Saving For The Engagement Ring: Where Do You Start?

An engagement ring is the most sentimental piece of jewelry you'll ever give your significant other, but like buying a car, or your first house, buying a diamond ring is a huge investment. You've probably heard the 'two month salary' rumor, but have you given any thought to how much money your actually willing to spend on this ring? Or how long it would take you to save up that amount?

For many ring-buyers, it's hard to know where or when to start when it comes to buying an engagement ring. The more prepared you are the better. We've put together these key tips to help you save for the ring your loved one's always dreaming of:

1) Don't Panic! Start From The Beginning

Let's start from the beginning here. You've found "the one," and you're ready to buy the perfect diamond ring. But thinking about how you're going to pay for that ring, well, it isn't as romantic as the thought of dropping down on one knee to propose.

First things first, when it comes to saving for an engagement ring, you should start off by gaining a complete understanding of your finances. You'll need to know this before you can even start thinking about a budget or timeline. What are your financial goals? Do you plan to buy a house soon after the proposal? Are you saving up for something else like a car? Not to mention, soon after you buy a ring comes the major expense of a wedding.

It's important to make sure you understand your current financial situation in order to get an idea of how much you will be able to afford to put aside for the ring each month. If numbers aren't your strong suit, you can always go to your local bank for an overview of your month-to-month spending and some help establishing a plan!

2) Determine A Realistic Budget

Next step: determine your budget. Forget the two month salary rule! Setting a budget isn't as scary as you may think because there honestly is no set rule for how much money you need to spend on an engagement ring. Your budget should depend entirely on the amount you feel you can save, and it varies greatly among different individuals. We promise there is no minimum you have to spend in order to get a beautiful ring.

Now the best way to get started setting your budget is to take into account all of your regular monthly expenses and any upcoming big financial expenses you're expecting. As mentioned, if you and your significant other have been talking about buying a new home or you know you're going to need a new car this year, all of that will affect the kind of budget you can set for this ring. It might not as be romantic, but it's also becoming much more common to talk openly about the budget you're thinking for the ring so that the two of you can get on the same page. Don't be afraid to talk with your partner about this and decide on a practical budget together.

Most importantly, make your budget realistic. We know you want to wow your loved one with the ring of their dreams, but it isn't worth going broke. After you've scheduled out your financial obligations and determined what your budget allows you to put aside each month, get educated on how much the ring they want will actually cost.

Here are some resources for figuring out how much to budget:

• Long's Diamond Calculator
• What Is The Average Price Of A Diamond Engagement Ring
• 8 Helpful Tips For Setting Your Engagement Ring Budget

3) Create A Timeline To The Proposal

Some of you may feel like this puts the pressure on even more; however, setting a timeline for the proposal will actually help you make the process less stressful! This step all depends on your budget, but as a general rule of thumb, the earlier the better. As many of you start to think about proposing, you will probably realize it's never too soon to start saving. Once you know this is the person you want to spend the rest of your life with, and you've had that big conversation about your future together, you're ready. At this point, no one knows better than you that buying an engagement ring is a huge investment and preparation is key.

It's going to take sacrifice and budgeting to make this into a reality, but trust us, it will all be worth it when you watch your significant other's face light up as your down on one knee with their dream ring. That may mean opting out of Thursday poker nights (okay - maybe test your luck once), watching the Patriots from home on Sunday instead of flying to Ohio for Brady's first game back, but this is where your budget and timeline will help out.

4) Other Financing Tips To Consider

One good thing to know - you don't have to purchase the ring with cash. There are many other options to consider. Some jewelers like Long's have financing programs that will help you save up for the ring. It's important to make sure you take advantage of the financing options you have, especially if you want to pop the question sooner. Look into whether store financing, buying with a credit card, or taking out a loan can work as an alternative financing option for you if can't have all the cash by the end of your timeline.

It's also important to make sure you take ring insurance and service options (e.g., rhodium plating a white gold ring often) for the engagement ring into consideration. We know this is a lot to remember, but planning for these fees up front will help you budget for the entire cost of the ring in the long run.

So how much do diamonds ACTUALLY cost and how much do you need to save up? Explore diamond pricing online with Long's Diamond Calculator.