How to Save for an Engagement Ring According to a Financial Expert


Hi my name is Douglas Bonaparte. I’m the
president of Bonafide Wealth and the co-author of The Millennial Money Fix. I
spend my time working with clients to help them achieve their great things in
life through financial planning, education, and literacy. There’s no
shortage of challenges that our generation faces such as paying off
student loan debt, saving for homes, starting families, and just settling down.
I help my clients achieve the great things in life. Our 20’s and 30’s are
loaded with critical decisions at every turn which is why it’s more important
than ever to be equipped with information that can help us make great
decisions. And while Millennials are redefining
what it means to get married, we still have to get down on one knee and propose
to the one that we love. So when it comes to the engagement ring purchase process,
you’re undoubtedly excited, nervous, and even anxious. Some will admit that
they’re losing sleep over buying a ring. Will my partner like it? Can I afford it?
What will my friends and family think? These are the things that keep people up
at night. Unfortunately, I’ve witnessed at many points in my career what
happens when people make emotional decisions around money, which is why we
need to help people make a smart decision when it comes to buying an
engagement ring. You should be confident when making this decision and we’re
gonna provide you guidance with how to do just that. First, it’s important that you establish
a budget. This means knowing what it is you’re going to spend on a ring as well
as understanding what it is you can afford to save every month. So take a
look at your expenses, take a look at what you’re making, find out what you can
afford to save consistently and perhaps set that aside in a separate savings
account to save for a ring. Second, quantify by time and cost. When is it
that you’re going to propose? how many months from now and how much is
the ring going to cost? Well divide the amount of months by the cost of that
ring and you’ll know just how much you need to save each month to make that
purchase and propose. Next, don’t leave yourself cash poor. There’s plenty you
need to do beyond just saving for a ring – life still goes on. So think about how
much more cash you would need beyond what it is you’re saving for a ring.
Whether that’s three or six months of your living expenses and add it to your
savings goal. Always be careful when borrowing. Whether it’s credit cards,
buying a home, cars, or an engagement ring, it’s important that you understand the
terminology and what it takes to consistently pay back a loan. Do you know
what the interest rate is, the monthly payment, how long the loan is for? If
you’re unfamiliar or uncomfortable with these things
maybe borrowing is not for you. Now when it comes to finding that
perfect ring you need to remember the four C’s. Striking a balance between
these four characteristics is ultimately going to help you make the best decision
and understand the right price when it comes to buying a diamond. When it comes
to actually buying the engagement ring, there’s no better place to turn to than
Blue Nile – the leading online jeweler for engagement rings and diamonds. Their
website’s filled with additional information as well as buying guides and
a cheat sheet that will help you make the best decision when it comes to
buying an engagement ring. They have experts that can guide you through the
process 24/7 so that you come out with the handcrafted engagement ring that
will make your significant other happy. Millennials already have enough
challenges as it is and buying a ring doesn’t have to be one of them. Striking
the balance between what your heart says and what you can afford to do is key to
making an informed decision. All of the resources presented here today are
equipped to empower you and help you make the best decision for yourself so
you can settle down with the one that you love for the rest of your life.

Michael Martin

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