9 Financial Tips to Afford a Luxury Engagement Ring

9 Financial Tips to Afford a Luxury Engagement Ring

Many couples decide to buy their engagement rings either because they love the idea of designing their ring together or because they don’t have many funds to spend on a ring. Whatever the reason, it can seem like an impossible task to find a beautiful and luxurious engagement ring that you both love. Here are nine financial tips for finding an engagement ring.

1. Do Your Research

This is a big decision, so the first tip in saving for an engagement ring is that you’ll probably want to spend some time researching various price ranges, rings, and jewelry stores. You might begin by searching the internet or asking friends and family members for a recommendation on stores they trust to offer quality products while still offering affordable prices.

2. Break It Down Month by Month

Once you have established a rough budget of what you want to spend on the engagement ring, you’ll need to break down that amount into individual purchases for each month. Start by looking at the ring regarding the retail price and estimated monthly cost.

3. Set Up Automatic Transfers

There are many ways to set up automatic transfers from your checking account so you can begin socking away money regularly for the ring. Each of these methods will work similarly because you’ll be transferring the same amount from your savings account into a new account that you create specifically for the ring.

4. Stick To A Budget

Stick to a budget that you and your fiancĂ© can agree to. It is always easier to drop some extra money now than to adjust the budget later in case you’ve underestimated the ring’s price or failed to account for credit card interest charges.

Do not put off saving for an engagement ring or try to cut corners by having others pay for it.

5. Skip the Other Big Purchases

When you’re looking to save money for your engagement ring, don’t spend money on other big purchases that won’t matter at the time. If you can get by with a less expensive dinner instead of often ordering in or skipping a special dinner out, you’ll be able to save even more money.

6. Save Lump Sums

Try saving lump sums of money instead of just small increments of money. If you can find a way to save $500 at one time, you’ll find that the process goes by much more quickly.

If you want to save extra fast, try putting some money aside each time you receive a tax return or a bonus at work.

7. Look For Cheap Date Ideas

Instead of spending big every weekend on restaurants, take turns planning and hosting an inexpensive date. Plan a picnic, prepare romantic home-cooked meals, or prepare a themed dinner party. You’ll have fun creating new dishes for each other, and the total cost for each night will be much lower than it would have been otherwise.

8. Consider a Financing Plan

Many jewelers offer installment plans at low rates of interest. By signing up for a plan that allows you to pay off the ring in monthly installments, you’ll be able to split the price over a more extended period.

9. Consider Another Source Of Income

If you’re earning a steady salary and can put aside money each month, consider starting a side business as a contractor or freelance writer. Find work that will allow you to earn money on the side.