An engagement is an exciting milestone celebrating your new journey with your partner, but it can also be expensive. From the price of the ring to proposal preparations and a celebration party – there are many costs to consider. The average cost of an engagement ring in the U.S. was about $5,500 in 2020. When additional costs get added to the list of expenses, the financial burden can be overwhelming.
If you’re ready to take the next step but conscious of your budget, you can consider a few things to reduce the financial burden and enjoy the new chapter of your life.
Create a Budget & Payment Plan
Setting a budget will allow you and your partner to determine your affordability, which can help you make crucial decisions about your celebration. It’s essential to set a comfortable budget that doesn’t cause financial strain on either of you.
If you don’t have the money saved up, you may need credit cards or short-term loans to fund the engagement. If you choose that option, think about how you will pay for all the expenses. You may want to determine how much of your monthly income will go toward your engagement payments in the following months and how long it will take for you to pay it off. A detailed plan lets you relax and plan your future transactions accordingly. (Zolpidem)
Explore Gemstone Options
One mistake some couples make is breaking their bank account to purchase a ring they cannot afford. Be realistic about your budget and start exploring gemstone options based on your affordability. Fortunately, you don’t have to compromise style and quality when on a budget. Consider lab created diamond engagement rings as they are visually, molecularly and chemically identical to mined diamonds.
Lab created diamonds have the same beauty and durability as mined diamonds, their origin is the only difference. You can choose from various shapes and sizes and customize the ring based on you and your partner’s taste.
Just like mined diamonds, lab created diamonds come fully certified by a professional institution like International Gemological Institute (IGI). The certification describes your chosen diamond’s characteristics, such as colour, cut and clarity and carat weight.
Keep the Party Small
After you pop the question to your significant other, you’ll probably want to share the news with your loved ones and celebrate the special moment. But if you’re on a budget, try keeping the party small to remove the financial burden.
Create a guest list with your partner and note down the names of people who you think are close to you and would be happy to celebrate the occasion with you. Avoid inviting too many people as the number of guests will increase your party costs and may become challenging to afford on a budget.
Do it For Yourself, Not Others
There are many traditions and trends that couples follow today. This includes spending a certain amount on the ring or opting for a celebrity-inspired ring. Some of them might be valuable, but others could be unnecessary. Avoid traditions or trends that cause financial strain and take the joy out of the engagement for you or your partner. Celebrate your engagement the way you both feel best, and don’t let societal pressure affect your big day.
