So, you have decided to propose to your girlfriend. You have it all mapped out in your head - the perfect proposal, tears flowing from her eyes as you drop to your knees and a long heartfelt kiss after she says yes. Perfect!
What's missing? Oh yeah - you need a ring.
The problem is, buying an engagement ring a huge deal! It's probably going to be one of the biggest purchases you make in your lifetime and most likely you will have to do a little saving to be able to buy it. I can teach you easy ways to save you money on an engagement ring, but you still won't be able to just hand over a fiver and walk out of the store. It's gonna cost you a decent chunk of cash.
I do get a lot of people asking if it's ok to buy a ring on a credit card. We'ro so used to charging things even if we don't have the money so I'm not surprised more and more people are doing the same for engagement rings. I'm not totally against using credit to make the purchase, but you have to figure out how much it is going to cost you on a monthly basis. Also, please make sure you use a credit card with a decent interest rate.
If using credit looks like the route you are going to have to take, I suggest trying to at least cover a portion of the purchase with savings. It might take a little longer but I think you will feel a lot of pride in having worked towards it. Try to come up with at least 25% of the purchase price of the engagement ring and make sure the amount you charge leaves you with a monthly payment you can afford.
When it comes to saving, there are a few things you can do to help you along the way. The first is to set up a separate savings account and automatically have a certain amount transfered to that account every time you receive a paycheck. Most importantly - don't touch the money in that account! Choose an amount (or % of your pay) and stick to it. By transfering it immediately when you get paid you won't give yourself a chance to spend it.
Cutting back in certain areas is another easy way to save some extra cash. Don't grab a coffee (or double latte, mocha, frappa wappa yada yada yada) each day, eat at home instead of going out for food, hold off on buying that new shirt until it goes on sales etc.
There are so many things that we buy or spend money on that aren't necessary. It's nice to treat yourself every now and then, but saving money for such a special moment does involve a little sacrifice. Stick to spending money only on necessities and you will be amazed at how big of a difference it makes on your wallet.
If you do decide to charge a certain amount on credit, set up a plan to pay it off. For example, if you put $4000 on credit, make a point to say that it will be paid off by a certain day. Hopefully this is no more than 2 years (in the above case, that would be just under $200 a month) and the sooner the better obviously. I put together a guide (available at my website) to make things a little easier. It goes over plenty of ways to save cash and make sure you find her dream diamond. Hopefully it helps.
All the best! |
