Tips on Saving Up for a Beautiful Engagement Ring
Nobody wants to settle for an engagement ring. Of course, you want the most beautiful piece of jewelry for your fiancé’s finger, but you also don’t want to spend too much. There’s good news. You don’t have to go into debt to purchase the perfect diamond ring.
With a bit of careful planning and some penny-wise decisions, everyone can save money to get the perfect engagement ring. And your love is bound to say ‘yes’ to the diamond you pick and your smart money management skills. Learn what you should consider when deciding how much to spend on a ring and some quick tips on how to save up to reach that goal.
CONSIDERATIONS WHEN SETTING THE BUDGET FOR AN ENGAGEMENT RING
Preparing for a wedding is not always an easy process. There is a lot of planning, decision making, and budgeting involved. When you are shopping for an engagement ring, there are a few factors that we suggest you keep in mind.
SET YOUR LIMIT
Remember that there’s no correlation between the price of the jewelry and the duration of the marriage. Experts say that a fair value for an engagement ring is equal to one month’s salary. Many choose to go over this amount in order to afford a larger center diamond or a specialty design. Whatever your choice is, it’s important to first have a solid understanding of your current financial situation. Then, set a realistic limit and be firm as you go through the ring selection process.
CHOOSE QUALITY OVER PRICE
When you are picking out an engagement ring, you are essentially choosing a family heirloom. This is a piece of jewelry that will be passed down through the generations. We advise clients to look for a high-quality diamond rather a large stone. In addition to the carats, be sure to consider the other Cs of diamond quality: cut, color and clarity.
CONSIDER FUTURE UPGRADES & EMBELLISHMENTS
The piece that you purchase now to pop ‘the question’ doesn’t have to be your fiancé’s forever ring. These days many couples are choosing to enhance their ring as the years go by. Upgrading the ring can be a great way to celebrate an anniversary, the birth of a child, or other big milestones in your life together. The original engagement ring can always be amplified later on with a larger center diamond, side stones or a ring enhancer.
AVOID PAYING EXCESSIVE INTEREST RATES
Some chain jewelry stores offer tempting financing options or credit cards to help you afford more bling on a tight budget. Credit can sound like a great option, and they may even offer a ‘no money down’ purchase. Usually, though, these financing options have excessively high interest rates. Borrowing money is a big responsibility, so make sure you read the fine print before signing.
5 WAYS TO SAVE FOR AN ENGAGEMENT RING
Here are five clear ways to save up in order to buy the perfect engagement ring.
1. MAKE SAVING AUTOMATIC
With online banking, it’s easy to open a savings account and set up automatic transfers. Use these tools to put away a portion of your income each month. By saving a little bit at a time, you’re less likely to notice the difference in your day-to-day spending limits. In less than one year, the average person is able to save up enough to purchase a beautiful ring and plan an unforgettable proposal.
2. CUT OUT A FEW EXTRAS
This step seems straightforward, but it’s not always easy to implement. Start by looking over your expenditures from the past month. You can use the transaction history of your debit card. Then, add up similar charges, such as eating out, clothes, entertainment and travel. This will give you an idea of where your money goes. Next, target two or three categories which can be trimmed for a few months as you work to save money for an engagement ring. Plan to spend less on these items, but not eliminating them completely. You may be setting yourself up for failure by setting unrealistic goals.
3. STASH SOME CASH
One easy trick for saving money is to put a portion of each cash withdrawal aside. Every time you take money from the ATM, put a $5 or $10 bill away in a savings jar. Most people are surprised at how fast this small amount can add up. Be sure to keep your cash savings spot hidden away though so your fiancé doesn’t start to get suspicious.
4. DECREASE DATE NIGHT SPENDING
While saving up for a ring to propose, it’s still to keep the relationship strong. Unfortunately, romance has come to be associated with big spending. To help you reach your financial goal, try to get creative when organizing date nights. Instead of fancy dinners or expensive concerts, plan a romantic dinner at home, a picnic in the park, or going for a hike.
5. REEVALUATE YOUR SUBSCRIPTIONS
Regular expenditures quickly become habits. But as you look down the road to a wedding, now is the time to reevaluate these charges. Some subscriptions might be completely unnecessary, such as magazines that you never read or apps and online services that you don’t use anymore. Consider cutting out extra cable or satellite TV packages. You might choose outdoor activity over a costly gym membership. Cutting out these types of subscription fees, even if it’s only temporary for a few months, can really help you save.
SMART ENGAGEMENT RING SELECTION STARTS HERE
As you work to save up money for an engagement ring, you will have plenty of time to shop around. For expert assistance in making this important purchasing decision, trust a local name that has been around for more than 40 years. Visit SpellBound Jewelers’ fine jewelry store or call us at +1 (877) 625-4367