5 Tips for Saving for an Engagement Ring
Want to know the best way to save money for an engagement ring? Take a look at our top tips.
Deciding it's time to propose to your partner and subsequently choosing their engagement ring is a relationship milestone.
There are lots of factors to consider, so saving for the perfect ring may be something you've not given that much thought to yet.
We've listed our five top tips to ensure that you can save enough money for the perfect engagement ring to surprise your fiancée.
1. The Savviest Saving is Automatic
If you're registered for online banking, then you might be eligible to transfer money from your current account into a designated savings account.
This process is usually automated and can be set up so you wouldn't need to go into a branch or log in online to transfer the money to your account each month.
As the funds go into a savings account from your current account, you're likely to earn more interest on these specific funds by transferring it than would otherwise be possible within your current account.
Simply put, you'll probably end up saving more without even realising it, as savings accounts are often more competitive when it comes to interest rates than current accounts.
2. Cut Back on Costs
Whilst this may sound like it's easier said than done, even small changes to your spending can make a big difference.
Look online at your purchase history and determine how much extra you're spending each month on things like travel, takeaways or clothes shopping.
Identify any areas where you could cut down your routine expenditure.
Consider setting a goal to spend, for example, 25% less on leisure activities or luxuries, in order to save more.
Don't try cutting out all items that aren't necessities entirely, as this is unlikely to be achievable and trying to avoid nice things entirely makes it harder to maintain a savings strategy.
It's important that the target you set in terms of the percentage of money you save from this is manageable for you.
3. Research Rings
Treat an engagement ring as you would treat any other big purchase.
Make sure you know what to consider before looking at rings, so you can evaluate the ‘spec' of each piece of jewellery.
The 4Cs of diamonds are likely to be particularly relevant here. The 4Cs, colour, cut, clarity and carat, are used to measure the quality of diamonds.
You'll find that the more you know about the criteria used to measure diamonds, the easier it will be to determine the quality of each individual engagement ring.
It's also important to research the types of precious metals used to make engagement rings and the different styles and shapes available.
Establish the best quality diamond you can get that's within your budget and the style of ring that your fiancée is most likely to prefer.
4. Decrease Date Night Costs
Even once you're planning on proposing, it's still important to maintain spontaneity within your relationship. There are different options available that won't require you to use your savings as much as others. For example, you could have a home-cooked meal and movie night, take a trip to a museum that offers free entry or if you'd like the occasional splurge, opt for an afternoon tea for two at a local establishment but use a voucher from sites like Groupon or LivingSocial.
5. Withdraw from Withdrawing too Much Cash
When you take money out at the ATM, you are usually withdrawing from your existing savings, so it's easy to lose track of how much you've ultimately spent.
One thing you can do to try and limit your spending is to put a set amount of money from each ATM cash withdrawal aside and treat this money as part of an engagement ring fund.
Just make sure that whether you're putting £5 away from every withdrawal, or a £20 note, any money you keep is clearly ring-fenced for this purpose and kept away from your fiancée, so she won't be suspicious.
These tips have been designed to be achievable by making small lifestyle changes. So, if you feel that you can implement more than one of these steps, the more the better, as they will help you to save towards an engagement ring, a wedding ring and ultimately your perfect wedding day.
Looking for an engagement ring but not sure exactly what to choose? Contact Diamond Heaven today and our experienced staff with be able to advise you on how to select the perfect ring. Alternatively, if you'd prefer to visit our Birmingham, London, Manchester, Glasgow or Cardiff stores, our team would be happy to offer face-to-face guidance.