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How to Prepare for Buying an Engagement Ring

September 14, 2018 | By Louis Tully


So you’re ready to pop the question? Congrats! But before hunting down the perfect ring, you better make sure you have what you need before buying, like her ring size, for example. Here are a few things to keep in mind when shopping for an engagement ring.

Do Your Homework

First things first, you’ll want to do your research before venturing off to the jewelry stores. Sit done with a pen and paper and jot down a list of all things you need to cover first. Get answers to questions like:

  • What’s her ring size?
  • What kind of ring does she like?
  • Does she like silver or gold?
  • How much can I afford to spend?
  • Is financing an option for me?

Of course, she’ll love it no matter what you get her because hey, you’re both getting married! But you’ll want to at least make sure the ring fits.


Work Out a Budget

Now that you’ve done your homework, it’s time to break out the calculator and do a little more! Fun, right? The truth is, whenever you’re getting ready to make a big purchase, you have to budget for it. You’ll need to know how much your income and current financial status will allow you to spend. Failing to check this first could easily result in more debt than you can handle and that’s no way to kick off your engagement. Here are some budget-worthy items to check off your list:

  • Check your credit score: Financing isn’t always recommended, but most people don’t have $2,000 laying around to drop on a ring. In this case, financing may be your best option.
  • Check your savings: Knowing how much money you have stowed away should help you decide how much you can spend on an engagement ring. Figure out how much down payment you can spend without drying up your savings account.
  • Check your expendable income: Assuming you’re going the financing route, you’ll need to know how much you can afford to pay each month. Knowing this will help you determine how long it’ll take you to pay off the ring. The more you can pay each month, the faster you can pay it off.
  • Future plans: As important as the engagement ring is, you don’t want to start a purchase that’s going to keep you in debt for years to come. Go with something reasonably-priced and with low (or zero) interesting financing option. If buying a house is in your not-so-distant future, you’ll want to steer clear of debt as much as you can.

Shop Around

Never buy from the first place you come across. With jewelry shops on every corner, it’s probably wise to at least visit more than one. It’s always better to have options. Jewelry stores all vary in their inventory, prices, financing options and customizable pieces. It’s worth exploring at list a few stops before committing to a purchase.


Don’t Go Above and Beyond

Obviously, you’re in love, but that doesn’t mean it’s time to go to infinity and beyond on the engagement ring. Take a step back and get real with your situation. If you can’t realistically afford to buy the best ring, that’s okay. Not a lot of people can. What’s important is the idea behind the ring and what it represents, not the literal value of the ring itself.

Save Before Buy

If you can afford yourself some time, it’s best to do so. Though you may be ready to get down one knee now, your wallet might say otherwise. Take your time and save up some money first. It’ll require some patience, but it’ll be a lot easier to move forward with the love of your life without all that heavy debt dragging behind you.

Get Relief When You Need It

Even if you followed all these tips word for word, financial emergencies happen, and often at the worst times. In these rare cases, installment loans from your local Simple Fast Loans lender could provide some relief. If you’re trapped in a cash crisis, reach out today and see how fast and easy it is to obtain financial relief. It may be just the thing you need to get your finances straightened out before tying the knot!