How To Save For An Engagement Ring
An engagement ring is one of the most important purchases you might ever make. If you're thinking about buying an engagement ring, you've found the person you want to spend the rest of your life with. Congratulations! Now that you've found her, you'll want to find the perfect engagement ring that celebrates her own unique beauty.
Armando in NYC for Flytographer.
It's perfectly possible to find cheap engagement rings. Keep in mind, though, that this might not impress your partner. It's not that she's materialistic. It's that you are both likely to want a ring that will last through the years of your marriage. You want it to look as beautiful in 50 years as it does the first day she wears it.
Before starting to save for a quality engagement ring, take a good look at your finances. What are the other major purchases you're hoping to make in the near future? Consider how important an engagement ring is to the both of you. You won't necessarily want a million dollar ring, but the average engagement ring costs $5,871, according to a study by The Knot. This isn't an insignificant amount of money for most people.
Start by putting a percentage of your salary in a savings account every month (it’s easiest to set up an automatic transfer). It takes most people about 3 months to find the ideal engagement ring, so use the time while saving to research your options. Once you've found the perfect ring, you'll have a clear goal to save for, and you can decide whether to increase the amount you’re saving each month.
It's often a challenge to save money, but it will all be worth it when you present the ring and see the look on your loved one's face. An engagement ring is a purchase to last the rest of your lives, and to be handed down future generations.
In addition to saving some money for your engagement ring, you may want to consider financing options. Ritani offers interest-free financing for 12 months, reducing the stress of your purchase and allowing you to focus on finding exactly the right ring. Learn about our flexible financing.
Your situation is unique, and so we tailor our services to your needs. We'll go the extra mile to make your engagement as special as she is. Just contact us with your questions. We will ensure you get expert answers and the best advice -- with no rushing -- so that you're certain to make the right decision.