Month: October 2016

For most men, the process of choosing an engagement ring is an intimidating experience. Though there is no shortage of jewelry stores to shop and engagement rings to browse, it can be difficult to know whether or not you are getting a good deal. However, there are some simple things that you can do to improve your odds of making a wise buying decision.

Shop With a Budget

Before setting out to look at rings, you should determine how much you plan on spending on the engagement ring. The jewelry industry recommends a budget equivalent to three months of your salary, but that number may not be realistic for you depending on your financial situation. If you are struggling to pay your bills or reduce debt, it makes little sense to spend a small fortune on an engagement ring. If you cannot afford the ring that you want, consider buying an affordable ring and having the diamond replaced with a larger one in the future.

Learn About Diamonds

The price of a diamond varies depending on a number of factors, beyond just the carat size. Diamond prices also vary depending on the clarity, cut and color of the diamond. Though you do not need to be a diamond expert to buy an engagement ring, learning about the basic differences between diamonds can help you to compare rings and determine which ring is the right one for your specific situation.

Comparison Shop for the Best Deal

Though engagement rings are more expensive than most other purchases, the shopping experience is similar. You should carefully shop a variety of retailers to learn about the rings available on the market and to compare prices. You should also look for rings that are on sale, discontinued or otherwise offered for less than retail. Through careful shopping, you can likely find the ring that you want to buy, or one very close to it, at a great price.

Manage Financing Costs

If you need to borrow money to purchase an engagement ring, an important financial consideration is the cost to finance. Most jewelry stores offer in-store financing plans, but these plans often have high interest rates. These high interest rates can easily cause you to pay two or three times the cost of the ring before the loan is paid off. However, there are other lower cost ways to borrow money which will save you money such as borrowing through a personal loan from a bank or credit union or borrowing through a home equity loan.

Plan For Problems

When shopping for an engagement ring, be certain to fully understand the retailer’s warranty and return policy. For example, a number of retailers offer a full refund with-in a certain amount of time, but will offer store credit for a longer period. Jewelry buyers typically must take some action, such as having the ring inspected annually, to keep a store warranty in effect. By making certain to understand the warranty and return policy, you can avoid making a potentially serious financial mistake.

Though engagement rings can be an expensive purchase, you can save hundreds, if not thousands, of dollars by simply following these tips and taking your time on deciding which ring to buy. With the savings, you can spend more on the wedding, honeymoon or simply to save for a future need.

Money is always on everyone’s mind. It’s something that almost every person worries about at some point during their life. This is why it’s crucial that people know a few good financial tips and tricks to keep ahead of the game when it comes to personal finances so the average person has an easier time managing them now and in the future.

If you’ve just graduated college or are about to graduate soon, the chances are that you’re facing all of the debt you’ve accumulated throughout your education and are now looking for a job. It’s difficult to get personal finances under control if you don’t have income to control. A good number of student loans will delay repayment for about six months after you’ve graduated, which gives you a little extra time to find employment. There are a number of online resources you can use to help you find a job and it’s also probably a good idea to see if your college will help you with their network.

Work with Financial Planners

For those who have already graduated and have a job, but are having a difficult time getting their debt and finances under control, a financial planner is a great way to go.

A financial planner can look through your finances, income, and budget as well as your debt and accounts to help you figure out where your money is being spent and how much you should be putting toward your debt and other expenses. They’re great resources of information and they’ll be able to better demonstrate any problems with your current financial situation, how to fix them, and how to keep them fixed for in the future. They are a lot like personal trainers, they can provide that outsider’s perspective and integrate best practices to help you get the most for your money.

It’s likely that when you’re looking over your finances to find out how to get a handle on them, you’ll see that you’ll need to either cut back on your spending or make more money. To most people, these seem like impossible feats, but they aren’t as impossible as they seem. If you do opt to work with one, be sure to work with fee only planners as many work on commission and may not have your best interests in mind.

Ways to Cut Back on Spending

Cutting back on spending is certainly doable and it’s fairly easy once the correct habits have been established. Getting rid of that extra coffee in the morning or doing all of the shopping in one trip are obvious methods for cutting back on expenses, but those aren’t the only ways that money can be saved. Most times, searching through consignment shops or buying on auctions such as eBay can save you a lot of money for items that are almost just as good in quality as if you were to buy them directly from the store. Clothing can usually always be bought secondhand as can appliances and you can end up saving a lot of cash without having to sacrifice good quality.

Also, be sure to look for big wins as well as small ones, such as making coffee at home. If you own a car, be sure to research cheap car insurance because you can often save a lot of money just by shopping around. If you pay for cable television, comparison shop there as well because different providers can offer you better rates. Monthly fixed bills are great places to look for quick savings you can bank every single month.

One of the bonuses to shopping for secondhand items is that many times, some of the items can be resold for more than you bought them for. Garage sales are notorious for having gems hidden away in them that can be sold to antique dealers or to local collectors; selling them on eBay is also a good way to make some money back.

Getting finances under control starts with thoroughly looking through them, and then seeing where you could improve your productivity with your budget and spending. After that, it’s just a matter of employing good routines and habits to ensure that you get your foot in the door with saving money and not spending it on things that aren’t necessarily important. Once the habits are there, you’ll be surprised at how well these practices work.