An engagement ring is a highly sentimental item. But, just like other big expenses, purchasing a diamond ring is a big investment. Here are a few ways you can start saving up.
- Understand Your Finances
The first thing to do is gain a thorough understanding of your finances. This is important to know before you even start thinking about a budget or when to pop the question. Determine your financial goals. Do you want to buy a house after proposing? Are you saving for a new car? What about paying for the wedding?
Make sure you understand your current financial standing so that you can get a good idea of how much you can afford to spend on an engagement ring and how much to put aside each month.
- Set Your Budget
The next step is to set a budget for your ring. Ditch the two-month salary myth. Fortunately, determining a budget isn’t as scary as it sounds. There’s also no set rule on an average cost to spend. It all comes down to how much you realistically feel you can save – and that’s going to differ from one person to the next.
To start your budget, figure out what upcoming big expenses, if any, you’re expecting. You and your other half may have been discussing getting a new home, or you may know that you’ll need a new car within the year. It all affects the type of budget you’ll set for the engagement ring.
While we know you want to bowl your loved one over, your budget needs to be realistic. Once you’ve listed your financial obligations and figured out how much you’ll be able to put aside every month, start looking around at ring prices.
- Create a Proposal Timeline
While this may feel like more pressure, setting a timeline for popping the question can help make things a lot less stressful. This step depends on your budget, too, but the rule of thumb is the earlier the better.
As you start thinking about the proposal, you’ll probably realise that it’s really never too early to start saving. Once you know your partner is the one you want to spend the rest of your life with, and you’ve started talking about your future together, it’s time.
It does take budgeting and sacrifice to make your future a reality, but it will be well worth it when your partner’s face lights up as you pop that all-important question. It may mean giving up Thursday night poker for a little while or watching your favourite team on the TV instead of going to matches, but this is where both your timeline and your budget will help.
- Bonus Tip
Here’s one last thing to know about saving up for the engagement ring – you don’t have to pay for it with cash. There are other options, like the jeweller’s financing programmes that can help you save up for and pay off the ring.
Take note of all these tips as these will help you get that engagement ring that she will surely adore.