You may have heard a lot of talk about inflation lately. For those who don’t know, inflation is when the average cost of services and goods in society goes up, usually all at the same time. Another way to look at it is that the value of your dollar does not stretch as far as it once did.
With inflation rising, you might be worried about getting an appropriate engagement ring if you want to propose marriage to your intended fiance sometime soon. Financing engagement ring options is one way to go, but you have some other options as well.
We’ll discuss them in the following article.
Financing the Ring
We’ll start by talking about financing, a popular option with many individuals who plan on getting married soon. If you’d like to get a nice engagement ring that costs more money than you currently have, financing lets you pay for it on an installment plan.
Many jewelry stores will allow you to do financing if you have enough money to put down on the ring when you purchase it. They might allow you to pay for the ring over a period of months or even years.
If you go this route, make sure that you have enough cash for the down payment and that you can afford the monthly installments. Paying for a high-end ring a little bit at a time is certainly appealing with inflation rising.
Get a Less Expensive Ring
Getting a less expensive engagement ring might also emerge as a viable option in a time when your dollar will not get you as much in a jewelry store. You might get a more modest ring if you feel that would be appropriate.
It might ruin the spontaneity if you go with your fiance to a jewelry store where the two of you can pick out a more modestly-priced ring together, but that could be the best solution. You want to be romantic, but sometimes you need to be practical as well.
Are There Any Rings in the Family You Can Use?
You can also bypass having to spend any money on the engagement ring if there is one in your family you can use. Perhaps you can talk to your mother or another relative about whether they have an engagement ring they would be willing to let you use when you pop the question.
If so, then you won’t have to spend any money. There’s one additional reason why you might find this prospect appealing, though.
Keeping an engagement ring in the family that has been part of it for generations is a way of maintaining a connection to the past. You and your future spouse might like that better than a ring you get at Zales or a similar high-end jewelry store.
You Have Options for Getting an Engagement Ring
Multiple options for getting engagement rings do exist, even at a time when inflation is rising steadily. You might see if there is already an engagement ring in the family you can use. Doing so is a way of staying connected with the generations that came before you.
You might also consider financing a ring if you can’t afford to pay for it all at once. Many stores will work with you if you at least have a chunk of money to put down at the time of purchase.
You can also get a more modestly-priced ring. You and your fiance might pick one out together. Marriage should not be about materialism, so getting a less-expensive ring shouldn’t be an issue for either of you.
Consider which option makes the most sense for you, and then select a ring based on the appropriate strategy.