Right after your engagement is fixed, there are so many preparations to do, so many things to plan, and lots of excitement and worries surrounding the big day. Hence life suddenly gets fast before the engagement, and the calm heart all of a sudden starts pounding with several thoughts. One amongst these thoughts which bothers you the most, and often freaks you out seriously is the expense of the engagement. Rest assured, one of the biggest costs is the expense of an engagement ring.
Centered around this the whole party, function, celebration, and occasion is held, and you cannot be lenient with the ring. The ring automatically attaches a lot of prestige to it. This includes your family status, individual choice, and class, and also you select the ring and pick it in a price band which suits the class and stature of your fiancé and his/her family.
The pressure of the engagement ring on your pocket
With so much in mind, you cannot be lenient with the engagement ring. It positively and unconditionally has to be great and attention fetching. However, after keeping a big portion of the engagement fund for the venue rental, catering, decoration, gifts, lighting, invitations and all that, are you left with enough funds for the ring?
In most cases, you struggle to get a ring in the budget, and in many cases, you plan to mortgage the car, or some other asset to get a loan for the ring. You may also use the entire credit limit of your credit card to get the ring. And people do these things as the mind stops functioning and planning to fetch more funds for the special day and the special ring. But, is that the right way to do this?
Probably not! Because you are going to get married after some time of the engagement, and since you will be taking more expenses, liabilities, and responsibilities on your shoulders surrounding the upcoming marriage, and the married life thereafter, you have to tread every step carefully right from now on.
Handle your expenses to manage the ring budget
You can control your costs with some careful planning. Cut down on the unnecessary and plan only the essentials. That’s the very key to successful budgeting for the engagement. You must be left with some money to do the wedding later on, and you cannot go bankrupt at the engagement only. You cannot exhaust all your funds on this occasion. Therefore, the ring can be so important to push you towards getting into such debt which may later become unmanageable.
The credit card is the biggest temptation- get over it
When it comes to buying an item that’s out of the budget, the credit card is the biggest temptation. You know that you have the card, and the card has limit enough to buy you the thing. And this is where the ruthlessness begins. Without having any plan in mind of how you will repay the card debt, and how many installments you will use to pay back, you go for the purchase!
And mark this, later you feel miserable that you used the credit card’s entire credit limit in this thing, which will not fetch you any living or returns, and will only submerge you more into dues, as more and more of interests keep accumulating on the card dues. If you are still unsure, you may get a better idea of how people get into debts through credit cards by reading valuable contents in resources like Nationaldebtrelief.com/
Therefore, the moment you think of the credit card, or look at it, remember that this debt will be serious, as the engagement ring does not come for $2. It’s a big investment, and should only be planned when you don’t get into debt for it.
Why not mortgage the engagement ring itself?
An engagement ring will be made from precious metal and precious gemstone. Therefore it will be of high value and a great asset too. Once you invest in it, it will become a lifetime asset. Then why not mortgage the ring itself than take another loan for it. Instead of getting into unwanted debt for the ring, mortgaging the ring itself by buying the ring on EMI is a great idea. You will find many merchants selling engagement rings in finance. And you must reach one of them who would use the ring itself as collateral to offer you the ring on an EMI. This will not be a debt on you, and instead, become an investment which you do a month to month, and once you complete the payment, the ring would be your asset, and investment on precious metal and gemstone.
Finding the merchant
There are brilliant ways these days to locate a merchant who would sell you an engagement ring with proper gemstone and jewelry certifications on a nice finance scheme. The yellow pages, business classifieds, craigslist, and then the internet, all come with great options to find you the names of such jewelry traders.
Avoiding debt during engagement
While you must avoid buying the engagement ring without getting into debt you also must remember not get into any debt during or before or after the engagement. An engagement comes with the hope for marriage. And sooner or later after engagement marriage will happen. Hence the new life should not start with any pressure of debt. However asset building is not wrong, and if you can arrange to get your ring through a nice EMI scheme, then you can always go for it.
In case you are already into any previously taken debt, then instead of spending the excess on the engagement, you must focus more on getting out of debt by the engagement. Maybe you will have to take some debt solutions from consultants or advisors. It is good to get through effective debt management programs like debt settlement or debt consolidation to settle and come out of all existing debts before your engagement.
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Bony Levey Diamond Double Stack Ring, Main, color, YELLOW GOLD/ DIAMONDBONY LEVY
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