Should an Engagement Ring Be Financed?

Could your fiance be in over his head by spending too much?


I received an interesting love and money question via e-mail. The person who submitted the question said that her boyfriend proposed and gave her a very nice engagement ring. She is excited about the engagement but knows that her fiancé couldn’t afford to purchase the ring without financing it. This led to her question: “Should an engagement ring be financed?”

Now before you make a personal determination, consider the following:

  1. An engagement ring is a symbol of commitment. An engagement ring doesn’t guarantee the success of a relationship. The primary focus should be on the relationship preparation and coming to a conclusion that you truly love the person you are involved with. No matter the size or cost of the ring, the relationship will only be as successful as the commitment of the two individuals to becoming one unit.
  2. Debt can be a negative relationship obstacle. Relationships are difficult enough without the added pressure of debt. Debt can make a smooth relationship bumpy in a short period of time. Finances are cited as one of the top reasons marriages fail, so minimizing financial obstacles positions a couple for a greater chance of success.
  3. A ring is not supposed to be a joint responsibility. A man traditionally presents an engagement ring to the woman he desires to marry. If a ring is financed, the debt is brought into the marriage. As a result, it then becomes the responsibility of the couple if they partner in finances. Doesn’t this technically mean that the wife is then paying at least partially for her own engagement ring? I guess it depends on the way a couple agrees to manage household finances.
  4. Interest paid increases the overall cost of the ring. If you are able to pay for the ring in full at the time of purchase, you eliminate the money paid in interest. Depending on the cost of the ring, this can potentially save the buyer thousands of dollars in interest payments.

Should an engagement ring be financed? My personal recommendation is to purchase the ring without the need for outside financing. However, it’s ultimately a personal decision that needs to be made by the responsible party. In the end, my hope is that couples would consider the long-term implications of bringing debt into their marriage.

What are your thoughts?

Kenny Pugh is a personal finance and business strategist, coach, media personality, and sought-after speaker on finances, business, and relationships. He is also the visionary behind KTP Financial, L.L.C. ( You can find more information about Kenny at Also, follow him on Facebook at, on Twitter @mrkennypugh, and on Instagram/YouTube at Kenny Pugh.

3 Responses to Should an Engagement Ring Be Financed?

  1. Michelle says:

    We did not finance a ring, but I know plenty of people who have. If you are willing to make the payments and pay off the interest, then I think it is fine. It may not be the best situation to walk into as a married couple though.

  2. Fred Bastiat says:

    The jewelry industry has become a finance industry, the product itself is not the profit center.

    We live in a society where delaying satisfaction is not encouraged or respected. Financing in order to utilize capital to help you produce is good financing. All other financing is negative financing and a product of an unwillingness to delay satisfaction in order to produce longer term and greater satisfaction.

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