Hyde Park Blog

Hyde Park Blog

How To Afford Your Dream Engagement Ring!

How To Afford Your Dream Engagement Ring!

Posted by Hyde Park Jewelers on 5th Jan 2023

Finding your dream engagement ring can be difficult, but sometimes, financing it can be even harder. Diamond rings are not cheap, and they can be a very solid investment down the line, but when your salary is more limited, how can you afford your dream engagement ring?

Well, fortunately, there are several things you can start doing today to help you better afford your engagement ring when it comes time to make your purchase. Let’s look at a few of these key steps to help you get on the path to dream ring success!

Set A Realistic Ring Budget

When it comes time to purchase an engagement ring, you’ll likely be inundated with advice on how much you should spend. Some people will recommend a month’s salary, while others will suggest two or three months. But the budget that worked for them may not be the best decision for you.

Make sure you evaluate your finances wisely and set a ring budget that realistically works with your other financial goals and responsibilities. Look over your proposal timeline and determine what you can feasibly save and figure out a plan for setting aside that amount in your time frame.

Understand Your Partner’s Style

They say diamonds are forever, and the same can be said of engagement rings. So, when you go to purchase a ring for your partner, make sure that you take the time to carefully consider their personal style and preferences. The ring you buy will last a very long time–it won’t be exchanged or grown out over the years, so be intentional with your choice.

If your partner prefers classic, understated jewelry most of the time, don’t go all-out with a larger-carat piece with clusters of surrounding stones. Similarly, if your partner prefers lounder jewelry, try to accommodate that desire while adhering to the budget you’ve already set.

Rely On Expert Opinions

When you’re shopping for engagement rings, consider the advice of jewelers and other professionals. Take the time to do some research ahead of time so you’re not walking into jewelry shops and immediately getting overwhelmed by the options. Let others help guide you in the right direction, and you can make a more informed purchase.

Make Sure To Purchase Insurance

While budgets and understanding styles are key when it comes to affording and selecting the right engagement ring, you also need to make sure that you protect your purchase with a good insurance option. That seems like a counterintuitive idea at first–to make your engagement ring more affordable by purchasing an insurance plan–but this policy can be a great help if your ring is damaged or stolen.

It can help you recoup the cost of the ring if it’s lost or stolen, and some policies can help you repair damaged rings as well.

Key Takeaways

Affording your dream engagement ring doesn’t have to be difficult. If you follow the right steps by budgeting well, understanding your partner’s taste, and protecting your investment, you can ensure that you’re happy with your ring purchase for a long time to come.

If you need assistance choosing the right engagement ring for your partner, contact our jewelry experts at Hyde Park today!