Best Ways to Save Money for an Engagement Ring

There comes a point in a relationship when marriage is the next step. An important part to this next step in a relationship is finding an engagement ring with which to propose to your significant other. Engagement rings can be expensive, however, making it difficult to save for the perfect ring. Planning is imperative when it comes to buying a quality engagement ring at a great price.

Save MoneySet a Budget

Setting a budget is the first way start saving for an engagement ring. Before you go shopping, you need to know how much money you are willing spend. This will keep you from spending more money than you have available and can help keep you out of debt.

In order to create a budget for an engagement ring, you need to understand the value of an engagement ring. Do some research on the different factors that contribute to the cost of a ring. The main contributors to the cost of the ring are cut, clarity, color and carat of the stone. In addition to these contributors, the metal used and the style of the setting can also influence the cost.

Once you have an idea of the general cost of engagement rings, you can decide how much money you are willing to spend on a ring. Take into consideration your monthly income as well as your financial obligations. If you have a house mortgage or car payment, designate funds for those costs before you set a budget for an engagement ring.

Start Saving Money

After you know how much money you’d like to spend on an engagement ring, you need to start setting aside the money. Create a savings account or fund for the engagement ring and contribute to the account with each paycheck. Companies which offer financing or layaway plans can also be helpful in managing an engagement ring purchase along with your monthly expenses. Having a separate fund for the engagement ring will help you reach your target amount without taking away money from every day expenses or your emergency savings.

Find What You Want

While you’re saving up for an engagement ring, you can still shop around and find the ring you want to buy. When choosing an engagement ring, you need to take into consideration what your significant other likes. Discover more about the style your soon-to-be fiancé prefers so that you can find a ring she’ll love. Peek into her jewelry box and take note of her preference in metal color and style. You can also recruit a family member or close friend when looking around at different rings.

Get the Best Price

After you’ve found the ring you want to use to propose to your significant other, you can focus on getting the best price. If the ring is exclusive to a certain store, you can wait to buy the ring until a sale hits. Many companies have different sales throughout the year. These sales can reduce the cost of the entire inventory, saving you a lot of money. If waiting for a sale is not an option, you can negotiate with the salesperson to lower the cost or ask about the same ring with a smaller carat value. If the center stone is 1 carat, inquire if you can lower it to .95 carat. This slightly smaller stone is hardly noticeable, but it will cost you a lot less.

If the ring is not exclusive to a certain store, you can do some shopping around. Many times, a different store will offer the same ring or similar ring for less. There are many different sites and stores that have low-cost engagement rings without compromising on value. This allows you to shop around for the best price possible, making it easier to find a quality ring without going over your budget.