Ways to Save (Emotionally and Financially) When Purchasing an Engagement Ring

SEATTLE, Oct. 16, 2019 /PRNewswire/ -- When it comes to navigating engagement ring shopping, one is undoubtedly excited, nervous and even stressed. Blue Nile, the largest online retailer of certified diamonds, engagement rings and fine jewelry, has partnered with millennial financial advisor, Douglas Boneparth, to address the looming questions and anxieties around preparing to save for and buy an engagement ring, and reveal new insights to help restore confidence in the process.

Cut the Stress, Gain Clarity
"If you like it, then you should put a ring on it" is easier said than done. Buying an engagement ring is much more than a monetary transaction since it can be the first major purchase for many. It is often a symbolic leap into adulthood and comes with added stress and emotions.

• Confidence is the key to success! However, more than half (56%) of engagement ring shoppers do not feel confident in the diamond ring buying process.
• Dreaming of popping the question? Nearly six in ten engagement ring shoppers (56%) say that buying an engagement ring is something that keeps them up at night.
• As if proposing wasn't stressful enough. Engagement ring shoppers find that saving for and financing the ring (69%) or picking out the perfect ring (76%) are just as, if not more stressful than getting down on one knee.
• Worried about wowing? Nearly three-quarters (71%) of engagement ring shoppers believe it is important that their fiancé's friends and family are impressed with the ring they select.

Banking on Bling
We've all heard the three-month salary "rule" when purchasing an engagement ring but what is really accurate equation when it comes to saving for this sparkly investment?

• Do the math. Two-thirds (65%) of engagement ring shoppers say that they need three months or more in order to save enough money to purchase an engagement ring.
• Remember, you can't put a price on happiness. More than six in ten (67%) shoppers say they are concerned they won't be able to afford a ring that makes both themselves and their partner happy.
• Don't blow your budget. Nearly three-quarters (72%) of shoppers say they feel obligated to spend a certain amount of money on an engagement ring, either because of their partner (40%) or from societal pressures (30%).

When it comes to huge life moments – like getting engaged – there's no one-size-fits-all financial game plan.

"Every path to purchasing an engagement ring is unique to an individual's finances, saving habits and available resources for advice," said Douglas Boneparth, co-author of "The Millennial Money Fix" and President of Bone Fide Wealth, LLC. "Currently, shoppers find that saving for and financing the ring are just as stressful as actually proposing, and that shouldn't be the case. It's important to set a realistic ring budget, taking into consideration all monthly expenses while also building in a safety cushion. Financial commitments don't stop after the engagement ring."

You've Found "the One," Now Find the Ring
Do you know your cuts from your carat? What's a diamond's pavilion? Is your soon-to-be fiancé fond of a pavé setting? Get clarity on all the features of an engagement ring and ask your partner for some color on their ring style before shopping until you drop (to one knee).

• The Fifth C: Confused. Engagement ring shoppers identified clarity/color (34%) the most important factors to determine a diamond ring's value, ranking above carat (23%) and cut (22%). In actuality, a diamond's cut is key in getting the most bling for your buck.
• Mining for a one-of-a-kind ring? A quarter (25%) of shoppers believe that it's most important to be able to customize a ring as unique as their love story.
• Feeling like a diamond in the rough? Ask for help. No. 1 resources for engagement ring shopping advice are friends/family (33%), financial consultants (30%), their partner (28%), personal finance advisor (17%).

Don't let this shining, life milestone become tarnished by the anxieties that can come with it.

"It's no secret that shopping for an engagement ring can be a worrisome process, particularly when it comes to finding a ring handcrafted and unique to each love story and their individual style," said Katie Zimmerman, Blue Nile's Chief Merchandising Officer. "By equipping yourself with an understanding of the ins and outs of diamonds and engagement rings, you can shop with confidence and know that your ring selection will be loved for a lifetime," said Zimmerman.

Backed by 20 years of diamond engagement ring expertise, Blue Nile's go-to "cheat sheet" serves as a resource for all your diamond buying questions – from mastering the 4Cs to tips and tricks for maximizing sparkle with any budget.

In order to make the engagement ring shopping experience flawless, visit www.bluenile.com or @bluenilediamond for further diamond education or engagement ring inspiration and head to https://bonefidewealth.com/blog/ for additional finance tips.

Methodology: Blue Nile conducted an online poll between August 26–September 6, 2019 among 1,081 U.S. adults, 18+ years old who purchased an engagement ring in the last 12 months or began the process of selecting and/or purchasing an engagement ring.

About Blue Nile, Inc.
Blue Nile, Inc. is the largest online retailer of certified diamonds and fine jewelry. The company offers a superior experience for purchasing engagement rings, wedding rings, and fine jewelry by providing expert guidance, in-depth educational materials, and unique online tools that place consumers in control of the jewelry shopping process. Blue Nile has some of the highest quality standards in the industry and offers more than 150,000 GIA-graded diamonds and fine jewelry at prices significantly below traditional retail. Blue Nile can be found online at www.bluenile.com and in its physical Showrooms in Salem, New Hampshire, Long Island, New York, Portland, Oregon, Fairfax County, Virginia, and Bellevue, Washington.

Contact:
Taylor Peterson
Phone: 206-336-6783
[email protected]

Torri Santander / Zeno Group
Phone: 310-566-3986
[email protected] 

SOURCE Blue Nile, Inc.

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https://www.bluenile.com