be-wed couple? Don’t mistake this advice as saying you should buy a $20 piece of tin from a traveler, just consider toning down your spending and maybe your expectation regarding what “romantic” really means. Surely, being romantic means thinking about your future spouse’s future, such as how much debt you are about to land each other in.

Will Your Parents or Grandparents Give You a Ring?

If your parents or grandparents think it is traditional, or if they have always talked about handing down a ring, then get in touch with them and have a chat about it. They may decide to give you a ring from their collection and they may even have a ring that they have been holding on to for such an occasion.

Man is rejected but takes it rather well

Will Your Parents Give You the Money for the Ring?

Getting the money from your parents is hardly a mature thing to do, but some parents are happy to do it, and if it means you avoid getting into credit card debt, then you should do it right away.

Should You Buy A Second Hand Ring?

Yes you should, just make sure it is within five ring sizes of your future spouse’s ring size. If it is smaller or larger than five ring sizes, then a jeweler will not be able to adjust the size to fit your lady (or gentleman). Don’t forget that some people have not read this article, so they do not know that they should buy a ring on approval, which means they cannot return their ring. Instead, they have to sell it on CraigsList or on eBay, and they have to sell at roughly one third of its original price. It is times like this when a savvy buyer such as yourself may make a steal.

Conclusion – Did You Know There Are Still Many Options Left?

Most articles will give you around five suggestions, but as you can see from this article, you have far more than five options. Don’t stop with just what you read here. Use these ideas to get your own creative juices flowing so that you may come up with your own ideas. Could you have a ring made for your beloved by a local manufacturer? Do you have a jeweler friend who will give you his/her staff discount? Does your future spouse’s father or mother has any ideas on what you should do? Could you sell your car to pay for it? There are many options to choose from, so do a little thinking and plan your course of action. Good luck.

funny prosposal ring diamond Lord


About The Author

Ash The Great

After a varied career in different industries from the hospitality industry to the financial consultancy industry, Ash now spends his days working as a professional writer.

1 Comment

  1. Ellie Davis

    Thank you for suggesting that you should consult her before making the purchase if possible. My brother is getting ready to propose and needs to buy the ring. I think he is going to try and get financing so he can buy a nicer ring. Hopefully, he can find a loan center that will help him out.


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