10 Money-Saving Tips For Purchasing An Engagement Ring
Getting down on your knees and popping the question is said to be one of life’s most significant highs. As such, you wouldn’t want to compromise a fairytale-esque proposal for a ring you and your partner wouldn’t like, much less love.
But how do you propose with a beautiful sparkling diamond that sweeps her off her feet, without causing a big blow on your bank account? To help you better navigate through the financing and shopping of your dream engagement ring, here are 10 tips to keep in mind!
1. Determine The Budget
As with all big purchases in life, establishing a budget is highly crucial. Start by figuring out how much you can realistically set aside – whether bi-weekly or monthly – to purchase a ring to propose with. Consider all the necessary monthly expenses you’ll need to make, such as rent, bills, and groceries, as the first step. With the money that you’re left with, you can then decide how much you can comfortably set aside.
A pro tip: set an engagement ring fund where a set dollar amount is automatically transferred into the said savings account. This will immediately streamline the entire process, and you wouldn’t need to worry about forgetting to set money aside for the month.
2. Never Leave Yourself Cash Poor
Bear in mind that financial commitments won’t stop once you’ve purchased your dream engagement ring. There are still significant expenses you’ll need to make in the near future, including a wedding ceremony, the honeymoon, and a new house. Thus, be sure not to splurge all you have on a ring and leave yourself as much of a safety net as possible.
3. Quantify Your Purchases By Time And Cost
When making your proposal preparations, start by dividing the cost of the ring by the time you have to prepare and save. This will allow you to see how much you will need to put aside each month. You’d then want to compare this to the amount you earn and spend. This should be the basis of your monthly savings formula.
4. Be Cautious And Selective When Financing
Apart from diligently saving up for your ring purchase, there are several ways to go about financing your expenses; credit cards and personal loans being some of them.
As tempting as they are, make sure that you have the discipline and a clear understanding of the associated payment terms before you go for these alternative payment methods. Otherwise, it may leave you even further strapped for cash.
5. Discover Your Partner’s Style
Surprises can be great – but better if the surprise is aligned to her preferences and personality. When trying to scour for the ideal engagement ring for your partner, ensure that you have in mind her preferred ring style; whether they prefer a traditional design or one that’s been customised solely for her. If you’re not quite sure, be sure to get help from either her close friends or family members!
6. Seek The Experts For Help
When shopping for an engagement ring, nothing beats the technical know-how and expertise of professional jewellery consultants. Leverage on their knowledge and resources to have a comprehensive understanding of the rings – from its design, the quality of the gemstone to the price point – so that you can make an informed purchase.
7. Understand What Drives The Price
On that note, take the time to read up and keep abreast of the diamond education fundamentals. This means knowing the 4Cs, the difference between scintillation, brilliance and fire, and the like. Having a basic understanding of diamonds will allow you to find the balance between the ring’s costs and its features – a helpful trait, especially if you’re surveying your options online.
8. Dig Deep For Information
Even with all the diamond fundamentals at the back of your hand, keep in mind that not all diamonds are made and priced equally. For instance, mined diamonds require different procurement methods than lab grown diamonds – which means a 1 carat diamond ring cost differs for each diamond type, despite sharing the same optical, physical and chemical properties.
9. Protect Your Investment
As with any other big purchases, you will want to insure your investment in case of any unfortunate events were to happen. This will give you peace of mind and provide greater assurance over your cherished possession.
10. Be Confident With Your Purchase
Whilst the objective of the purchase is to propose to your significant other and convey your love and commitment; a big part of it is also how you can now sleep well at night knowing you’ve done all you can to find her dream engagement ring and made her happy – all within your budget too!
Save More Without Sacrificing Quality
At Star Carat Shop, we house only quality IGI-certified lab grown diamonds that are categorised in the rare Type IIA category. Plus, our lab grown diamonds only cost half the price as compared to mined diamonds. This means 50% less for the same carat size you’re eyeing for – so you can save more and profess your love in a grander way!
We take pride in assisting couples to find their forever afters. Book an appointment with us to get started with your engagement ring shopping!