Once you make the decision to propose, there’s a lot to do! However, one of the first things you’ll need to tackle is your budget.
Yes, money and budgeting aren’t the most romantic things in the world, but that shouldn’t stop you from doing them. After all, a budget is important. Not only does it help you set your expectations and narrow down the range of engagement rings that you could potentially purchase, but sticking to a budget also keeps you from overspending, which can lead to financial trouble.
You don’t want to start your new life in a bunch of debt.
Here are some tips for budgeting for an engagement ring.
Start Saving Soon
It’s a good idea to start planning and saving for a ring as soon as you feel like you might want to propose. The more time you give yourself to save, the more you’ll have when it comes time to buy a ring.
All the “Rules of Thumb” are Ballparks
You’ve probably heard the old adage that an engagement ring should cost two month’s salary. Or maybe you’ve heard three. But is it before tax or after? The specifics don't particularly matter. The point is that these suggestions aren’t meant to give you an exact dollar figure. They’re meant to put you in a ballpark range.
We’ve mentioned this before, but not all jewelers are created equal. Not only do they each carry different products, offer different services and provide different levels of support, many also have different prices.
When it comes time to buying an engagement ring, shop around to find the jeweler that meets your needs and your budget.
Know the Difference Between Cost and Value
Depending on where you shop, you might be able to find a “cheap” ring that you may assume is a good deal. But is it really? Before you buy an engagement ring, check out our diamond education center to learn a bit about diamonds. This will help you understand if a ring that you've found is really a good price on a good ring, or if it costs less because it’s of low quality.
Don’t Forget the Other Costs of Getting Engaged
While buying an engagement ring is almost always the most expensive part of getting engaged, it isn’t the only aspect that you’ll want to budget for. Depending on the type of proposal you’re planning, you will have other costs to think about.
For example, if you’re planning to propose at a fancy restaurant, you will want to make sure that you also budget for the cost of the meal, plus any clothing, flowers, etc. that you might buy in order to make the moment more magical.
All of these costs can certainly add up, so you’ll want to make sure that you include them in your budget so that you don’t get caught short.