An engagement ring signifies the start of a new phase in your life once you start with a partner by your side for all eternity. It is such an important moment that you want to give your partner the best possible diamond ring as a gift. However, the best doesn’t always come cheap.
Therefore, planning is essential. You need to find the right business and finances to save up on that expensive diamond ring. You might also need to temporarily give up on some things to attain your target.
There are many factors to consider when you intend to go for something dazzling yet handy enough that it doesn’t drain your pocket. You’ll also have to spend when the wedding comes and there is an entire lifetime of bills in marriage.
In this article, we’ll discuss practical ways you can start saving up for your engagement ring while you get busy with other facets of life. You don’t have to run into losses to get a befitting engagement ring for your partner.
Thinking of practical ways to save more money for your engagement ring? Consider the following headings below.
While you peruse different information on how to save money, do not select something way over the top. You need to be able to select something that is within your budget. Select a ring style that sits in parallel with your earnings.
For instance, a $6,000 diamond engagement ring is a bad idea if your take-home salary is between $4000 to $5000. When we speak of styles, we are looking at the diamond cut and diamond shape. Usually, round cuts are quite expensive.
Diamond shapes that are less expensive like pear-shaped, heart-shaped, oval-shaped, princess-cut, and emerald-cut can be used to design the ring without sacrificing the diamond size or quality. Again, you can weigh this factor against your budget to see what works best for you.
Another option is to go for lab-created diamonds over naturally mined diamonds. Both are identical in physical, optical, and chemical composition. Asides from being 100% ethically sourced, lab grown diamond engagement rings come in different cuts and shapes. They are 20-40% less expensive and will make your savings journey more attainable.
Why healthy? The term, healthy budget, signifies something attainable but not at the expense of other facets of your life. You want to be able to save up some of that income and still have enough money to do other things.
A healthy budget can come by assigning percentages to your expenses. You can decide to save 40% of your income, 30% on investments, and another 30% on expenses. This calculation is just a rough estimate, depending on what your actual income is, you can adjust it.
Another reason why we speak of developing a healthy budget is so that you have a minimum spending amount and a peak spending amount. You don’t spend beyond the threshold of your budget, because the temptation will always be there. But, you don’t want to do that, as you have other facets of your life to attend to.
This part might sting a little, but it is your partner, right? You want to make sure you give her the very best engagement ring you can afford. To speed up the process of moving from a plan’ to the true actualization of your goal, you might need to cut down on some ‘luxury’.
In life, we all make sacrifices for those we consider to be worth more than gold to us. Therefore, you should be able to put aside some non-essentials to make this work.
For example, rather than partying every weekend in an expensive club, a change of plans and an inexpensive date is a good idea. Luxury purchases and expensive outings can be set aside while you focus on re-channeling the money to that one thing that truly matters — getting your partner that diamond engagement ring.
This deadline is more like a countdown to D-day. It is the difference between the time you started saving and the expected time it will take for the savings to be complete.
In life, deadlines are paramount. It helps you keep focus and develop a mental plan of action. Without deadlines, we can be lackadaisical in sticking with our commitments. One thing deadlines will do for you is help you stay on track with your savings method.
No doubt, you should consider setting a loose deadline because unforeseen circumstances may occur in the future and that can derail your plan. However, the consciousness of deadlines will put you back on track.
If for any reason you are not going to reach your financing plan for an engagement ring, the nearness of your deadline will help you know. You can then decide to take drastic steps like setting aside more savings from your monthly income, stacking up idle cash, and cutting down on other expenses till your primary target of an engagement ring is attained.
Consider financing plans if you find that your savings strategy might not meet up with the deadline. A financing option is a plan where you are afforded custody of an engagement ring of your choice with a payback plan in place.
A payback plan can be anything from 12, 18, to 24 months. It gives you an idea of how much of your income will be delegated to your repayment plan while you get to possess the dazzling engagement ring of your choice.
An engagement ring signifies a new chapter and a chance at starting a forever journey with your partner. Although pricey, saving up for an engagement ring can be done with a concise plan of action and commitment. You might have to sacrifice a little and stay focused on deadlines. With the measures discussed in this article, you can create a way to finance your engagement ring purchase.
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