The engagement ring is a symbol of enduring love. It is one of the most sentimental purchases you will make. But how do you save for an engagement ring? How much should you spend and how do you budget? This article will look at some things to consider when saving for an engagement ring.
How Much Should You Spend On An Engagement Ring?
This is a common question with many factors that come into play when making your decision. Most importantly though, you should consider your financial situation. Most jewelers won't tell you this, but fine jewelry isn't a great store of value because of how difficult it is to resell. So it's important that you spend within your means and know that it is never worth it to take out a loan for a ring.
The old saying that you need to spend 2-3 months of your salary on a ring isn't true, it doesn't even stem from any meaningful tradition. This sentiment was proliferated by a 1930s De Beers advertising campaign that convinced men to spend roughly one month's salary on this purchase. By the 1980s it became 2 months and it has gone up from there. You shouldn't feel pressured to spend this much money or put yourself at a financial disadvantage. Talk to your partner and understand what they truly value. They might care about the experience or the photos of the moment more than the ring, in which case it's worth evaluating how much and where to spend on the proposal overall.
With that said, you know that your partner's style and taste is important in this decision.
Remember, the engagement ring is just the beginning. The costs of the wedding and starting a new life together are also in between.
With all these things to think about, knowing where to start when saving for an engagement ring can be challenging.
So, How To Save For An Engagement Ring?
An engagement ring is a beautiful symbol of love and commitment, but it can come with a hefty price tag. The cost of an engagement ring depends on many factors, such as the diamond's quality, style, and whether you are buying new or used.
The average cost of an engagement ring is about $5,000, but some rings can cost upwards of $20,000. So how can you save for an engagement ring without going broke? Here are some guidelines to help you save for an engagement ring:
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Decide How Much You Can Afford To Spend
The first step is to figure out how much you can realistically afford to spend on an engagement ring. Consider your current income, savings, and any debts or monthly expenses. Once you have a number in mind, you can start saving toward that goal.
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Create A Budget
Creating a budget will help you stick to your spending goal for the engagement ring. How much can you realistically afford to spend on an engagement ring? This will help you narrow down your options and focus your search.
- Track your income and expenses to know where your money goes each month.
- Then, allocate a certain amount towards your savings goal.
- Make room in your budget for unexpected expenses, so you don't have to dip into your savings.
Once you have a budget, start setting aside monthly money to reach your goal. If you need help staying on track, some apps can help you manage your finances and stay on budget.
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Save Automatically
One of the best ways to save money is to automate your savings, so you don't have to think about it each month. Set up separate savings account for your engagement ring fund and automatic transfers from your checking account. This way, you'll be less tempted to spend the money on other things.
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Consider Alternatives
If you're not quite ready to buy an engagement ring yet, there are other ways to propose without breaking the bank. You could opt for a simple band instead of a diamond ring or look for secondhand options at estate sales or pawn shops. Whatever you do, make sure it's something that truly reflects your relationship and what's important to both of you as a couple.
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Start Early
The sooner you start saving for an engagement ring, the better off you'll be when it comes time to pop the question! Begin setting aside money each month so you'll have less debt when it comes time to purchase the ring of your dreams!
Creative Ways To Buy An Engagement Ring
Traditional wedding season runs from May through October. Many jewelers offer discounts during other times of the year. This could be an excellent opportunity to save money on an engagement ring.
Plus, follow these tips to choose an excellent engagement ring that suits your style and taste without breaking the bank:
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Don't Be Afraid To Negotiate.
When it comes to purchasing an engagement ring, negotiating may not be something that comes naturally. However, it's important to remember that jewelers are businesses, and they want to make a sale. If you feel comfortable doing so, don't hesitate to negotiate on price.
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Shop Around, And Compare Prices Before Making A Purchase.
It's essential to do your research before buying an engagement ring. Not all jewelers have the same pricing structure or offer the same type of discounts. Compare prices and services from several jewelers before making a final decision.
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Think Outside The Box When Financing An Engagement Ring.
Many options are available for financing an engagement ring purchase, including credit cards, personal loans, and even cashing in investments early. Remember that the best way to finance an engagement ring is ultimately the way that works best for you and your fiancé.
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Communicate Openly
Talk openly about your finances and what you are comfortable spending on an engagement ring before beginning your search." This will help avoid any surprises or disagreements down the road.
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Start Saving Early And Be Patient.
Rome wasn't built in a day, nor is it a healthy savings account. Moreover, focus on quality over quantity when picking out an engagement ring." It's better to have a smaller, beautiful diamond than a large one with noticeable flaws.
Finally, remember that the most important thing is that you are engaged! The size or price does not matter as much as the love between you and your fiancé.
Should You Buy A Used Or New Engagement Ring?
So, you're ready to plunge and propose to your significant other. Congratulations! The next step is to buy an engagement ring. But should you buy a new ring or a used one?
New Engagement Rings
The main advantage of buying a new engagement ring is picking the exact style, metal, and gemstone you want.
- If you have a specific vision for what you want the ring to look like, then buying new is probably the way to go.
- You'll also be able to choose from a wide selection of rings since jewelers typically carry a much more extensive inventory of new rings than used ones.
However, there are a few downsides to buying a new ring.
- First, engagement rings are often costly, so you might have to spend quite a bit to get the ring of your dreams.
- Second, the value of a new ring will depreciate as soon as you walk out of the store because it's now considered "used."
Used Engagement Rings
The most obvious advantage of buying a used engagement ring is that it's usually much less expensive than buying a new one.
- You can often find beautiful used rings for significantly less than their original retail price.
- Since the value has already depreciated, there's no risk of declining further if you sell it at some point down the road.
There are some potential drawbacks to consider when considering a used ring.
- It might be challenging to find what you're looking for since there's generally not as large of a selection available as there would be if you were shopping for new rings.
- Since the rings are pre-owned, there's a chance that they could have hidden damage.
Back To You
There is no right or wrong answer regarding how much money you should spend on an engagement ring – ultimately, it is up to you and your fiancee to decide what works best for your relationship and budget. But do you want white gold or yellow gold engagement ring?
An engagement ring is one of the most expensive purchases you'll make in your lifetime, but it doesn't have to break the bank! Following these simple tips, you can easily save up for an engagement ring without breaking!
What are you waiting for? Start saving today! And here’s a quick guide to the 4-prong and 6-prong settings and bezel ring settings for your needs.
