Is it time to start thinking about making that ultimate commitment to your partner? Congratulations! Some exciting times are coming your way.
Before celebrating, you’ll have to choose that unique engagement ring, but can your budget afford it? Getting engaged is a huge financial investment but a meaningful one.
With all the different choices and salespeople around, it’s so easy to go overboard and spend way above what you can afford.
To help you avoid this, we’ve put together tips to help you buy the perfect engagement ring on a budget.
Determine Your Budget
Statista reported the average amount spent on engagement rings in the US is $5500. When you start shopping for that perfect ring, it’s so easy to go overboard and spend more than what you actually can. As with any big purchase, you’ll have to decide what your budget is.
The traditional rule says you should spend the equivalent of three months of your salary. Don’t let this scare you off, though. It’s an entirely old-fashioned rule. An engagement ring shouldn’t have to break your wallet. Remember, you still have your big day to pay for as well.
Consider discussing your budget with your significant other. Open communication like this is a fantastic way to strengthen your relationship. Remember marriage is hard work but definitely worth it.
Consider Diamond Alternatives
We know that diamonds can be quite expensive. The cut alone can also add a hefty price tag to the gem. Consider looking at lab-grown diamond engagement rings. These rings are cheaper and more ethical than their mined counterparts. These lab-made diamonds are chemically and physically the same as mined diamonds.
If your significant other still wants a diamond but doesn’t mind whether it’s real, then we suggest looking at moissanite or cubic zirconia. Both are incredibly cheaper than a natural diamond. Moissanites still occur naturally, but most are manufactured. It’ll give your partner’s engagement ring the sparkle it deserves.
If your partner still wants a diamond, that’s okay. There are ways to make sure you stay on budget.
Look at the 4Cs (carat, color, cut, and clarity). Which of them is more important to you? Making this decision can help you to make compromises with the other factors.
For example, if your heart is set on a round-cut diamond, then look at choosing a brilliant cut but with a lower carat.
1-carat diamonds are trendy, and prices are high because of the demand. Choosing a diamond near the 0.9ct mark can help you save up to 20%.
Cluster Of Smaller Diamonds
You’re in an exciting stage in your relationship. That doesn’t mean you must blow your budget on one mammoth-sized engagement ring.
The benefit of choosing a cluster of smaller diamonds costs way less than one big diamond. To save some money, you can have a smaller center diamond with a cluster of smaller diamonds around it.
The cluster creates the illusion that the center diamond is actually bigger than it really is. These rings will also look very impressive on your partner’s finger!
Don’t Overpay For Your Setting
Your setting choice can make all the difference to your budget. While platinum is ideal because of its beauty and durability, it’s also costly.
If you’re on a tight budget, instead, look at gold. It comes in a variety of colors to suit your style. If it’s still too expensive, then sterling silver could be your best option. Both gold and sterling silver will give a gorgeous look without the enormous expense of choosing platinum.
Since platinum has no nickel, it will be the best choice if your partner has a nickel allergy. Platinum has the slightest chance of causing skin irritation. If you want a similar look to platinum, consider getting white gold to help your budget.
A tip to help you to stay on budget is to search for your dream engagement ring online. It’s a known fact that shopping online will help you save more money than going to an actual store. There’s an average of 20 to 50% mockup on goods to cover the shop’s overhead.
Another tip is to avoid big brand names if the brand isn’t essential to you. Popular brands are often more expensive. Instead, look at a small independent jeweler to find your perfect engagement ring.
Don’t Stick To Tradition
Ultimately, you and your partner need to be happy. If that means breaking tradition, great! This time is about the two of you. What you both want is all that matters. If you two are happy to get married with a simple ring or even without one, that’s perfectly fine!
If you prefer having a ring and aren’t superstitious, you can buy a second-hand engagement ring. Many websites and stores could have the perfect engagement ring you’re looking for.