Maximizing Savings for Your Wedding Ring Purchase

Weddings cost money, and if you have one coming up, you’re probably all too aware of the cost. You’ve likely priced everything you need.

The total price tag might seem daunting enough to consider for many, and hence, a viable option for some individuals who are getting married and don’t feel they have the ready cash to cover all the expenses may be to finance their wedding through a personal loan .

Your wedding ring is something on which you might be willing to drop a significant amount of money. After all, you’ll presumably have it for many years to come.

Every time you look at it, you’ll think of the spouse who loves and cares about you. At the same time, you don’t want to get a ring that’s so expensive that it leaves you nothing left over for additional wedding expenses. 

Beautiful Bride taking Selfie with smartphone and showing off wedding ring

Let’s talk about maximizing your savings to purchase your wedding ring.

1. Price the Ring

The first thing you’ll likely do when you get engaged and start looking at the various wedding-related expenses is to price the ring. Look at some ring styles that appeal to you and the manufacturers that make them. 

Ask yourself if you’ll feel okay getting a mass-produced ring from a jewelry store like Zales or Neil Lane Bridal or whether you want a jeweler to design one, especially for you. A mass-produced ring might not feel as special, but it’s likely cheaper. 

Get an idea of how much the ring you want costs. This is a good starting point as you determine how long it will take you to save up the required money. 

2. The Two-Month-Salary Rule

You might have heard you should spend approximately two months of your salary on your wedding ring. Alternatively, your fiance may save up to two months of their salary for it. 

That’s not a hard-and-fast rule regarding wedding rings, but it’s a notion you should consider. Saving your salary for two months should put you in a position to buy a ring that’s nice but not too extravagant. 

3. Is Putting Off the Wedding Worth It?

Putting off the wedding for a few months is also worth considering if that’s what it takes for you and your fiance to buy the ring you’ve set your heart on.

If you’ve found a particular ring design and jeweler, and it means a lot to you, then having the wedding in six months or a year might seem like a viable option for you to get what you want. 

Saving to Get Your Wedding Ring Makes Sense

Most couples who are getting married don’t have unlimited funds.

That means you must consider how much money you have in savings jointly, how much you’re willing to spend on your ring and other wedding-related necessities, and whether you want to take on debt to free up additional funds. 

If you want a fancier or bespoke ring, and you and your fiance don’t have enough money for it, pushing back the wedding for a few months or taking out a short-term loan are probably your best options.

Consider your financial situation and decide which one seems best.

Getting a short-term loan might not seem particularly palatable, but if you’re reasonably sure that you can pay it back within the next few months, it might make sense.

Perhaps if you’re getting cash gifts from relatives at the wedding, you can use that money to repay a short-term loan you used for your dream wedding ring.

If you’d prefer waiting and saving up the money, that’s a financially responsible thing to do. It might also give you and your fiance more of a chance to talk about the details of what your lives will be like together.

Doing that before you make a lifelong commitment to each other is never a bad idea.