Buying an engagement ring doesn’t have to put you in debt
By: Darrell Castle
Marriage is a beautiful thing, however the decision to get married and the process along the way can be stressful, especially when it comes to buying the engagement ring. But, should it be stressful?
The rule of thumb is to spend at least two to three months salary on an engagement ring – but is that really anything more than a clever marketing campaign aimed to get you to spend too much money on a ring?
Financial advisors say you should have two to three months worth of your salary saved up in case of a job loss or medical emergency. That means, if you’re planning on buying an engagement ring at a value in line with the “clever marketing,” then you really need to have 4-6 months of salary saved up.
Many times though, this isn’t the case and engagement ring consumers decide to swipe their credit cards to pay for or finance the ring.
Whichever way you decide to pay for an engagement ring, do so wisely with your future in mind. Is it really worth buying a ring that’s too expensive to only get married into a stressful life that starts out with increasing debt because you can’t pay your bills due to this expensive piece of jewelry?
It’s important to remember money is one of the top reasons marriages end in divorce. You don’t have to let that be you.
I advise you to save your money for a wedding ring and not finance it, but make sure you have enough money saved up after your purchase to withstand any life emergency we often get thrown at us, like a medical emergency or a sudden job loss.
However, if you do fall into debt, you don’t have to live enslaved to it. Here in America, we get a second chance to make better financial decisions through the bankruptcy process.
By filing for bankruptcy, your debt can either be discharged through a Chapter 7 or lumped into an affordable 3-5 year repayment plan through a Chapter 13.
After the process is complete, you then have a fresh financial start to re-establish and rebuild your credit the right way. And here at Darrell Castle & Associates, we don’t want to only help you get out of debt through the bankruptcy process, but we also want to see you thrive as a result, which is why we offer our clients free access to a great 14 week program called “7 Steps to a 720.” This program offers tips the banks don’t want to share in regards to rebuilding your credit the right way.
The decision to file for bankruptcy can be tough, but with an experienced bankruptcy attorney, the process can be easy and the benefits can be great.
If you have any questions or if you’re considering filing for bankruptcy, you can speak to one of our attorneys, free of charge, by filling out the “Get in Touch” form below or by calling us at (901) 327-1212.