How to save up money for a swoon-worthy engagement ring

diamond ring
Photo Credit: Piman Khrutmuang

Buying an engagement ring is in many ways the same as buying your first house. It gives one thrill that cannot be equaled with anything. But until that moment arrives, it’s an uphill climb. You need to save up a considerable sum of money before you put those plans into action. For a house, you can borrow from the bank, but for the engagement ring, you are on your own. So, the adult way to go about it is to save up a good amount of money prior to the purchase. Section off a portion from your monthly paycheck and keep it on the side until the time you have enough to buy the ring of your choice.

But saving for a great engagement ring takes a bit of planning and system. Here are some tips and tricks to help you save for it the right way.

Think of It Like Buying a Car

It may sound odd to think of an engagement ring as a car, but it gets you in the right frame of mind. Guys don’t know squat about engagement rings. Nor do they want to learn. But with cars, they are wholly different. They count out their options, they examine each one of them, they weigh the upsides and downsides and then, only then do they make the purchase. You need to have that kind of discipline when buying an engagement ring if you do not want to lose a lot of money and end up with a passable ring. There are tradeoffs to be made, choices to be examined and research to be done before you decide to pick a ring. So, step into that headspace first.

Set Up Automatic Transfers

The way to make sure that you are saving something every month for the purpose of the ring is to sign up for the automatic transfers service. This will transfer a particular sum of money every month to your savings account directly from your checking account on a certain date. If your to-be-fiancé has access to your online banking, then you want to mute this transaction to avoid dropping any hints. That aside, automatic transfers are the best means to save systematically. Enter a figure you are comfortable sparing month on month and your fund will be raised in no time.

Make Some Sacrifices for the Time Being

Saving for an extraordinary ring takes some major and minor sacrifices. You should be prepared for it, and practice it until the time you see the amount raised and ready in your bank. There are many great and affordable options at GS Diamonds, but you want to be prepared to make the investment. So, where you can you save a little?

Cut corners wherever you can. From skipping dinner dates at fancy places to avoiding going drinking with friends on weekends to buying things on deals, do everything the cash-saving way. Resort to better and less expensive alternatives to keep the fun going. Go on hikes or visit a museum on your dates or cook dinner for your significant other at home. Invite your friends over for a round of drinks at home. These too are great ways to enjoy life, only they involve far less expense.

Steer Clear of the Big Commitments

Meanwhile, you want to skip any investment that requires sparing a chunk of your salary. In other words, steer clear of all sizeable purchases. Hold them off for later, or at least until after the ring is bought. To be clear on what kind of purchases these are, they are anything that require big bucks. Car, home remodeling, an overseas vacation, etc., are easily the kind of expenses you want to dodge during this time. Also, relatively smaller but considerable purchases like a stereo system, or a new suit too are best avoided too. You will watch your fund grow much faster if you stay away from big expenses like these for the months you are saving up money for the ring.

Use More Cash and Put the Change in a Piggy Bank

Ever heard of the $5 method? If you don’t here is how it works. You spend cash whenever you can and come back home and dump the change in your piggy bank. This method came into being after a father raised money for a vacation to Disneyland for his family of four by saving his changes. This may not be the right approach to saving for the engagement ring, but your piggybank savings will definitely give your real savings a boost. So, this way you can raise a little extra money on the side to help reach the target.

Sign up for a Financing Program

Those of you who are in no mind to wait for months to buy the ring for her, here is an alternate plan. Sign up for a financing program and that will have you covered for the ring. For some, the penny-pinching technique is not the most feasible option. In that case, these financing programs work great. They have no interest, just a monthly payment scheme that is small enough to hurt nothing. Through such a program, you can buy the ring of your dreams right away and pay later, little by little, however is easy for you. So, with financing programs, it’s like going in reverse. Instead of saving up and then purchasing, you buy first and pay later. That works better for some.

Once you have raked up enough money and you are ready to go, look at the buying options at multiple sellers.

GS Diamonds has many options that are worth taking a look at. Look online from time to time and have a shortlist ready so that you can start shopping around the very day you hit the targeted mark. With a little time and patience, you can find the most amazing ring at an affordable price, even in the wedding season. All it needs is a little effort and a bit of focus.

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