How to Save Up for an Engagement Ring: Expert Tips for Couples

Buying an engagement ring is a meaningful milestone, but it can also feel like a daunting financial commitment. Whether you’re dreaming of a dazzling diamond or a unique handcrafted piece, saving up for the perfect engagement ring doesn’t have to be stressful. With the right strategies and mindset, you can turn this goal into an exciting part of your journey as a couple.

Here are five tried-and-true methods to save for an engagement ring, along with two personal tips to help you along the way.

1. Set a Budget and Start with a Goal

Before you begin saving, determine how much you’re willing (and able) to spend on an engagement ring. While tradition suggests spending three months' salary, the truth is, there’s no hard-and-fast rule—your budget should reflect your financial situation and priorities as a couple.

Action Plan:

Do Your Research: Browse online stores like Rustic and Gold to get an idea of styles and prices. Look for unique designs that balance beauty and affordability.

Set a Goal: Decide on a target amount. Knowing the cost range will make saving feel more purposeful and attainable.

Be Honest About Your Timeline: Do you want to propose in six months or a year? Breaking your goal into smaller, monthly savings targets will help keep you on track.

2. Create a Separate Engagement Ring Savings Fund

One of the easiest ways to save is to dedicate a specific account or space for your engagement ring fund. By keeping this money separate from your regular expenses, you’ll be less tempted to dip into it.

Action Plan:

Open a High-Yield Savings Account: These accounts offer higher interest rates than standard accounts, helping your savings grow faster over time.

Automate Your Savings: Set up automatic transfers from your checking account to your savings fund. Start with a percentage of your income—10% is a good starting point—and adjust as needed.

Round Up Spare Change: Use apps like Acorns or save manually by rounding up your purchases and putting the extra change into your fund.

3. Cut Back on Non-Essential Expenses

Saving for an engagement ring doesn’t have to mean sacrificing your quality of life, but it does mean being intentional about your spending. By identifying areas where you can cut back, you can reallocate that money toward your ring fund.

Action Plan:

Limit Dining Out: Cook at home more often and save dining out for special occasions. The money you save can quickly add up over months.

Pause Subscriptions: Temporarily cancel streaming services or gym memberships you’re not actively using.

Opt for Budget-Friendly Date Nights: Replace expensive outings with low-cost alternatives like picnics, hiking, or DIY game nights.

4. Pick Up a Side Hustle or Part-Time Gig

If you’re serious about reaching your savings goal faster, consider finding a side hustle. The extra income can go directly into your engagement ring fund, making a big impact without relying solely on your primary paycheck.

Action Plan:

Freelance: If you have skills like writing, graphic design, or photography, take on freelance projects to earn extra money.

Sell Unused Items: Declutter your home and sell items you no longer need through platforms like eBay, Facebook Marketplace, or Poshmark.

Part-Time Work: Consider taking on a few hours of part-time work in a field that fits your schedule, such as tutoring, ridesharing, or retail.

5. Explore Financing and Payment Plans

If saving up the total amount feels overwhelming, don’t worry—many jewelers, including Rustic and Gold, offer flexible payment options to make the process easier. Financing plans allow you to secure the perfect ring while spreading the cost over manageable payments.

Action Plan:

Research Jewelers’ Policies: Look for jewelers that offer 0% interest financing or low monthly payment plans.

Avoid High-Interest Credit Cards: If you use a credit card, make sure to pay off the balance quickly to avoid interest charges.

Combine Saving and Financing: Save as much as you can upfront and use financing for the remaining balance to reduce the financial burden.

Two Personal Tips from Me to You

While the above methods are practical and effective, here are two additional pieces of advice to make the saving process smoother—and more meaningful:

Tip 1: Save Together as a Couple

Saving for an engagement ring isn’t just about the ring—it’s about building a life together. If your partner is comfortable with it, make saving for the ring a joint effort. It’s a wonderful way to strengthen your financial communication and teamwork as a couple. Even small contributions from both of you can add up over time and make the ring feel even more special.

How to Do It:

Set a shared monthly savings goal and celebrate milestones along the way.

Use the process as an opportunity to discuss your long-term financial goals.

Tip 2: Remember, It’s About the Thought, Not the Price

It’s easy to get caught up in the idea that an engagement ring needs to be extravagant, but the truth is, the most important part of the ring is the love and meaning behind it. A simple, elegant ring can carry just as much weight as a luxurious diamond.

How to Do It:

Focus on what your partner will love—be it a unique rustic diamond, a vintage-inspired band, or a sleek minimalist design.

Visit Rustic and Gold for handcrafted rings that feel personal, meaningful, and beautiful without breaking the bank.

Start Your Journey Today

Saving up for an engagement ring is more than a financial goal—it’s a step toward a lifelong partnership. By following these methods, staying disciplined, and keeping your partner’s happiness in mind, you’ll not only reach your goal but also create memories in the process.

When you’re ready, explore Rustic and Gold for engagement rings that are as unique as your love story. With a stunning collection of rustic diamonds and handcrafted designs, you’re sure to find the perfect ring to symbolize this exciting new chapter.