4 Tips When You’re Saving for an Engagement Ring

Thursday, October 31, 2019, 6:00 AM | Leave Comment

When you’ve found the love of your life, you probably want nothing more than to surprise them with a lovely proposal and a stunningly beautiful engagement ring.

As you prepare your heart for the big engagement, it’s also great to spend time on making sure you have the right engagement ring.

If you’re not sure how to save for an engagement ring, consider the following tips.

  1. Set a goal

    Go around to look at different engagement rings. Consider which rings your significant other might love the most. Once you factor in the style and the cut, consider the amount you’ll have to spend in order to get what you want. Once you have the number in your head, create a realistic timeline to help you figure out how to pay for the ring.

  2. Create a line item in the budget

    When you’re creating your household budget, add the engagement ring as one of your line items. Don’t put it into the miscellaneous savings line item. You want to make sure you create a separate line item so that you don’t interrupt your ability to take care of yourself while you save for the ring. If your car breaks down, you want to have a savings account that will cover that unexpected expense. You don’t want to put yourself in a bind where you’re using the engagement ring money to bail yourself out of a bind.

  3. Make saving automatic

    If it’s hard for you to remember to save money, make it automatic. As soon as the direct deposit hits your account, use an online tool that will automatically deposit the money into the account that’s designated for the ring. Whenever you’re ready to look at engagement rings and shop, you’ll have the money set aside.

  4. Consider the end goal

    If you’ve found someone you really want to marry, chances are you can’t wait to get started on that process. If you’re always keeping the end goal in mind, it’ll be a lot easier to stick with the goal. As you imagine your life together, engagement rings, weddings and house hunting will be in the future. These are such exciting experiences to share with another lucky person, so it’s great to keep the end goal as a reminder. Even if you have to create a screensaver on your phone or computer to remind you to stick to your goal, it’s worth the effort.

When you’re first getting started, $10 might seem like a drop in the bucket. If you remain consistent, $10 will turn into a couple thousand. If you want to make the moment as memorable and special as possible, invest and save for the right ring. You won’t be sorry.

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