So you found the one and you’re ready to ask them to marry you. Congratulations! But first, you need the ring. Saving for an engagement ring may seem intimidating at first, but with the right strategy and a bit of patience, it can be doable.
Whether you’re dreaming of something sleek and simple or you want to go bold and brilliant, I’ve got some top tips to help you save for that perfect symbol of forever.
1. Set yourself a budget
Figuring out how much you want to spend is the first thing you should do before starting to save for an engagement ring. While the tradition used to be investing a portion of your salary (a month? a year??) to buy one ring that lasts forever, but that’s a rather outdated way of looking at things. It’s not one-size-fits-all because everybody has different budgets.
Take a look at your income, expenses and current savings accounts to give you an idea of what you can afford to spend on an engagement ring. Once you have a target amount to aim for, you’re going to be able to create a plan to reach it. And the clearer your goal, the easier it is to stay motivated.
Photo by Claire Lacey Photography
2. Start a separate savings account
If this is going to stay a surprise, then you may need to open a new savings account away from your partner. That’ll certainly be the case if you have a joint current account, a Help to Buy ISA and joint savings accounts that you’re both contributing to for your life together.
Having a separate savings pot makes it easier for you to track your progress and helps to avoid any accidental dips into those funds for other things. You could even nickname the account something fun like ‘Operation Sparkle’ to keep things lighthearted and goal-oriented.
3. Automate your savings
If you get paid on the same day every month, this step is pretty easy. Once your dedicated savings account is up and running, set up automatic transfers for every payday. Even small yet consistent deposits can add up quickly.
Without the stress of remembering to do it manually, you’ll be able to take a load off your shoulders. After six months, you could’ve saved a decent chunk of money without the stress of remembering to do it yourself. The key here is that automating your savings takes the mental effort out of the equation and keeps you on track.
4. Cut back on non-essentials
You don’t have to cancel all your fun plans or stop living your life, but a little trimming can go a long way. Make coffee at home instead of hitting the cafe every morning or pause those unused subscriptions. You can then redirect those small savings towards your ring fund – every pound will help in the long run.
5. Shop smart
When you’re ready to buy, remember that doing your homework can save you a significant amount. This is where shopping with trusted resources, such as a rare carat online engagement rings seller comes in handy. They’ll allow you to compare diamonds and ring styles from reputable jewellers, so you get the most sparkle for your savings. Often, you’ll be able to find something stunning without overpaying and that’s a win-win.
You can also try shopping secondhand for vintage or antique jewellery to cut costs. Also, if you’re opting for a gold engagement ring, consider the carats – you’ll have to buy the same carat ring for your wedding ring, as wearing rings of two different carats can potentially damage the softer ring over the years due to friction. So, make sure you can afford the price of both the engagement and the wedding ring in whatever carat you choose.
Remember, the engagement ring is a meaningful symbol, not a competition. What matters most isn’t the size of the diamond, but the intention behind it. Choosing something beautiful within your means will mean more savings left over for your future life together – and your partner will fall in love with it anyway, because you gave it to them!
Let me know in the comments below if you have any other handy hacks you tried when saving for your wedding or engagement, I’d love to hear your money-saving tips.
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This blog post is a collaboration. The pink links in this post may indicate a collaborative link or information source.
