How to Plan Your Engagement Ring Purchase

Forget the Myths

How many times have you heard that an engagement ring needs to cost the equivalent of 2-3 months’ salary? This myth was created by the diamond industry decades ago before people started getting married later in life or had a lot of school debt. It’s more important to base your budget on your current financial situation and future goals.

Despite what the jewelry industry wants you to believe, the price tag on the ring has no correlation to the strength of your relationship or your love for your fiance. Remember, the engagement ring is a symbol of your love, not a symbol of your status.

Talk About Expectations

Some prefer to surprise their fiance-to-be with a ring and a proposal. Other couples prefer to pick out the ring together. Either option is fine, but if you plan to bring your fiance along to pick the ring, make sure to talk about both of your expectations before you go. Take the time to sit down and talk about expectations and budget.

It might feel awkward at first, but remember, you’re entering into a partnership that will involve many discussions about money throughout your life. It’s healthy to start from the beginning.

Even if you plan to pop the question as a surprise, it’s a good idea to talk about both of your expectations about wedding rings before investing in such an expensive and emotional purchase. You don’t want to get down on one knee only to realize that you and your significant other have drastically different ideas about rings.

Set a Budget First

Once you get into a jewelry store, you’ll be hit with all of the marketing and sales tactics designed to get you to spend more. Everything from the lighting to the color scheme of the room is meant to get you to up your budget, and that’s before you even talk to a professional salesperson.

Before you walk into the store, set a realistic budget. Make sure you know what you would like to spend as well as the absolute maximum you are willing (and able) to spend.

An engagement ring is an important purchase, and financing to pay for the perfect ring is certainly a great option. However, you don’t want to end up with payments you can’t afford because you bought a ring that was astronomically out of your budget.

If you go to the jewelry store with a firm budget, you won’t be as easily swayed by sales tactics, which can help you save money and end up with a ring that you and your fiance will cherish without all of the financial guilt.

Start Saving Early

Engagement rings are expensive. If you don’t start saving until you decide you’re ready to propose, you might set yourself up for more stress. Once you’re in a committed relationship, start saving a little money each month. As you get more serious (if you’re financially able), save even more.

Take advantage of inexpensive date night ideas such as games in the park, cooking together, hikes, local theater productions, or local museums. Take the money you would have spent on those dates, and add it to your engagement ring fund.

By the time you’re ready to propose, you’ll have a great starting point. You can supplement your savings with a reliable online loan from Lift Credit to buy the ring of your fiance’s dreams.

Apply for your quick & easy installment loan today!

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