Wedding bands are special jewelry pieces that have immense value in every individual’s life. In fact, a proposal is incomplete without an engagement ring. Most people believe a wedding band is a symbol of commitment.
That is why these rings are so crucial. However, getting one of these rings can be tough, given the rising rates of engagement rings. To learn about affordable engagement rings, you will have to plan and research extensively. Remember, if you save for a wedding band from the start, you won’t find it challenging to pay later.
How to Save for Engagement Rings for Women?
It’s not easy finding the perfect ring. There are several options for wedding bands. You will need to see the diamond cut, setting, wedding band material, and other features. However, amongst the long list of things you need to decide, there is also your affordability range.
There are expensive and affordable engagement rings for women, and the choice is yours. No matter what option you pick, you will need to save a certain amount to purchase your favorite wedding band. If you don’t have enough resources in time, you might have to postpone your proposal.
So, it’s necessary to save for engagement rings. Otherwise, you will need to settle for cheap engagement rings for women, and it won’t be ideal.
Saving money might seem challenging, but you can easily save dollars with a few right moves. In a short span, you will have enough to get the ring of your choice. After all, it’s an engagement ring, and it should be unique in every way. Here are the top ten ways you can save for your fiancé’s wedding band without putting yourself through a lot of trouble.
Decide a Budget and Don’t Change it
Start the saving process by making a budget. The market has beautiful rings that could make you fall in love with them instantly. However, these rings cost a lot, and you might not have the budget for them.
At such moments, you might feel weak, and in that weak moment, you might make a poor decision of going above your budget. So, create a budget to see how much you can spend on a ring. When you have a fixed number in mind, you tend to stick to it.
Having a budget also allows you to calculate how much you need to save every month. That way, you will have enough cash in no time. In addition to fixing a budget, make sure the value is realistic. For example, if someone earns thousands but sets a goal of one million, it will be impossible to achieve.
Usually, affordable unique engagement rings cost between $1,000 and $4,000. If your budget range is near these values, it will be manageable.
Create a Savings Account
Wedding jewelry can cost a lot. If you don’t have instant cash, open a savings account. It’s a great way to put aside money for the future. Opening a savings account is easy. It is the same process as opening a regular bank account and helps keep extra cash safe.
You might not trust yourself with cash or think you will waste your savings on unnecessary expenses. The best way to secure it is by keeping it in a savings account.
Nowadays, online banking has made all banking procedures simple. The minute you receive your salary or any cash in your account, transfer it to your savings account. That way, some amount is saved each month.
Some banks even offer to give interest on cash kept in a savings account. You could take advantage of that option and earn extra on your hard-earned money. In a year or a few months, you will have enough for an affordable moissanite engagement ring.
Watch Out for High Interest
At times, buyers get sucked into the vicious cycle of interest and spend more than their budget. So, before selecting or buying a ring, check the interest rate. The thought of paying with a credit card or getting a wedding band without spending any cash might seem like an ideal situation, but it isn’t.
It could turn out to be a problem later on. Instead of depending on credit, try to go for cash options. In case you need some credit, make a plan on how you will pay for it later.
Don’t Plan to Buy Round-Cut Engagement Rings
Another way to save for an engagement ring is by limiting your preferences according to a budget. For example, you could keep round-cut diamonds out of your preferred list. When you don’t have expensive rings in your mind, you will need to save less money. That way, you can get a proposal ring in a shorter time.
Round-cut diamonds are by far the most expensive option. It’s in higher demand and is cut with great precision, adding to its price. So, make one thing clear at the start, you won’t buy a round-cut diamond.
Cut out Extra Expenses
A basic and simple rule to save money for weddings and engagement rings is by cutting out extra expenses. The process is tough, but you will need to take this step despite all the difficulties.
Start by making a list of all your monthly expenses. Write down everything, even if it’s a minor expense. Once the list is ready, start prioritizing each option. See, which expenses are more important and can’t be avoided at any cost. Like groceries, fuel, and utilities cannot be removed.
You can cut down on bills by turning on fewer lights, using public transport, and cutting out luxury goods. Similarly, if you spend too much on restaurants and entertainment options, avoid them for the time being.
A significant portion of every individual’s income goes into clothing, entertainment, and similar options. If you trim these expenses, your savings will be massive. In case you can’t avoid it, limit your budget for these activities.
At the start, all of this might seem impossible, but with each passing day, you will get more determined. Remind yourself about your goal every day to motivate yourself. After all, what could be better than buying a vintage engagement ring for your special one?
Put Small Bills Aside
At times, small bills also help you achieve your goal. When it comes to buying engagement rings, every single penny matters. So, start using the trick of saving small bills. For example, when you take out money from your bank account, set a small portion of the cash withdrawal aside.
Similarly, keep the pennies and change you get from any place in a jar. Individuals might not believe it, but these five and ten-dollar bills add up quickly. In a year, you could collect enough to get your dream ring.
However, keep this savings jar in a corner or hide it someplace safe. Remember, no one can use this money, including you. The minute you start using cash from your savings jar, your entire plan will fail. So keep yourself restrained.
Spend Less on Dates and More on Affordable Vintage Engagement Rings
We all know relationships are incomplete without dates. These date nights are excellent ways to meet and spend time with one another. However, a single date night could cost you thousands. If you plan on having dinner and watching a film, your spending could be anywhere near a thousand dollars or even more.
These date nights might seem the best way to build memories, but if you want to buy a ring for your loved one, you can’t spend too much. No doubt dates are unavoidable, but you could spend less than usual.
Instead of a fancy restaurant, prefer a burger or pizza joint. You will get to spend time and save money simultaneously. If you think these steps would make you look cheap in front of your partner, you are mistaken.
What’s more important is to find the perfect ring for your partner. After all, an engagement ring is a sign of commitment. Without a wedding band, your relationship won’t last long, no matter how many dates you go on. So opt to save for your proposal day instead of spending excessively on fancy dates.
Reduce Your Wedding Budget
A wedding is a one-of-a-kind event. Most individuals enjoy it once in their entire life. However, if you want to put an expensive ring on your lady love’s finger, you might need to tone it down. Fancy weddings followed by grand receptions are a dream come true. But if you can choose between a lavish wedding and an engagement ring, go for the latter.
It is an incredible way to save money for your partner’s dream ring. Engagement bands are expensive, and you might not be able to manage them all at once. According to experts, a single wedding could cost thousands of dollars. From champagne to food to décor, multiple factors add to the cost.
So, you might not be able to take out a portion of your income for a wedding band. Therefore, scale down your wedding to save for a ring. If you are saving 10,000 dollars each month for your wedding, you could divide it by separating $2,000 for your engagement ring and the remaining $8,000 for the wedding preparations.
Maybe your wedding won’t be as grand as you expected, but you will save enough for a ring to impress your partner.
Shop from a Trusted but Less Popular Shop
There are several vendors in the market, but not everyone is trustable. To save money for an engagement ring, you should only visit trustable and less popular jewelry stores.
Popular stores charge extra due to their name. They might charge double or triple the original cost of a ring just because of their fame and brand strength. Instead of visiting such stores, give a chance to smaller shops.
Of course, that doesn’t mean you should visit a shady place. Conduct some research before selecting a vendor. Visit multiple jewelry stores before starting your savings scheme.
Get to know the price from various shops and ask about their reputation from people nearby. Once you get an accurate quotation for affordable unique engagement rings and feel satisfied, start saving the same amount.
Blindly saving cash and later visiting the most popular store in town only to find out that you don’t have enough money will be heartbreaking. Thus, always be selective about your vendor. The more you research, the better quality of the ring you get.
Buy Lab Created Diamond Rings
Lastly, you can save for an engagement ring by changing your preference from naturally occurring diamonds to lab-grown engagement rings. Lab-created rings cost less and are similar to a mined diamond.
You might think that lab-created diamonds are fake, but that’s where you’re wrong. These are original diamonds. The only difference is that these are created in labs instead of being mined. When it comes to lab-grown diamond rings, you won’t need to save a fortune for them.
Even if you save a minor portion of your income, you will have enough cash in a few months. So don’t go for original diamonds. Instead, opt for these beauties.
Saving money for an engagement ring is a lengthy process. You have to think of the type of ring, find its price, calculate how much you need to save each month, and much more. The list is long, but since you plan on proposing you will need a ring.
In such cases, the only way to get extra cash for a ring is by saving your money. You could start a savings account, collect small notes or cut down on extra expenses. It’s entirely up to you. Take steps that you are comfortable with. However, one thing is for sure you will need to change your spending habits.
Using these methods, you will save for a decent engagement ring. All you need is a little determination.