How to Save Money on an Engagement RingDecember 1, 2016
The season is upon us, the most popular time of the year to get engaged. Getting engaged is often one of the most memorable events in a couple’s life — but it can be pricey. Society’s expectations for engagement rings have become more expensive every year: larger diamonds, designer jewelers, and the “three months’ salary rule” are the new normal. In fact, a recent survey found that 28 percent of Americans think spending over $3,000 on an engagement ring is appropriate, and 17 percent said money is not an object. However, if you are looking for a beautiful ring for your partner without breaking the bank, there are plenty of options. Here are some creative ways to save money on an engagement ring:
Consider the Specifics of the Ring
There are many factors to think about when choosing the perfect ring, like the gemstone, shape, setting, and precious metal — and each characteristic has cheaper alternatives. It is important to explore your options for each to get the best value for your money.
- The Gemstone: Diamonds are the most commonly-used gemstone on engagement rings, but they are also the most expensive. Instead of a diamond, consider a sapphire, emerald, or ruby for the center stone. These gemstones have grown increasingly popular and offer an unconventional look for a unique bride-to-be. If you want a more traditional look for your new fiancé, a light blue or peach sapphire may be right for you.
- The Shape/Cut: Diamonds are traditionally cut into ten standard shapes, and a round diamond is the most popular (and expensive) choice. According to Brilliant Earth, you can save up to 40 percent by choosing a different shape. Other popular shapes that are less expensive include the princess, cushion, and oval cuts, adding a unique factor to the ring.
- The Size: The weight of a diamond or other precious gemstone is measured in carats. As one would expect, the higher the carat number, the higher the price. Many jewelers price their gemstones based on this factor, with some pricing disproportionately at the 1 and .5 carat marks. Thus, if you are looking for a gemstone around the 1-carat size, you can get a nearly-identical .9 carat one for a lower price.
- The Precious Metal: For long-term durability, platinum rings take the cake. However, like most commonly-used ring characteristics on this list, it is also the priciest. To cut costs, opt for white gold, yellow gold, or rose gold band instead.
- The Setting: Getting strategic with the setting is a great way to save a little money. If you cannot afford the gemstone size you would like, try a halo setting (smaller diamonds surrounding the center stone). This makes the gemstone appear larger. If you want to add a little something extra, but smaller diamonds around the band are not in the budget, try a pavé-style band, which features tiny and inexpensive diamonds encrusted into the band to give extra sparkle.
Shopping online allows you to sift through a wide selection of gemstones and setting styles to create the perfect ring, while also comparing prices to get the best deal. Some online jewelers like Blue Nile, Brilliant Earth, and James Allen even let you “design your own” ring by first choosing a setting and then selecting a loose gemstone at the best price based on your specifications. In addition, many of these online retailers do not charge a sales tax in most states, and most have sales and promotions throughout the year.
Think About an Antique
If your future spouse loves the vintage look, scoring a one-of-a-kind antique ring may be your best bet. Vintage engagement rings are timeless, cost-effective, and environmentally sustainable — you just need to know where to look for them. There are plenty of online options, but you can also try estate sales or antique shops.
Get a Beautiful Ring Without Blowing the Budget
It is no secret that engagement rings are expensive, and you want to find one that your partner will love and wear forever. However, if you shop smart, you can get a beautiful piece for a price you can afford, simply by choosing cheaper ring features, shopping online, or purchasing an antique.
If you are in the process of accumulating funds to buy the ring, there are a wealth of creative ideas to save money out there. If you have a few months to go before you take the plunge, revising your budget to include your ring savings may be a good option. If revising your budget includes refinancing your student loans, talk to Education Loan Finance. We would love to help you free up some extra funds for the ring that not only fits your budget but fulfills your partner’s dreams.