If you’re thinking about popping the question in the near-future, you’ll want to start to think about how much you’re going to spend on the engagement ring.
One of the main factors you’ll need to consider in your proposal plans, the price of the ring that you purchase will very much depend on how much you can realistically afford and how much you’re comfortable paying for it.
Everyone is different. And while some people might still have the traditional mindset of it being two-three months of your paycheck, others will buy an engagement ring that goes beyond that or less than that.
So how do you set a budget that won’t break the bank? Here are some tips that you can use:
Look At Different Rings
When you’re trying to set a budget, spend some time looking at various rings online or in store. This will give you a good indication of how much they cost and how much you’ll want to save in advance of buying it. It’s good not to go into the store blind sighted and to buy the first ring that you see.
You want to take your time and compare various styles, cuts, colors, etc. before taking the leap. For example, when looking at the diamonds, you need to know that 3 carat diamonds will undeniably be more expensive than a 1 carat or less diamond due to the weight and quality of it.
Think About Your Long Term Finances
Buying an engagement ring is a huge step to take – both emotionally and financially. And although you might feel emotionally ready to take on the commitment, you might not be fully prepared for the expense of it. Even though you might have the initial money for the ring, you’ll want to think about the long term costs associated with the decision.
You and your partner might want to get married not long after you’ve proposed. Therefore, you’ll want to factor in how much you have to save for the wedding, honeymoon, etc. Even if this isn’t in the cards straight away, you don’t want to buy an engagement ring that will cripple your finances so you don’t have the money to spend on other things (or the wedding) in the future.
Consider Where You’ll Get The Money From
Before committing to buying the ring, you need to think about where you’ll get the money from. You might initially consider borrowing the money in the form of a loan, but this could prove to be a mistake down the line when you can’t afford the repayments.
In this case, saving the money for the ring is perhaps the better option. Of course, if money isn’t necessarily an issue, the financial implications of purchasing a ring might not be a worry for you. But if it is, it’s vital that you sit down and work out the source of it before you set your heart on one.
Create a Timeline
When you know how much you want to spend, create a timeline for yourself. This will help you to budget out the costs and save more effectively so it isn’t a huge investment all at once. This will also help to quantify the purchase and take away some of the stress from the process.