4 Tips For Saving For A Wedding Ring

4 Tips For Saving For A Wedding RingGetting married soon? Congratulations!

If you’ve started looking around for a wedding ring, you know it can be very expensive and confusing. Here’s some advice to make saving for your wedding ring easier…

In the past, there was a general rule of thumb when it comes to how much you should spend on a ring… 2 to 3 months salary. Well you can go ahead and throw that out the window now, because in today’s economy, you get what you can afford.

Here are 4 tips to remember when shopping for a wedding ring:

#1: Set a budget for the ring.

You need to know how much can you realistically afford. Don’t stress out your finances for a rock you’d expect to see an NBA player’s wife wearing. If things are tough for you now, get what you can, and make a promise to each other to upgrade when your finances are in better shape.

#2: Divide the cost of the ring by the number of months remaining before the wedding.

This will show you how much you should be putting away each month to make the purchase. If the monthly amount is too high for you, then I suggest you think about a lower cost option for now, or push the wedding date back to enable you to pay it off before the big day.

#3: Open up a separate savings account for the ring (and don’t touch it).

If you can promise not to touch the money in this account for anything (and I mean anything)… and commit to making deposits each month until you have saved up the price of your ring, this is a great stress-free way to purchase your wedding ring.

#4: Always ask for a discount or specials.

Jewelry shops are constantly running sales. It never hurts to ask if they have any specials or discounts available. One way you can pay less for a great looking ring is to go with a stone with a few minor flaws. These flaws can generally only be seen by the trained eye of a jeweler, and you’ll pay a lot less than you would for a nearly perfect stone. And no one will know the difference when the bride is flashing her ring to her friends.

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