How to Save Smart to Afford an Engagement Ring
Planning your engagement is one of the most exciting times of your life.
Keeping the secret from your partner you plan to propose to is part of the excitement, but none of this can happen without the ever-so-important ring.
Since the covid 19 pandemic, inflation has been at an all-time high, meaning there is much less disposable income to spare on fancy diamond rings.
Engagement rings should not be rushed into buying, but they do not need to break your bank account to afford one.
In this blog post, we will discuss how you can begin planning your savings for your engagement ring and, ultimately, how to do so without being out of pocket.
Confirm your budget
First things first, you need to be realistic with your budget and what you can afford to spare over the next few months.
If you have savings that are going towards buying a house, do not dip into other important budgets you have saved up.
Decide what you want to spend, and set a price you must be strict with. You will not waver or go over this price, for if you do, you should expect to be especially out of pocket.
Set your strategy for saving
Now you have a budget in mind and need to begin saving into a pot for your engagement ring.
The strategy is most important throughout this process as this will get you from point A to point B.
Are you going to take on extra hours at work to afford it? Or will you budget for the next few months to have a savings pot ready?
Decide what you would prefer to do, and plan how much money you expect to see in the savings pot each month.
Avoid any rushed decisions
A decision that is rushed is usually the wrong one. If you are still in the process of saving, but you are constantly edging closer and closer to buying the ring without having the funds, you might be making a huge mistake.
The last thing your partner wants is for you to be in debt, so be patient.
Keep building your savings pot, and if you are close to a few weeks away from hitting your full pot of money to purchase the ideal ring, begin your search.
Having an idea of what your partner would love is always helpful and will speed up the process.
Looking too soon and getting excited to buy is the easiest way jewelry salesmen will entice you to buy before you can afford it.
Do not buy through credit
Avoid buying through credit if you do not have the funds to pay it off instantly.
Credit is a good thing in some cases, especially when you gain benefits from paying things off immediately.
However, if you are tempted to buy the ring through credit without being able to afford the added interest and repayments, you might be put into a difficult situation.
Consider alternate stones
Engagement rings do not always need to be diamonds. You will be able to afford the ring sooner as long as you consider less costly stones such as platinum.
Alternate gems can even be more eye-catching than the traditional diamond.
Also, to broaden your horizons you might consider vintage engagement rings which can be less costly but hold a lot of history in their value.
Shop with a reputable jeweler
The key to being able to afford your ideal wedding ring is to shop with a jeweler with a great reputation.
Family-owned jewelers are often driven by customer satisfaction, and therefore, if you tell them your exact requirements, they will likely ring the perfect engagement ring for you.
Price may also be negotiated if you shop with a jeweler you have used in the past to buy items such as vintage earrings.
Bottom line
Overall, saving for your engagement ring is less difficult than it may sound.
Create the correct financial plan, save according to your wanted timeline, and shop smart to avoid overspending and rushed decision-making.
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Category: Family Finances
