You’ve found the perfect partner, and now it’s time to find that perfect ring. But rings cost money and no matter your income, it’s important to learn how to make a realistic budget so you can get the most ring for your money. Here’s how to save for an engagement ring your partner will love.
Budgeting for an engagement ring
According to recent surveys, the average couple spends about $6,000 on their engagement ring. If that price point feels like a punch to the gut, take heart. Plenty of couples pay a lot less for stunning rings that meet the moment. To figure out your individual budget, you need to consider a lot of different details, including your existing debt, lifestyle and future earning potential. Every one of these factors can help inform your budget, allowing you to get a ring at a realistic price that won’t put your financial future at risk.
How to determine an engagement ring budget
Not sure how to determine an engagement ring budget for your unique situation? We can help. The traditional rule is to spend two months' salary on a diamond. But that’s not reasonable for everyone. You have to consider your current financial standing and factor in the future you want as a couple. Before settling on a budget, try punching in a few details into this helpful engagement ring budget calculator to get a better idea of what you can afford.
How to save up for an engagement ring
Let’s face it: Saving money takes time and discipline, but there are ways to streamline the process. We recommend the following tips to help you save for an engagement ring: Find your ring: When you can visualize your goal, it can help keep you motivated. Establish your intent: Decide exactly how much you need to save. Create a deadline: This will add a touch of healthy pressure to keep you on track. Sacrifice non-necessities: Consider cutting back on things like food delivery and streaming services. Automate: Try setting up apps and baking tools that stow away cash automatically. Consider ways to save on your wedding as well, whether it’s cutting back on guests or flowers. You could also get hitched at Helzberg, where people save an average of $19,000 on wedding expenses.
Paying and financing for an engagement ring
Can you make payments on a wedding ring? You bet! If you have some money put aside, but it’s not quite enough for the ring you want, financing is a great option. Helzberg offers several different payment plans that allow you to get your dream ring now and pay it off over time. Learn how to get an engagement ring with no money and turn your boldest vision into reality! Give your partner that perfect proposal and shop our entire selection of rings.
