There are few investments as important or emotionally profound as an engagement ring. Intended to illustrate love and commitment, these rings are stunning to behold. Of course, this beauty will often come at a price. It is not uncommon for engagement rings to cost well into the thousands of dollars. This can be a bit problematic if you happen to be governed by a limited budget. So, let’s take a look at some expert money-saving tips to adopt in advance if you hope to purchase the ring of your dreams.
Know Your Limitations
How much can you afford to spend on a ring? This is the simplest and most important question to address from the very beginning. As a general rule of thumb, you should expect to spend at least two months of your average salary on an engagement ring, so try to base your upper limit on whatever this figure may be. Never spend more than you can afford, as this could very well place you in a financial hole.
Plan in Advance
Always avoid last-minute purchases, even if the ring in question appears to be the ideal choice. Use the power of the Internet to determine what type of ring you desire as well as its unique style. In order to save even more money during this initial stage, it is wise to examine the selection of diamonds at Whiteflash. There are countless cuts, colors and sizes to choose from.
If you have a particular setting in mind, discuss your options with a professional jeweler. Remember that more personalized engagement rings will cost more money due to the labor that may be involved. Factor this into your budget in order to avoid any unpleasant fiscal surprises down the road.
Reduce Your Monthly Expenses
Saving for an engagement ring will likely require a bit of discipline. Attempt to limit your monthly expenditures by cutting down on superfluous activities and poor spending habits. Here are some recommendations to adopt:
- Avoid eating out at expensive restaurants.
- Bring along cash instead of a credit card when shopping, as you will not be able to spend beyond your limits.
- Keep a tally of your expenses via a smartphone application.
- Speak to the bank about reducing the maximum withdrawal limit of your savings account.
A bit of frugality will go a long way!
The Power of Financing
It is normally possible to finance an engagement ring if you have a decent credit score. Financing will help to reduce your monthly premiums and it may even enable you to purchase a more expensive design. Once again, be realistic with your financing options and seek the advice of a professional.
Saving money for an engagement ring is not necessarily a long-term commitment and yet, it does require a modicum of foresight. If you are able to plan well in advance, you will be able to fully leverage the options at your disposal.