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You’ve found a quiet, secluded beach to pop the question, and picked out the perfect bottle of champagne for a celebratory toast. Most importantly, you’ve found that special someone who’s captured your heart — the one you want to spend the rest of your life with. Now all that’s left is to find the right ring, a token of your eternal love, to seal the deal. 

While you want something beautiful that encapsulates your special love story, you also want to stay true to your financial aspirations as a couple as you begin the next chapter of your lives together. Here are tips to help you find the right ring for you and your partner, and for your budget, as you seek a symbol of your connection — while honoring your commitment to a secure financial future together.  

Design Decisions Can Drive Cost 

The average cost of a diamond engagement ring is between $3,500 and $5,000. Opting for a different size or diamond cut can alter the price substantially, but so can the setting and the material for the ring itself. Using a vintage ring or a family heirloom, which can often be re-set into a new band, can be a great sentimental and cost-saving option.  

Think Outside the Rock 

Though many people think diamonds are synonymous with engagement rings, a mined diamond isn’t the only option available. Lab-created diamonds typically cost 50% to 70% less than mined diamonds. Other stones, such as rubies, sapphires and emeralds, can reduce your cost while giving a unique look that may even stand out more than a traditional diamond. And if you like the look of diamonds but not the cost, moissanite is a beautiful, clear, sparkling stone that mimics the look of diamonds at a fraction of the price — typically around 1/10th the cost of a similar size diamond. 

Budget for the Ring You Want 

 Whether you plan to be frugal or more extravagant with your ring purchase, it’s important to budget in a way that supports your goals. Once you have the right ring picked out, spending-tracker apps and automatic savings deductions can help you set money aside. A ring that’s out of your immediate price range might be eligible for a payment plan, but be sure to check the financing terms carefully — look over the interest rate, how often it’s compounded and any late payment penalties or other fees. Think realistically about your price range — it’s best not to put a ring on a high-interest credit card, which will increase your cost even further. 

Your Journey Begins Here 

When you’re budgeting for a ring, put this significant purchase into perspective. Remember that you’ll need to balance the expense with the other costs you’ll incur as you begin your lives together, like buying a house or starting a family. And unless you plan on a low-key ceremony, small reception or a frugal honeymoon, when you budget for a ring, you’ll have to make sure it doesn’t cut into your wedding budget too much. Consider consulting a financial professional to help you plan for this expense, and remember that regardless of which engagement ring you choose or what it costs, what matters most is the one who’ll be wearing it.  

Sources 

https://www.jewelrywise.com/engagement-wedding/article/how-much-should-i-expect-to-pay-for-an-engagement-ring#:~:text=On%20average%2C%20according%20to%20jewelry,stones%20you%20choose%20to%20add 

https://shop.kenanddanadesign.com/pages/lab-diamonds-mined-diamonds-cost-prices#:~:text=Lab%2DGrown%20vs.,based%20on%20a%20few%20factors. 

https://www.brides.com/moissanite-vs-diamond-5094238#:~:text=Price,greater%20with%20larger%20carat%20weights.%E2%80%9D 

Saving for a big purchase can be a big challenge, whether it’s a brand-new car, a hot tub — or even a 1959 Gibson Les Paul. But you can tackle your elephant-sized purchase with a similar strategy: Just take it one step at a time. Here are a few big-ticket budgeting tips that you won’t need a memory like an elephant to remember to use. 

1. Set a reasonable budget … then pad it. It’s always wise to allow extra room in your budget for contingencies. There can be unexpected surprises, especially with larger purchases. And unfortunately, things often have a way of costing more than you expected. Consider allowing a minimum 10% overrun on your big-ticket budget. 

2. Find discounts and take advantage of them. If you’re traveling, for example, consider AAA or AARP discounts. Off-season travel can score you some savings, too. Many items and experiences cost more depending on when you buy or book them. Always look for coupons and other saving options when paying for routine purchases such as oil changes for your car, grocery shopping, dining out and ordering pizza. 

3. Comparison shop. Scour the web and Google Shopping for other retailers who offer the product or service you’re interested in. If you’re looking for a car, for example, don’t assume that the price at your local dealer is “the” price. Edmunds.com, cars.com and other online resources can provide options in your area that you can filter based on your needs and preferences. And be sure to check national franchises that can ship inventory from across the country to find the best deal.  

4. Ask a “friend.” Crowdsourcing consumer opinions has never been easier. Most products and services are reviewed, rated and compared — and the results can be easily searched for online. Search the comments for keywords like “discount,” “savings” or “cost less” to see how others saved on their purchases. 

4. Set up a dedicated account. A great way to help organize your savings for a large purchase is to earmark the money intended for it by keeping the funds in a separate account. That way, you can more easily track your progress — and you won’t be tempted to spend the money on anything else.  

5. Boost your savings with offsets. Take a look in your garage, the back of your closets and the attic. See if there are things of value that you no longer use or want. Sell them on eBay, Craigslist, OfferUp or at a yard sale. On the flip side, a penny saved is a penny earned. Can you decrease nonessential spending until you reach your savings goal? 

6. Put time on your side. Start saving as early as possible. If you wait until the last minute, you may be faced with having to do some pretty extreme saving. The sooner you start, the less you’ll feel the impact on your day-to-day budget. 

Seek out Advice — and Save 

Family members, friends and co-workers might have their own experiences with the purchase you’re about to make and can share how they saved money on it. Ask for their advice — but also consider bringing in an expert by speaking with a financial professional who can help you make a realistic, feasible plan for your purchase. 

If you’re a pet owner, you know just how much fun they can be. But adopting a pet is a big decision that comes with many responsibilities — and expenses. Here are some considerations when planning for the next four-legged addition to your family.

Adoption & Licensing

Most pets require spaying/neutering and vaccinations, and some may also need to be microchipped and trained. If you obtain your furry friend from a breeder, not only does the purchase price go up, but you may also have to pay all these expenses on top — which can bring total costs above $6,000. In contrast, adopting a dog or cat from a shelter or rescue organization can be below $500, which generally includes initial vet work. You’re also giving an at-risk animal a happy home. Certain shelters will reduce the price further for older pets that can be good companions for seniors. In addition, some local governments require an annual license that‘s generally below $25 if you spay or neuter.

Food & Supplies

Fish, rodents and birds are often more economical to feed — from around $15 to $50 annually. Cats, ferrets and small dogs may cost approximately $200 to $325 per year, while larger dogs can run up to $400. These prices don’t include special treats or prescription food for older animals. Then come the supplies. Smaller animals can make up for their lower purchase cost with the need to maintain an aquarium, cage or other habitat. Cats and dogs have collars, leashes, crates, carriers and toys that you may replace several times during their lives. Cats have the infamous litter box to repeatedly fill, but dogs can have their own high-ticket demands: After all, they may be the reason you decide to fence in your yard!

Grooming & Veterinary Visits

Cats are generally self-cleaning and may even resent your efforts to groom them (thank you very much), although long hair varieties tend to require more maintenance. Dogs can be a different story. Some even love getting bathed and will try to get you to do it with them. But even if you handle bathing on your own, you’ll still need to buy shampoo, brushes and combs — and some breeds benefit from an occasional haircut. You’ll also need to schedule annual checkups with the vet and may have to purchase heartworm medication or a hairball preventative. You may also want to go to the vet between checkups for

certain delicate procedures you don’t feel comfortable with, like trimming nails or — yuck — expressing glands.

Pet Sitting

You can’t take your pet everywhere but getting a sitter before your vacation or during the holidays usually isn’t cheap. Professional pet sitters can charge different rates depending on the time frame. This can be around $75 a night. Another option is a boarding facility, where your pet can have 24-hour care for about $50 per night. And many pet parents choose to install in-home wifi cameras to monitor their pets when they’re out (some even include remote treat dispensers).

The Joy They Bring … Priceless

Some costs can be difficult to anticipate, such as a pet deposit or monthly fee for renters. It’s important to include all costs as budget line items. And consider a dedicated expense account for furry, feathery or scaly companions. But if you‘re responsible with your pet spending, you’ll find that all creatures great and small can be worth every penny for the joy they bring you.

Sources

https://pactforanimals.org/how-much-cheaper-is-adopting-a-dog-vs-buying-one/

https://www.cesarsway.com/5-reasons-to-get-your-dog-licensed

https://www.aspca.org/sites/default/files/pet_care_costs.pdf

https://homeguide.com/costs/pet-sitting-prices

https://homeguide.com/costs/dog-boarding-cost