How to Purchase Your Dream Engagement Ring on a Budget

Posted in: Engagement

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You may have found your dream engagement ring, the one that sings to your heart each time you see it, but your budget says no. 

What if there is simply no other ring that compares? You just have to have it, but how? By tapping into some surprising financial avenues, you may discover some entirely manageable ways to purchase the engagement ring of your dreams. 

Credit Cards

We’re often taught that credit cards are only to be used in case of an emergency or if there’s not quite enough money at the end of the working week to tide you over. 

While there is certainly value in this money management technique, you might be surprised at just how affordable, convenient, and manageable some credit cards can be. It’s all about doing your homework, shopping around, and finding out which of the most reputable companies offers you the best deal. 

What’s more, you are often treated to incentives like interest-free payments when you sign up for a new credit card. Gem Visa, for example, offers six months interest-free on purchases of $250 or more. 

If you can calculate a payment plan that works for you, using your credit card to fund your dream engagement ring doesn’t have to be an overwhelming and financially unfeasible option. The best part is, once you pay off your piece of jewellery, you can cancel your card to avoid yearly fees if that’s what you wish to do. 

Finance Companies

Many people associate finance companies with big-ticket purchases like cars, boats, and bikes. In reality, every finance company has different criteria. Most allow you to purchase all manner of different items, like electronics, clothing, vehicles, and, you guessed it, jewellery. 

If you’ve found the engagement ring of your dreams, but planning a wedding has meant you’re short of free funds, utilising a finance company may be a worthwhile idea. Sometimes, finance companies offer low or no-interest schemes, along with fast and easy access to the funds you need to avoid missing out on that perfect diamond. 

If this is an avenue you’re considering, it can be worth comparing the repayment terms of each potential finance company. Read through the fine print, look at their fees, and decide if any particular finance option stands out as viable for you. 

GST-Free Shopping

Shopping online for jewellery and engagement rings has provided customers with some very unique purchasing opportunities and benefits. One such benefit is being able to export your diamond or diamond jewellery GST-free through some airports in New Zealand. 

You simply pay for the export and delivery, along with a documentation fee, but the GST component of 15% is left out of the equation. How this process works is simple. Once you’re through Security and Immigration and on airside, you can pick up your parcel at the designated collection point. 

However, there’s one thing worth noting if you’re considering GST-free shopping. If you purchase from an offshore company, you are charged GST upon import and can’t claim it back. 

Shopping Online

There can be something quite special about shopping for wedding rings and diamond engagement rings in-store with the love of your life. However, not everything always goes to plan, as much as you’ve probably imagined how this day would pan out for a long time. 

You may struggle to find a time or day when you and your significant other are both free to visit. You then have to find the closest or most convenient jewellery store, then wait until an assistant is available to see you. 

What’s more, there’s always the risk that, even after all that hassle to align schedules and get to the jeweller, they don’t have that ‘perfect’ engagement ring you’ve been hoping to find. 

In that respect, and many others, there’s certainly value in shopping for your wedding rings and engagement rings online. Online jewellers have low overheads due to their online presence and can offer competitive prices as a result. 

You can also benefit from custom jewellery creation, virtual try-on services, and a number of other helpful features that make jewellery shopping online as convenient as in-store shopping. 

Don’t Let Your Bank Account Hold You Back

You may not have access to the funds you need for your dream engagement ring right now. You may not even think your preferred ring even exists or is within reach. However, anything is possible with a little bit of homework. 

There are plenty of financial avenues to consider that allow you to save money on rings and other jewellery, or spread out the cost, so the payments are more manageable. Don’t be too eager to give up on ‘the one’ just yet.