Once upon a time, the rules that shape how much you should spend on an engagement ring were clear as day: the engagement ring you buy should equal three months’ salary. The concept dates back to The Great Depression, when the world-renowned diamond dealer, De Beers, was struggling to make sales during the economic slump. Fast-forward all the way to 2022, and those of you whose New Year’s resolutions include saving up for an engagement ring may want to start thinking outside de box.
Bromberg’s is here to add modern sensibility to how we save for engagement rings in 2022. Saving up for and selecting a ring requires more consideration than your wages. Our expert staff’s passion for helping customers figure out a budget for the perfect ring breathes through every sale we make. Family owned and operated since 1836, we’ve seen trends come and go—including the three-month rule. Furthermore, we take the time and consideration to help you make a purchase based on your individual circumstances. Let’s take a look at how we can bring to life your New Year’s resolution to save up for the ring of your dreams.
Figuring out your price point will work wonders on your efforts to save up for an engagement ring. There are several ways to approach this. None of them are right or wrong. Instead, each method depends on a blend of personality and personal circumstances.
Establishing a price point prior to picking the ring is a prudent start. By establishing the price, you can begin browsing for a ring while knowing exactly what you can afford. If need be, you can adjust along the way as you work toward picking the perfect ring.
Setting the price works better for those who need more certainty in their budget—or perhaps their lives in general. After figuring out the right number, you can set up a separate account, fund, or investment vehicle into which you allocate your money. You will most likely know how long it will take.
Here at Bromberg’s, we can help you set a plan and potentially even hold the ring for you.
Picking the ring reflects a more top-down approach. This method benefits those with more certainty about the ring, or type of ring, they want for their partner. It also doesn’t hurt if you have a more flexible budget. Additionally, picking the ring prior to working toward or meeting your savings goal creates a sense of motivation to earn the ring of your (and your partner’s) dreams.
Despite all the opinions floating around the internet, there’s no rule that says you must know in advance exactly how much you will pay for your ring. Finding out the right price involves far more than what you make in three months. Perhaps you’ve run into an inheritance that renders your salary moot. On the other hand, perhaps you need more security than three months’ pay as a result of unavoidable personal costs.
Flex budgets work for those of us with less certainty about timing and price. Many customers have walked in on a whim and worked with Bromberg’s staff to get an idea of what they want and how much it will cost. They then came back later to make the purchase or discuss further. Some of our most satisfied customers have even made same-day purchases—a few of these purchases coming from those who’d just decided to propose to their partners.
But here at Bromberg’s, we never put a price on the time it takes you to make the right decision. We invite those of you with a New Year’s resolution to save for the perfect ring to make any number of necessary visits. Our dedicated staff will work with you every step of the way as you work out your budget and arrive at a decision.
There are many ways to set your saving strategy. Exactly how you save up for the perfect ring, on the other hand, is equally important. We’re not investment experts, but money can be a taboo subject. Too many would-be buyers delay or don’t make the right purchase because they were afraid to discuss these topics. At Bromberg’s we’re always assisting clients with savings and payment strategies tailored to their situation and needs.
Saving for an engagement ring requires dedication and focus—which is why so many make it their New Year’s resolution. It requires earmarking the necessary funds and setting them aside for the purchase. Setting aside the funds can be a figurative or a literal action. For instance, if you’re paid via direct deposit, or already have the necessary funds in your account, you can simply keep tabs on the amount available and needed. However, many of our customers like to split the savings for their engagement ring into a separate account, or even a separate investment vehicle. Moreover, some identify or open new credit cards specifically for their ring.
Bromberg’s offers a wide range of payment methods. We accept all conventional forms of payment, including cash, debit, or credit cards.
Not everyone can afford to purchase a ring outright. Opening a new credit card with a year or more free of interest charges functions as a free loan. Bromberg’s also provides various forms of credit and layaway options with terms more favorable than traditional consumer loans and credit cards. Call our corporate office at (205) 252-0221 for more information on payment options.
Whether it’s a New Year’s resolution or has been on your mind for longer, saving for an engagement ring comes in many styles and forms. There are no rules or wrong answers. No one is forcing you to limit your spending to three months’ salary. Nor will you find our staff here at Bromberg’s encouraging anyone to spend beyond their means. We’re here to help tailor a perfect plan to your needs and wants.
That’s what sets us apart from other jewelers. As a family owned and operated store, we want the best for those who are deciding to start their own families. Give us a call at (205) 252-0221, visit us online, or come on down and see us in person, and let’s get started on saving toward your resolution to save up for an engagement ring today!
Saving up for an engagement ring is one of life’s most exciting and frightening experiences. It’s Bromberg’s mission to make every step of the way unforgettable. Our staff is here to help you decide the best savings strategy for you.
We operate two Birmingham fine jewelry stores located in Mountain Brook Village and the Summit. At each of our locations, we provide meticulous attention to our products to ensure quality for our loyal customers. If you are looking for that special piece, need a jewelry repair or appraisal, or just have a general question or comment, please contact us.