5 Ways to Cut Costs When Buying an Engagement Ring

engagement ring, diamond

You’re not here because you didn’t know an engagement ring was going to cost you a lot of money. You’re here because you need to buy an engagement ring and want to do it without filing for chapter 7 bankruptcy. First things first, congratulations are in order, you’re engaged! It can be easy to get caught up in all the glitz and glam and make some costly mistakes. Here are 5 tips on how to slash the price tag without sacrificing quality for your sweetheart.

Sacrifice Part of the Size
One of the major ways to save big when buying an engagement ring is to buy shy of a whole carat size. People love round numbers. But, what’s the difference between 99 and 100? The weight of the diamond is very important in the buying process to you and your fiancé, and jewelers are well aware of that. Most diamonds are cut in whole or half increments and those sizes are reflected in the pricing. You’re going to be shelling out some big bucks if you opt to get a diamond that weighs 2 carats as opposed to a diamond weighing in at around 1.95 carats. This is the best tip for saving some serious cash, and the only person that has to know is you and your jeweler.

Look into Alternative Stones
So, diamonds aren’t your girl’s best friend, no problem. Opting for a non-conventional engagement ring can save you big in the end. If your budget doesn’t give you much room for a diamond, consider researching precious gemstones or even an eco-friendly man-made rock. These stones still shine bright like real diamonds and are just as beautiful for your bride-to-be.

engagement ring, diamond

Consider Online Shopping 
What’s better than shopping from the comfort of your own home? Go ahead, I’ll wait. Shopping for rings online can be super helpful because it allows you to compare a ton of different rings through many different sites to ensure you’re getting the best possible deal. Online shopping tends to give you a larger selection of rings and you get to skip the hassle of dealing with a jeweler. Jewelers tend to markup the prices of their rings which makes the prices of online retailers super competitive and you’re able to remember which rings you’ve already looked at more easily. On the flip side, make sure you’re doing your due diligence and reading reviews on each ring. The last thing you would want to happen is to spend all your hard-earned cash on a ring only to be disappointed when it arrives at your doorstep.

Plan your Purchase for the Summer
With wedding season beginning in June and going all the way into October, one would think that’s the worst time to buy an engagement ring. Wrong. Since actual weddings are taking place during these months, most engagements have taken place throughout the rest of the year. Summer is a good time to buy a ring since it tends to be a slow season for jewelers so they’ll be more flexible in their price since they’re trying to push the sale.

engagement ring, diamond

Stick to your Budget
All of the sparkles and shimmer can be distracting when shopping for a ring, but it’s super important to keep it together and stick to your intended budget. You should analyze your current financial situation and determine what kind of ring you can actually afford. Set your max amount and try your best to stay under so that you don’t get carried away and blow your entire savings on the ring. It can be a good idea to research financing options such as opening a zero interest credit card or applying for a low-rate personal loan. These options can be helpful because the interest rates are either zero or very low and your monthly payments are fixed.  Some jewelers even offer options for in-store financing. Whatever you decide, make sure you make your payments on time!

Buying an engagement ring is only the beginning of the expense that comes with getting married. Make sure to find a budget that works for you and find ways to cut costs without jeopardizing your fianceé’s dream ring. Getting engaged is an exciting time in your life, so take away from some of the stress and make sure you have your finances in order.


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