Congratulations! You’ve decided to pop the question and make that special person’s life a little bit more exciting. You’ve found the ring they want but you are wondering how you’ll afford it.
If you’ve decided to propose marriage and have begun to plan for the engagement ring, you will want to save money to make the purchase.
In 2020, couples have spent an average of $3,756 on their engagement ring. It is not a small amount that is why we need to prepare.
Here are several tips and tricks on how to save for an engagement ring.
1. Determine Your Budget
Start by setting a budget for how much you can afford to spend. Be flexible with your budget and be willing to adjust it as needed. Being modest can also be romantic in our times today especially when the economy is bad.
If you are getting married, you can use the extra cash you have saved to build a joint savings account with our special someone. It can give you a start to the future that you and your special someone are going to have with one another.
2. Plan How to Save for an Engagement Ring
Set up separate savings account for your engagement ring fund. Automate your savings so that a set amount is transferred to this account each month.
Next, make a plan for how you will pay for the ring. Will you pay cash, finance it, or use a credit card with a rewards program? Once you have a plan, stick to it!
3. Cutback on Unnecessary Expenses
Instead of going out to eat or to the movies, find cheaper alternatives that you can enjoy just as much. If you receive any money that you were not expecting, such as a bonus from work or a tax refund, put it towards your engagement ring fund.
4. Try Shopping Online
You can often find great deals on engagement rings online. Be sure to check out their best-selling products and know what style is popular nowadays.
Buying an engagement ring online can make things easier for us as they can provide us with a huge selection. We can choose from different engagement ring styles that would be suited for our special someone.
5. Shop Around and Compare Prices
Don’t go to the first jewelry store you see. Compare prices and options at different stores before you make a purchase.
There are certain types of jewelry that are expensive because of their branding. We should invest in jewelry that has a good quality and will last for a long time.
The Best for Your Special Someone
Setting a budget can help us learn how to save for an engagement ring. Make sure to review your budget regularly to ensure you’re still on track. Check out different stores and compare their prices to find the best deals.
Saving for an engagement ring doesn’t have to be difficult – just follow these basic tips and you’ll be on your way.
Did you find this article helpful? Then head back to our blog for more tips and advice!
