8 Strategies That Will Help You Save Up for an Engagement Ring

You've been seeing your significant other for a long time. It now seems like the time to finally propose to your partner. While the actual act of planning and doing it can be challenging, perhaps even more challenging is getting the right ring to ask the question. Often, it's suggested that one must pay at least two months of their monthly income on the ring. Paying this amount will require using a lot of different strategies to save enough to get your significant other something special. Here are the strategies you can use to save enough money to buy an engagement ring.

1. Research

Before you start saving up the money, you have to know how much you're going to need to save. If you plan to pay two months of your salary, determine your monthly salary, multiply it by two, and that's how much you'll need to save. If you don't plan on spending this much, you can determine a price limit you feel comfortable with. 

You also need to research the different jewelers out there. Find out if the jeweler has gotten good reviews and recommendations. Look through the various rings to see if there's anything you like. Another thing you should get some notes on is what your partner likes in a ring. It's good to try to be a little subtle about this if you can. 

Perhaps, if you see her wearing a ring, you can tell her it looks nice, and ask her what she likes about that ring. If you could find other jewelry, you can observe the style of rings she typically likes to wear to give you some insight as well. If her style of rings appears to be more minimalist, then your best bet would be to shop for simple rings.

2. Set a timeline of saving

Get an idea of when you're likely going to propose to your significant other. It could be a special date for you two, such as an anniversary, graduation, birthday, or anytime you feel would be the best time. Once you have that date in mind, then you'll know how much time you have to save up to get the ring. 

Decide how much you'll need to put aside with each paycheck you get. Make a note of how much you’ve saved each week or month to stay on track with your goal. Think of the timeline of your proposal getting closer as an exciting countdown. It will help keep all the work you're doing in perspective, knowing that at the end of all the saving, you're going to have a beautiful ring that you'll use to give your significant other a heartfelt proposal.

3. Budget

Since you're going to be saving a significant amount for your engagement ring, it will be important to have a strict budget to follow. Sit down and write all the expenses that are your essential needs, and then determine the extra expenses you can cut back on for a little while. You might have streaming services, cable packages, and satellite TV packages that you can choose to live without for a few months. 

Maybe you have a gym membership you can cancel for now, and instead, choose to exercise in other ways. You could also consider cutting back on how much you use your car to get around. Alternatively, you could try walking, riding a bike, taking public transportation, or perhaps even carpooling with a friend.

You could also try using ridesharing services. All of these alternative transportation options will save you from spending on gas and other expenses that your car eventually needs after being used often. Be aware of how much that small purchases like paying for a ticket to a movie, going to a club, or eating out can add up over time. You're about to make one of the most important purchases of your life. Every dollar and penny that you can save matters. 

Consider putting other big purchases on hold as well. You might have been previously saving up for a week-long vacation somewhere, a new car, or maybe even moving to a new home. For now, hold off on all of those purchases. Instead, put that money you were saving for those things into your engagement ring savings. Urgent needs may require you to spend big sometimes, such as if your car breaks down, but in general, if you can avoid making a large purchase during this time, it will be very helpful.

4. Find ways to lower your bills

Certain things you have to pay monthly are necessities you can't cut, such as utility bills, phone plans, groceries, and other things. Nonetheless, you can find ways to reduce the cost of paying for these necessities. Try to be more conservative in your usage of utilities. When you're not using a room, turn off the lights and unplug appliances and devices to keep your energy bill low. 

When you’re brushing your teeth, don’t leave the water on to help save on your water bill. Look into how much data you’re using on your phone. If you’re not using as much as you’re paying for, switch to a lower data plan. Use coupons to make your purchases for groceries cheaper. You can also look into getting generic brands of foods that you like, which tend to be cheaper and taste almost the same as foods from mainstream brands.

5. Use automatic transfers

If you’re not the most organized person in the world, using automatic transfers can be a useful tool for you. When using online banking, you can set up an automatic transfer that does the job of moving a certain amount of money from your checking account to an engagement ring savings account. 

You can time it to a set interval where these transfers happen every week, two weeks, month, or any other time limit you feel is best. Using this option is great if you have a hectic schedule, and if you don't always remember to do certain things. Be sure to make the name of the savings fund something discreet, so that way, if your significant other sees you looking at it, she won't know what the savings are for.

6. Hold on to unexpected windfalls

Occasionally in life, you may get an extra amount of money for the month that you didn't expect. Examples of that can be a bonus at work, winning an expensive prize, or getting some money back from a friend that owes you. Anytime you receive an extra amount of cash that puts you above your normal monthly income, put that into your savings for your engagement ring. It will help you get to your engagement ring goal much faster.

7. Look into a financing plan

If you already have the ring in mind that you want to get, you can try seeing if the jeweler can offer you a financing option that works with your timeline and budget. Financing plans allow you to get the ring sooner and gradually pay it off through a set amount paid each month. Think of it like gradually paying off the cost of a car or a home. If you’re ready to propose to your significant other soon, this is a good option to inquire about with the jeweler you’re ordering from.

8. Make your dates cheap

You’ll likely still be having dates with your significant other while you’ll be saving up for the ring. As much as you can, you’ll have to cut back on eating at fancy restaurants or going to expensive concerts. Think of alternative activities that you and your partner can do and still have just as much fun together. 

Instead of eating at a fancy restaurant, choose to buy some food from the grocery store and learn to cook something new. Instead of paying for two expensive movie tickets, you could pay for a movie to watch online. Keep in mind that after you save for the engagement ring, then you’ll be on to the task of saving for a wedding as well.

You'll have to get your significant other used to inexpensive dates eventually, so it will be good for you and your partner to get started on that now. There are many activities you and your partner can enjoy that don't cost much or might even be free. 

If you two are interested in concerts or plays, some towns have musicians or actors that perform in their parks. A date could even be something as simple as going for a hike in the mountains and having a picnic. You have many options to choose from if you look around for different activities in your town and get a little bit creative.

When saving for an engagement ring, you have to look into all of your monthly expenses to find any way possible to cut back and save. All of these tips can help you get enough money to buy the ring you want as soon as possible. Keep the day you’re going to propose to your significant other in mind to stay motivated in saving as much as you can.