3 Tips For Budgeting For And Buying An Engagement Ring
Holding a wedding is likely going to be one of the most expensive events that you plan in your life. But before you can even get to this point, you first have to get engaged, which often isn’t cheap either.
For many people, the thought of getting engaged brings on some financial stress related to buying an engagement ring. So to help ensure that you and your new spouse won’t start off your marriage by going into extreme debt, here are three tips for budgeting for and buying an engagement ring.
Create A Realistic Budget
To help ensure that you’re able to keep your spending under control, it’s vital that you create a realistic budget before you go out shopping for an engagement ring. This will allow you to know what is possible and what is just simply out of your price range.
When setting your budget, Rachel Cruze, a contributor to DaveRamsey.com, recommends that you shoot for spending approximately your salary for one month. This is usually plenty in order for you to get a great ring for your partner as well as protecting yourself financially. While you can spend more than this, you should avoid spending more than two to three months’ salary on your engagement ring, especially if you’ll be paying for most of your wedding costs yourself as well.
Know The Tricks For Bigger Bling
Just because you’re not spending a huge amount of money on an engagement ring doesn’t mean that you can’t get a ring that sparkles and shines. To help you do this, though, it pays to know some of the tricks for getting bling that looks a bit brighter without such a steep price tag.
According to Jessica Zaleski, a contributor to TheKnot.com, choosing a halo setting or using pavé diamonds is a great way to spend less on the overall cost of your ring while simultaneously being able to make your ring look bigger. By doing this, you won’t have to buy such a big stone for the center of your setting since you’ll be surrounding the ring in more, smaller gems that will pick up a lot of light.
Don’t Go With A Diamond
To help you save even more money on your engagement ring, you might want to consider not going with a diamond at all.
Courtney Jespersen, a contributor to NerdWallet.com, there are so many alternative stones to diamonds that will not only save you a lot of money on the overall price tag, but could also fit much better with the personality of yourself or your partner.
If you’ll be getting an engagement ring soon, consider using the tips mentioned above to help you save some money on this purchase.