How to Pay for an Expensive Ring

Conventional wisdom says that you should pay two month's salary for an engagement ring. For many young couples, especially in a rough economy, that can be a daunting task. There are many ways to pay for your diamond ring, and they don't all include going into debt. Consider these options when you are getting ready to pay for a diamond ring.

Finance the Diamond Ring at the Jeweler

There are many people that choose to finance their diamond rings at the jeweler. Many jewelers will help you finance your diamond ring, and you can fill out a credit application at the store. The advantage of this type of financing is that you are better able to buy the diamond ring that you want now. The disadvantage of financing your diamond ring at the jeweler is that you will have to make payments on the ring. If you are buying a diamond engagement ring, you will have to make payments on the ring while simultaneously trying to save up for your wedding.

Charge the Ring on Your Credit Card

If you have enough available credit on your credit card, you can charge your diamond ring. One advantage to paying for your diamond ring this way is that you are protected in case you have a problem with the diamond. Even if you have the cash to pay for your diamond ring, you might want to charge your diamond ring on your credit card anyway, in order to take advantage of the buyer's protection that you get when using a credit card.

Buy a Lesser Quality Diamond (For Now)

Many people can't afford the ring of their dreams today. You may choose to buy a smaller, or lesser quality diamond, with the intent of replacing the diamond when more money is available. This is a good option if you do not like debt, but do not want to wait to buy the ring. Many jewelers give you the option of upgrading your diamond at a later date, when you have more money for diamonds. The setting on your diamond ring will probably cost less than a high quality diamond. As long as you can afford the setting, you might want to go this route.

Put the Ring on Layaway

If you think that you'll have difficulty saving up for your diamond ring, you might want to consider putting your ring on layaway. Many stores offer this option. You won't be able to pick up your ring until you have paid for it, but a layaway plan is an option that helps many people pay for their rings

Wait and Save

Another option that you might want to consider is wait to buy your diamond ring and save up for the ring that you want. While waiting for something that you really want is not always fun, delaying your purchase ensures that you will get your ring without debt. It will feel good to step into the jewelry store and walk out with a fully paid-for ring.