5 Tips On Saving For An Engagement Ring

If you’ve found the person you want to spend the rest of your life with, chances are you’ll be thinking about proposing. This is a grand gesture and one that signifies your commitment to another person entirely. You will probably want to accompany the moment with an engagement ring, which will act as a reminder of the event for the rest of your lives. However, the more desirable rings aren’t cheap and you may need to plan financially for some time before you can afford one.

couple kissing engagement

If you’re looking to save for an engagement ring – here are some tips and tricks to help you get there.

Research and set a final goal

The first thing you should do is get a rough estimate of the amount of money that you will need to save. If you’ve already got your eye on a ring, take note of the asking price and make this your end goal. If you don’t have a certain ring in mind, then browse some ranges and get an idea of how much you would be willing to spend. Once you have an idea of what figure you are working towards, you can start to plan your finances much more effectively. Open up a savings account and begin saving!

Track your income and expenses

You should be doing this already, but tracking your monthly income and expenses is the first step you should take when looking to save money. Understanding how much disposable income you have left to save and where your costs are becoming unnecessarily bloated is critical to be able to save faster towards your goal. Having a better understanding of your financial position through tracking income and outgoings is also fundamental in avoiding plunging yourself into debt which will hinder your saving efforts.

Cut costs where you can

Once you have identified all your monthly expenses, you can identify areas where you can look to cut costs. You may be spending hundreds a month on takeaway food, nights out or betting – all of which will significantly increase your outgoings and reduce the amount you have to save. Implement a strategy to stop yourself from spending unnecessarily on these things and you’ll be surprised how much more you are able to save at the end of the month.

Set monthly saving targets

Working towards a target is a good way to keep yourself motivated and on course to afford the ring that you want to give your partner. Set a goal that is realistic and achievable but also makes you smart with your money, so you don’t get sloppy with your spending. It could be £50, £150 or £500 a month depending on your income – having a timeframe and end goal will give you an idea of how much you need to save from your income each month.

Sell your unwanted or disused items

It’s not all about cutting costs, however. Earning some extra money will go a long way in boosting your saving efforts and helping to reach your goal faster. If you’ve got old clothes, games consoles, sporting equipment or anything else that you don’t use anymore – sell it on one of the many online marketplaces available these days. Put any income from this straight into your savings pot, but maybe keep it on the down-low to avoid arousing suspicion!

*Collaborative post

No comments