How do people pay for engagement rings?

Did you know, you can pay for engagement rings in instalments as opposed to buying as a lump payment? Most jewellers are likely to offer a diamond finance plan for those who want to buy their loved one the perfect diamond ring, but can’t afford to part with that much money in one go. This guide explains all you need to know about paying for engagement rings – including how much you should pay, and how to finance your diamond jewellery.

Paying for engagement rings options

• Savings – possibly the most time-consuming, especially if you’re ready to propose, but the most traditional way of staying within the budget.
• Credit cards – taking the hit on a credit card can allow you to manage the costs over a few months (if your credit card provider allows), but it can be difficult to manage on your own when you’ll likely have other costs to cover each month.
• Personal loan – although this is an easy way of being able to afford a ring quickly, it may be the most difficult to pay back – with options including a fair amount of interest, so make sure you do your research beforehand.
• Diamond finance – one of the most recommended options, this allows you to easily pay for your engagement ring over the course of 6 months, 12 months, 18 months or more – depending on the cost of the ring you buy.

Here at Shining Diamonds, we strongly recommend using one of our diamond finance options – as this will allow you to pay monthly for the ring of your choice without having to pay interest on orders over £400.

Can engagement rings be financed?

Yes – engagement rings can be financed. Here at Shining Diamonds, we pride ourselves on being able to offer exclusive diamond financing options to allow our customers to pay for their diamonds in instalments. With a range of diamond finance choices available, simply choose the best option for you:

• 6 months – 6 months interest free, 0% APR. Minimum order amount: £400.00. Minimum deposit amount: 25%.
• 12 months – 12 months interest free, 0% APR. Minimum order amount: £1500.00. Minimum deposit amount: 50%.
• 18 months – 18 months interest free, 0% APR. Minimum order amount: £2500.00. Minimum deposit amount: 50%.
• 12 months (interest bearing) – 12 months interest bearing, 14.9% APR. Minimum order amount: £400.00. Minimum deposit amount: 25%.
• 24 months (interest bearing) – 24 months interest bearing, 14.9% APR. Minimum order amount: £400.00. Minimum deposit amount: 25%.
• 36 months (interest bearing) – 36 months interest bearing, 14.9% APR. Minimum order amount: £400.00. Minimum deposit amount: 25%.
• 48 months (interest bearing) – 48 months interest bearing, 14.9% APR. Minimum order amount: £400.00. Minimum deposit amount: 25%.

Want to know more about paying for engagement rings in instalments? Follow our guide on how to finance an engagement ring for all the tips and advice you’ll need.

How much should you pay for engagement rings?

Deciding how much to spend on an engagement ring can be tricky – but as a general rule of thumb, an engagement ring should cost around three months’ worth of your current salary. However, this isn’t set in stone – as each individual’s salary bracket differs so, therefore, the cost of your loved one’s dream ring could also differ, too.

In more recent times, it’s become much more acceptable to spend around a month’s wages on a diamond ring – as more money can then be put towards making the wedding the best day possible, or contributing financially to other aspects of marriage.

Want to know more? Find out everything about how much you should spend on an engagement ring from our detailed guide.