Congratulations! If you’re reading this, you’ve probably discovered the person you’d like to spend the rest of your life with. Perhaps you’re thinking about proposing to your spouse soon, or you’re just looking into the cost of an engagement ring so you can start saving.
Whatever brought you here, this page will explain all you need to know about purchasing an engagement ring.
I’ll go over how much you should spend on an engagement ring, how to save up for it, inventive methods to save money on an engagement ring if you’re on a tight budget, and how to decide which style is ideal for your spouse.
Purchasing an engagement ring is part of the process of preparing a stress-free wedding.
How to Save Money for an Engagement Ring
Why the Two Months’ Salary Rule is BS.
Have you heard that a fair rule of thumb for how much you should spend on an engagement ring is the equivalent of two months’ salary? I’m not sure where this number came from, so feel free to ignore it.
Similar to the claimed “average” wedding budgets given by the mainstream media, they push this to persuade the public to spend a specific amount.
Who stands to gain from propagating these reports? Jewelers and diamond companies, of course!
So, how much should you spend on an engagement ring?. First, evaluate your budget and the type of ring your spouse may want. The trick is to achieve a balance between these two categories of evaluation.
Everyone’s financial condition differs, as do their artistic preferences, long-term goals, and priorities. You’ll need to weigh all of these factors before deciding on the ideal ring to buy for your lover when you propose.
Look at your monthly budget and present savings, and ask yourself:
How much money could you put towards a ring right now?
How much could you save each month to go towards the ring?
Can you pay for the ring of your partner’s fantasies with cash?
If you don’t have enough money right now, you might want to build a sinking fund to begin saving additional money.
Don’t forget that following the proposal, you’ll need to save for a wedding. Don’t put yourself in debt or in a financial bind by purchasing a ring you can’t afford.
How to Purchase an Affordable Engagement Ring.
It will require study, knowledge, and effort to ensure that you get a one-of-a-kind engagement ring that your lover will adore while remaining within your budget. Below, we’ll go over how to choose the right engagement ring while both saving money and getting the greatest deal.
Why do engagement rings cost so much?
In modern times, engagement rings are synonymous with diamonds, due to a successful marketing campaign by De Beers in the 1940s: “A Diamond is Forever.”
In many respects, it was a great effort aimed to boost diamond sales following a sharp decrease during the Great Depression. This brilliant marketing strategy established an emotional link between eternal love and the diamond, which has since become the gold standard for engagement rings.
And why are diamonds so expensive? What makes diamonds so valuable?
Diamonds were traditionally difficult to locate, giving them the appearance of rarity and hence increased value.
De Beers also contributed to the rarity of diamonds by owning South Africa’s greatest diamond mining territory, which they dominated for the most of the nineteenth century. The corporation limited the amount of stones distributed each year to create the appearance of scarcity, making them look rarer.
In recent decades, a larger worldwide supply has been disclosed as new mines have opened throughout the world and lab-created diamonds have gained popularity.
Now, various variables influence the price of diamonds. I’ll guide you through it below.
The Four C’s of Diamonds That Factor in Cost
If you’re wondering what to look for when buying a diamond engagement ring, begin by contemplating the Four C’s of diamonds. The GIA developed these factors to standardize diamond value.
The objective is to remain ethical and fair. If you want to learn how to save money on your engagement ring purchase, you need first comprehend the four aspects listed below.
1. Carat.
Carat refers to a diamond’s apparent size and is only one of several elements that influence its price. A carat is 200 milligrams. Each carat is divided down into 100 points.
The stated average diamond in an engagement ring is one full carat and costs roughly $6,000.
2. Clarity.
Clarity refers to a gemstone’s overall quality. A perfect diamond is devoid of apparent inclusions, surface flaws, and blemishes.
Most diamonds, however, include minuscule inclusions or flaws, which are completely invisible to the naked eye. Because of this, saving experts believe clarity is the least crucial element to consider when purchasing a diamond.
3. Diamond color is graded on a scale from D (colorless) to Z (light color).
While fancy colored diamonds like pinks, yellows, and blues are regarded uncommon and valuable, clear diamonds are the most common choice for engagement rings. A diamond’s value increases with its clarity of hue. Diamonds with a somewhat yellowed color are regarded less attractive and hence tend to be less expensive, which is advantageous for those who are more frugal in their diamond quest.
4. Cut
The cut of a diamond refers to the shape and process used to shape it into its final form. Diamonds come in a variety of popular cuts, including round, brilliant, princess, oval, cushion, emerald, Asscher, marquise, pear, and more.
Round is the most common form for a center diamond, followed by princess.
5. Creation (The Fifth C).
Is the diamond mined from the soil or manufactured in a lab?
In recent years, the popularity of lab-grown diamonds has increased dramatically. They are genetically identical to regularly mined diamonds, but they are also conflict-free and less expensive. Choosing a lab-grown diamond over a mined stone can result in a 30% savings, making it a no-brainer.
You can choose to save 30% on a stone of the same quality as a normally mined rock, or you can stretch your dollar farther. You may get a larger or higher quality stone for the same price as an earth-mined stone.
Other Cost Factors for an Engagement Ring
The setting is another key component that influences the cost of an engagement ring. Once you’ve decided on a diamond (or another gemstone), you’ll need to determine how you want it displayed.
There are more styles available than ever before, ranging from basic solitaires set in white gold to micropavé halo bands with tiny diamonds filling the whole ring.
Depending on your preferences, the setting for your engagement ring may wind up costing more than the central diamond.
Tips for Saving Money on Engagement Rings
If you’re on a limited budget, you might be looking for ways to lower the cost of an engagement ring. Here are some recommendations for saving money on a gorgeous engagement ring for your lover without making too many concessions.
Select a low-clarity stone.
Choose a stone with lower clarity. As previously stated, interior inclusions and defects are normally undetectable with the human eye and can only be observed under a microscope.
Choosing an internally perfect diamond will cost extra, and you may need to choose a smaller stone to achieve that level of clarity. By choosing a stone with a lower clarity grade, you may be able to purchase a larger stone.
Choose a diamond alternative.
If diamonds are too expensive for you, you can try a diamond substitute like Moissanite, which is formed of silicon carbide crystals.
If your sweetheart prefers something different, you may go completely non-traditional and get a colorful gemstone.
Consider a laboratory-grown diamond.
As previously said, lab-grown diamonds save you 30% or more when compared to naturally mined diamonds with comparable characteristics.
As a result, laboratory-created diamonds are a very cost-effective option. Many people believe that they are a more environmentally responsible alternative for a wedding or engagement ring because they are made in a lab.
Select a simple setting.
Selecting a basic setting for your diamond can help to keep the cost of your engagement ring low. Consider a single solitaire on a white gold band for the most affordable and conventional option.
Go for gold. Platinum
Platinum has gained favor in recent years as the preferred metal for an engagement ring or wedding band, but it is not as durable as gold and is also more costly. Setting your rings in 14k white gold can save you a substantial amount of money.
Shop Online for a Better Selection.
Choose a reliable internet store to obtain high-quality diamonds and engagement rings at the greatest pricing. They have lesser overhead and pass on those savings to their clients.
Simply make sure to deal with a merchant who will offer you with a certificate of authenticity for your diamonds.
How to Save Money for an Engagement Ring
Whether you’re about to pop the question or just starting to save for your sparkler, we hope this post has provided you with some valuable insights and suggestions for purchasing an engagement ring.
Remember, the first step in saving money is to discover how much a diamond and engagement ring cost. From there, you may make sacrifices to save money while still getting a gorgeous ring!
Best of luck, and happy proposing!
