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How To Save For An Engagement Ring

How To Save For An Engagement Ring

How To Save For An Engagement Ring

Saving for an engagement ring isn’t always easy. You have to think about what kind of ring you want and find a way to make it work with your budget. Fortunately, you can make the entire process easier (and more affordable) by finding an engagement ring on Have You Seen The Ring. But before we get into the advantages of choosing pre-owned rings, let’s take a closer look at how to save for an engagement ring!

How Much Should You Save For An Engagement Ring?

It’s the question that every soon-to-be-married person asks at one point or another: how much should I save for an engagement ring? Of course, there’s no one-size-fits-all answer. In fact, it’s extremely important to stress this point, because many people feel pressured to buy rings outside their budgets simply because they were told how much they should set aside for an engagement ring.

First, let’s go over some of the traditional ideas surrounding engagement ring savings and prices. To this day, many people still stick to the “advice” that you should spend 2-3 months' salary on an engagement ring. So, using this tip, if you make $4,000 per month, you should spend between $8,000 and $12,000 on a ring. Sounds like a lot to set aside, doesn’t it?

The reason that this advice doesn’t really work in reality is because it was pulled out of thin air. In the 1930s, the De Beers diamond company launched a highly successful marketing campaign claiming that, if you truly loved your partner, you would spend 1 month’s salary on an engagement ring. Over the years, this number increased to 2 months and eventually 2-3 months. However, the vast majority of people don’t have that kind of money stashed away for emergencies, let alone engagement rings.

So, how much should you save? The only way to calculate your engagement ring savings correctly is to set a realistic budget for yourself. First, think about the timeline, your disposable income, and your budget. For example, let’s say that you want to propose in 6 months and you can comfortably afford to save $500 per month. This means you should set a budget that is no more than $3,000. This way, you won’t have to go into debt, substantially change your lifestyle, or eat into all of your emergency savings just to buy a ring.

However, this is assuming that you already have enough disposable income to set aside for an engagement ring. The reality is that you may have to get creative to find the funds to buy the ring you want. So, in the next section, we’ll look at some of the best ways to save for an engagement ring.

The Best Ways To Save For An Engagement Ring

The Best Ways To Save For An Engagement Ring

There are many ways to save for something you want, but an engagement ring is a substantial and important investment. Therefore, it is vitally important to consider how you will get the funds together. Here are a few tips and strategies to save for an engagement ring without breaking the bank:

  • Research Ring Prices - If you don’t have an idea of how much your ideal ring costs, you won’t have a clue how much to save. Fortunately, you can easily shop for new and used rings online. You might find the ring you want, or you may just develop a general understanding of the prices for the type of ring you like. Either way, do the research in advance so that you can set a budget that will actually cover the cost of a quality engagement ring.
  • Set a Realistic Budget - Once you know how much your ring might cost, set a budget that corresponds with your financial circumstances. You may want a ring that costs $50,000, but if you can only afford to save $100 per month, it would take you a few lifetimes to get the funds together! So, be realistic with your budget, and don’t feel like you need to inflate your budget to buy something you really can’t afford.
  • Communicate With Your Partner - This one can get a bit tricky, as many people like to make their marriage proposal a complete surprise. However, if you’re worried about the cost of an engagement ring or afraid that you might buy something that will be a disappointment, talk with your partner about it. This way, you won’t have to stress as much about overpaying or underpaying for a ring based on unknown expectations.
  • Know Your Timeline - After you’ve researched prices and set a budget, you need to set a timeline that makes sense for you and your partner. Your partner may want to get engaged in 3 months, but this could put a lot of pressure on you to save money very quickly. Once again, it’s important to talk with your partner so that you can set a timeline for your purchase.
  • Make a Separate Ring Fund - You should always try to separate your engagement ring savings from other types of savings. For example, it wouldn’t make any sense to put your engagement ring funds into a retirement fund or an account designated for emergencies. Instead, make sure that you’ve designated a specific account just for the ring.
  • Automate Your Savings - Many people struggle to actually save money on a regular basis. This can be true whether or not you’re planning to buy a ring. So, try to automate your savings using your bank or a third-party application. This will automatically withdraw a preset amount from your account and put it in a savings account.
  • Cut Non-Essential Expenses - It’s not always easy to increase your income, especially if you’re on a tight deadline to buy a ring. Instead, you should focus on ways to cut out non-essential expenses in your life. This will leave you with more disposable income that can be put toward the engagement ring.
  • Use Unexpected Windfalls - Are you expecting a bonus from your employer? Do you have a large tax return coming this year? Did you just receive a large inheritance? Regardless of what it is, you should try to use windfalls to save for an engagement ring, particularly if the ring is your primary financial concern at the moment.
  • Take Advantage of HYSAs - You should never park unused cash in a place that won’t grow. Depending on your timeline, a high-yield savings account (HYSA) could greatly increase the funds you can use to buy a ring. If you have a timeline that’s longer than a year or two, you might even consider investing your savings in a stock portfolio.
  • Carefully Consider Using Credit - If you find that you still don’t have enough money to buy a ring, you might consider using credit to pay part of the cost. While this is an option, it’s not one that you should take lightly. Generally, credit cards or personal loans should be your last resort. Carefully consider your budget and your finances so that you don’t accidentally take on debt you can’t afford.

Making It More Affordable With A Pre-Owned Engagement Ring

Are you worried that you don’t have the funds to buy the ring of your dreams? If so, HYSTR is here to help. By shopping for a pre-owned engagement ring, you could easily cut the price of a luxury engagement ring in half. Simply shop our marketplace to find a ring you like, make an offer, and negotiate a price with the seller. We will set your funds in escrow while one of our certified gemologists authenticates the ring. As soon as it's authenticated, we will release the funds to the seller and send the ring directly to your doorstep!

We hope you enjoyed our guide on how to save for an engagement ring! Are you currently trying to buy or sell a used engagement ring? If so, be sure to contact HYSTR today!

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