The warm and fuzzy feelings of Valentine’s Day are in the air, and for some couples out there those feelings may result in thoughts of proposing.

But as exciting a decision as that may be for you and your future spouse, it also means planning for one of the most traditionally expensive costs: the engagement ring.

Here today to share some tips and considerations when looking for an engagement ring is Jon Hanai from HawaiiUSA Federal Credit Union.

Tip #1: Take your time, don’t rush your engagement ring decision

When making any larger purchase, especially something as significant and meaningful as an engagement ring, it’s essential that you take all the necessary time you need to ensure what you’re eyeing conveys the emotions and message you’re hoping to give.

A lot should go into your selection criteria, so don’t be too hasty or feel rushed to make a decision.

The engagement ring you select should really speak to you and its future recipient.

Tip #2: The right engagement ring is the one that fits your financial situation

When trying to determine how much to spend on your engagement ring, it’s important to not fall for the fallacy that size and price correlate to the level of love you have.

Similarly, there are some people who claim that an engagement ring should equal at least two months’ salary.

While that might be what you’re looking to spend, the ring you purchase should be the one that most sense for yours and your future spouse’ financial situation.

And when it comes to the gemstone and metal for the ring, not everyone is looking for diamonds and platinum.

If you know your soon-to-be fiancé(e) has a preference for other gems or precious metals, be sure to take all those preferences into consideration when looking for your engagement ring.

The same goes for shopping from a particular jeweler or going for a custom piece.

Once you’ve narrowed down your options to the perfect one, it’s vital that you keep in mind how much you’ll need to save in order to pay for the ring.

This is where proper budgeting and planning will really make all the difference.

Whether it’s putting away a certain amount every pay period or possibly taking on extra hours at work, once you know how much the ring costs you’ll be able to create budget and figure out how long it’ll take you to save up for it.

Tip #3: There’s nothing wring with responsibly financing your purchase

Don’t feel discouraged.

Responsible financing can be just as valid and appropriate a decision as paying with your savings, especially if you can take advantage of a special promotion through the jeweler or your financial institution.

Options include things such things as a low fixed rate personal loan, tapping into your home’s equity with a Home Equity Line of Credit (HELOC), or even using a credit card, especially if you can leverage a promotional introductory rate or even perhaps a balance transfer to a lower rate card and payoff the balance in a manageably short period of time to minimize the amount of interest you would accrue. 

At HawaiiUSA, they can help you with all of these options as well, so when you’re ready to shop come visit us at HawaiiUSA first and we’ll help you to make your engagement ring dreams a reality.