“How to Save for an Engagement Ring” is a common search term I find driving people to my site. It is a question many of us have found ourselves asking, so when I heard about the “52 Week Challenge” I thought I should share it here. I found a great explanation and graphic at A Mitten Full of Savings and you can read even more about it there,
The 52-week challenge builds on the simple premise that anyone can save $1. Add another dollar to that amount each week and by the end of one year you will have saved $1,378.
How exactly does it work? At the start of week 1, deposit $1 into your savings account or money jar. Week 2, $2, by the end of the first 10 weeks you will have saved $55. That doesn’t seem like much, but when you get into the latter half of the year and are saving $40-$50 a week those amounts start really adding up.
The first few weeks will be easy – skip the Starbucks and bring lunch from home, but as the year goes on it does get tougher. Sign up for challenge newsletters from A Mitten Full of Saving here to get tips and reminders to keep you on track each week.
It also helps to have a dedicated online bank for the challenge so you don’t get the urge (or need) to dip into the cookie jar and make an early withdrawal. A good choice is a free online account from Discover Bank which pays a higher than the average interest rate – meaning you may end up with even more than $1378 by the end of the year.
So, what does $1378 get you? A quick look at the Amazon Top Selling Engagement Ring page found me this beauty from top rated seller Houston Diamond District for $1290!
|1cttw halo engagement ring from Houston Diamond District, $1290|
What do you think? Will you try this challenge to save up for your engagement ring this year? Have another way to save up? Tell us in the comments below.
More Ways to Save on an Engagement Ring:
- Amazon Engagement Rings
- K Color Diamond Engagement Rings
- A Tiffany Replica Engagement Ring For Less
- James Allen Engagement Ring Reviews