A Guide to Spending Within Your Means on an Engagement Ring
Weddings are an expensive affair and believe it or not, the average Joe spends roughly SGD$3,000 to SGD$6,000 for a diamond engagement ring of a decent grade! To help you spend within your means so that it doesn’t affect the budget for the rest of the wedding, here are some considerations to keep in mind when you’re out engagement-ring-shopping.
Set a budget
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Before making any purchase, you should set a budget. As with any other financial goals, you should first scour the Internet and physical jewellery ateliers to have a good understanding of the price ranges available. Next, review your daily expenses, monthly income, and other financial goals that you might be saving for (i.e. your wedding, honeymoon, and new home).
Calculate how much you can save comfortably each month, and then use that to estimate how much budget you have to spend on a ring! This way, you won’t be overspending and eating into the savings meant for other aspects of your life.
Diamonds are not every girl’s best friend
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Many may automatically assume that an engagement ring has to be a diamond ring, but it really depends on your partner’s preference. If your partner is impartial towards all gems, you may consider getting alternative gemstones that are a lot more affordable but just as stunning as a diamond! Otherwise, there is also lab-grown diamonds, which are also a more cost-effective option.
After all, it makes no sense to spend a fortune on an engagement ring if you can’t afford it, especially when other financial commitments like your wedding and BTO flat are looming before you.
Use only your savings
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Though it may be tempting to get a personal loan or make a purchase with a credit card, using borrowed money increases your likelihood of spending beyond what you can afford. If you can’t afford to purchase a certain ring with the disposable cash you have on hand, you definitely won’t be able to afford to pay up the loan within the stipulated time frame either — you’re simply delaying the inevitable!
Stick to using only your savings, and keep an eye out for great wedding deals instead. In light of COVID-19, many jewellers are offering plenty of discounts and promotions, so grab ahold of those opportunities!