11/20/2023 0 Comments Engagement ring budget calculator![]() Our engagement ring budget calculator accounts for all 5 of these essential factors to give you the best budget for your personal needs.įor the best balance of price and quality, we recommend H color and VS2 clarity. Other big purchases you plan to make soon.In reality, your budget should be based on multiple factors: Unfortunately, it stuck around for so long that many still believe it. Back in 1940, the diamond company created a marketing campaign to encourage husbands to spend generously on the ring. Here's the thing: That rule is just an invention of De Beers. "Your engagement ring budget should be two months of your salary." Sound familiar? How Much Should I Spend on an Engagement Ring? Otherwise, you may incur a lot of interest charges (20%-40%) that can add up quickly. Try to pay it off before your 0% interest promotional period ends. Is it smart to finance an engagement ring?įinancing an engagement ring can be a smart move if you pay off the entire balance on time. Find out more with our engagement ring calculator. Your budget is highly personal and should be determined by your income, lifestyle, debt, current savings, and other big purchases you plan to make in the near future. The 3-month or 2-month rules are outdated and unnecessary. Credit Card: 12-18 months (for 0% interest on a new card) otherwise, definitelyĭo you spend 3 months salary on an engagement ring?.Jewelry store financing: 6-18 months (for 0% interest).How long your financing is depends on your lender: How long can you finance an engagement ring? requires between 25%-80%, and Zales requires 15%. For example, Kay requires a down payment of about 20%, Tiffany & Co. How much of a down payment do you need for an engagement ring?Įngagement ring financing may require a down payment of anywhere from 10%-80%, depending on the retailer. In most cases, the interest rates charged by credit cards are extremely high (20% - 40% APR) and you won't be able to pay off the entire balance in one month. If you're not using a new card with a low-interest promotion, you may want to avoid using a credit card altogether. This could be a smart move if you know you can pay off the entire balance before the 0% interest period ends. Some also offer attractive sign-up bonuses if you spend a certain amount within the first 3 months. Many credit cards offer 0% interest promotions for several months. Like jewelry store financing, this option may be alright if you can commit to regular, on-time payments. This approach has its advantages and disadvantages. Review this study on deferred interest to get the all facts.Īnother option is to purchase the ring with a credit card. ![]() It's used by many stores, especially large jewelry retailers like Kay and Zales.
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