I am saving money for an engagement ring: where to start?
Posted On July 29, 2020
An engagement ring is the most touching piece of jewelry you will give to others, but like buying a car or your first home, purchasing a diamond ring is a huge investment. You may have heard the rumors of “two months’ salary,” but have you considered how much you are willing to spend on this ring? How long will it take?
For many people who buy a ring, it isn’t easy to know where or when to purchase an engagement ring. The more you prepare, the better. We have compiled the following essential tips to help you save for the ring your loved one’s always dreaming of:
1) Don’t panic! Start From The Beginning
Let’s start from the beginning. You have found “one” and are ready to buy the perfect diamond ring. But think about how you are going to pay for this ring, well, this is not as romantic as the idea of reluctance to make suggestions.
First of all, when saving an engagement ring, you should first fully understand your financial situation. You need to know this before you even start thinking about your budget or schedule. What are your financial goals? Are you planning to buy a house soon after the proposal? Are you saving money for other things? Not to mention, shortly after purchasing the ring, the wedding will cost a lot of money.
It is essential to make sure that you understand your current financial situation to know how much money you can spend each month. If numbers are not your best choice, you can always visit your local bank to get an overview of your monthly expenditures and help make plans!
2) Determine a realistic budget
Next step: Determine the budget. Setting a budget is not as scary as you think, because to be honest, there are no fixed rules for how much money you need to spend on an engagement ring. Yes, our budget should depend entirely on the amount you think you can save, and the budgets vary significantly from person to person. We guarantee that you can get a beautiful ring without spending the least amount of money.
The best way to start setting a budget is to consider all regular monthly expenses and any significant financial expenses that you expect to happen. As mentioned earlier, if you and your essential other party have been talking about buying a new home or needing a new car this year, all of this will affect the type of budget you can set for this ring. Maybe not so romantic, but it is also becoming more common to talk openly about the budget you are considering so that the two can be on the same page. Don’t be afraid to discuss this issue with your partner and decide together an actual budget.
The most important thing is to make your budget realistic. We know that you want to use your dreams to impress your loved ones, but it is not worth bankruptcy. After arranging financial debts and determining the budget allocated each month, get educated on how much the ring they want will cost.
3) Create a timeline for the proposal
Some of you may feel more stressed. However, setting a timetable for a proposal can help you reduce process pressure! This step depends entirely on your budget, but according to general experience, the sooner, the better. As many people start to consider proposals, you may realize that you can never start saving too quickly. Once you know that this is the person you want to spend your life with, and have had a big discussion about the future together, you are ready. At this point, no one knows better than you that buying an engagement ring is a huge investment, and preparation is the key.
Achieving this goal requires sacrifice and budget, but trust us, it will all be worth it when you watch your significant other’s face light up as you down on one knee with their dream ring.
4) Other Financing Tips To Consider
One good thing to know – you don’t have to purchase the ring with cash. There are many different options to consider. Some jewelers have financing programs that will help you save up for the ring. It’s essential to make sure you take advantage of the financing options you have, especially if you want to pop the question sooner. Look into whether store financing, buying with a credit card, or taking out a loan can work as an alternative financing option if you can’t have all the cash by the end of your timeline.
It’s also essential to make sure you take ring insurance and service options (e.g., rhodium plating a white gold ring often) for the engagement ring into consideration. We know this is a lot to remember, but planning for these fees upfront will help you budget for the entire ring is a total cost in the long run.
Five Symbol Jewels