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A Comprehensive Guide To Saving For An Engagement Ring

  • August 25, 2022
  • Styles & Trends

If you have ever gaped at the price of a diamond ring and wondered how you could ever part with that amount of money – don’t worry; you’re not alone. Diamond rings are the go-to for proposing, but it’s true that they have quite the hefty price tag! Yet, unless your other half is willing to go without an engagement ring (which is becoming more common nowadays), this is something you must be prepared to spend on before you pop the big question.

There are a few ways you can ease the shock of buying an engagement ring for your wallet. Apart from choosing a more affordable ring option, like going for lab-grown diamonds rather than mined diamonds, you can also deliberately save up for it so that you know you are not eating into your retirement funds.

Stumped on where to begin? Let us guide you through some steps on how you can save up for the engagement ring purchase!

Budget within your means

Everyone has different earning power and spending habits. If you have been working for many years, you will probably be willing to set a higher budget than someone who has only just started working. There’s nothing to be embarrassed about if you are setting a budget that is lower than what you have heard is the norm!

And don’t forget, the proposal is only one milestone of your relationship. You still have to plan ahead for your wedding (including the cost of wedding bands), honeymoon, and new home! As much as you love your partner and want to show them what you can provide for them, it is also healthy to discuss financial matters and future plans with them to get your expectations on the same page.

Plan your saving journey

Plan your saving journey

Now that you’ve budgeted a sum you want to set aside for the engagement ring, it’s time to decide how to reach that goal. Unless you have a lot of disposable income or extra savings, most people will need to save up for a few months so that this large purchase doesn’t put such a deep dent in their pockets.

Set a deadline (e.g., two months before you propose, when you want to buy the ring), and divide your total ring budget by the number of months to that date. That’s how much you should be setting aside to save each month. If it helps you keep track and be more disciplined, explore setting up a savings account just for this purpose.

Find the best deal

With the budget that you have set, you can finally begin to look at your options for diamond bridal jewellery in Singapore. Surely, you want to get the best bang for your buck, so it’s worth making some effort to understand the diamond ring prices in Singapore. Our friendly team at Love and Co. will be most happy to advise you and share their knowledge with you!

Love and Co.’s lab-grown diamond collection offers an affordable choice for those who like the sparkle of diamonds but are not particular about having mined diamonds. Most of our rings in this collection also come with options for your preferred carat size, allowing you to size up or down according to your budget. 

LVC Precieux Destiny Esme Diamond Ring 

LVC Precieux Destiny Esme Diamond Ring

The Precieux Destiny Esme Diamond Ring is a stunning representation of love, featuring a two-toned band and brilliant solitaire diamond. An infinity symbol in the ring setting adds an endearing detail to this engagement ring, making it a romantic way to remember the forever promise you’ll be making.

LVC Precieux Destiny Diamond Ring

LVC Precieux Destiny Diamond Ring

If she can’t get enough of diamond earrings, diamond bracelets, and diamond everything, the LVC Precieux Destiny Diamond Ring will satisfy her dream for a star-studded ring. Apart from the brilliant centre diamond, this half eternity ring also comes with a diamond-encrusted infinity symbol setting.

LVC Precieux Love Journey Carita Diamond Ring

LVC Precieux Love Journey Carita Diamond Ring

The LVC Precieux Love Journey Carita Diamond Ring lets you impress with size over quantity – if you opt for the biggest carat size at 2.01 carats. With the top-quality lab-grown diamond, this will be perfect for someone who loves their diamonds big, clear, and beautiful.

LVC Precieux Promise (Slim) Diamond Ring in 6 prongs 

LVC Precieux Promise (Slim) Diamond Ring in 6 prongs

Looking for something a little different? The LVC Precieux Promise (Slim) Diamond Ring in 6 prongs is a step away from the dainty and cute type of rings, instead sporting a bolt-and-nut inspired look. Due to its slim design, it accommodates smaller diamond sizes and goes for a more affordable price tag.

Know her style

Know her style

After saving up so much, you surely don’t want to be spending on a ring that’s not to her taste, becoming a white elephant down the road. Instead, aim to impress and get something that suits her while also symbolising your love in a meaningful way!

Not sure what’s the difference between diamond shapes like princess, oval, teardrop, and emerald? Want to make a unique combination of ring band and ring setting? You may want to explore a bespoke proposal ring service that allows you to customise the engagement ring, starting from the diamond down to the metal type and finish. Then, you can even add some personalisation, like engravings on the inner band, to make it truly unique!

At Love and Co.’s bespoke ring counter, you can explore what different combinations look like with each other, and our expert jewellers will be there to guide you and provide sketches to visualise your ideal proposal ring. For the price you pay, this will definitely be a meaningful and unique ring that will become a priceless treasure!

Conclusion

If proposing to the love of your life is on the cards for you, we hope these tips will ease your worries about how to save up enough for the engagement ring. Kickstart your savings plan today to reach your goals sooner!

And while you are at it, why not shortlist some wedding jewellery collections as well to come back to it later? Let us help you make the perfect choice of jewellery – book a consultation with our team today!

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