When it comes to engagement rings – and weddings as a whole for that matter – it is no secret that it is an expensive investment. While it is an exciting and wonderful time to celebrate in life, the costs that go along with an engagement can be immense. Therefore, it is important to consider which areas you can save money on. The engagement ring itself is a great place to start.
Of course, it is essential to find a beautiful ring that your future fiancé will love. However, that does not mean that it needs to be outrageously priced. Fortunately, there are simple and useful ways to save money when shopping for an engagement ring.
From doing your ring research beforehand to knowing which sizes and shapes will work best for your budget, the tips below can help you manage your spending and keep your finances in check. This way, you will have more to spend on your wedding day and in your future life together!
Save and Set Your Budget
The first and most important step to saving money on your engagement ring is setting a budget and committing to it. Consider your financial situation and the costs you will have in the near future. Determine what is possible for you and hold yourself accountable for sticking to that number. Write it down and share your budget with jewelry store associates so that they can help you find a ring within your budget that your partner will still love and adore.
It may also be a good idea to set aside a separate savings account specifically dedicated to your engagement, and then to your wedding day. This way, you can keep track of your finances while saving for each next step in your relationship.
Get Your Ring Insured
It is always better to be safe than sorry. Whether the ring gets lost, it becomes damaged, or the relationship doesn’t turn out the way you planned, it is a good idea to get your ring insured. That way, you will be covered if anything should happen. Besides, something as valuable as a diamond ring should always be insured. While it may add an additional cost to the ring when you buy it, having insurance will save you a significant amount of money should anything happen to the ring down the road. Again, it is best to be prepared ahead of time!
Opt for 18K Gold Instead of Platinum
What is the difference between 18k gold and platinum? Well, platinum tends to be much more expensive. Therefore, it is worth considering the first option. While the cost of 18k gold is a fraction of what platinum costs (simply because more platinum is needed to make the ring), it is still equally as beautiful and special. In fact, you may hardly even notice the difference! So, save your money rather than spend it on a specific type of metal. Opt for gold instead, as it is less expensive yet still absolutely stunning.
Avoid the Most Popular Shapes
Popular ring shapes, such as a round diamond, are in higher demand. As a result, they are naturally going to be a bit more expensive. Therefore, it is worth considering other diamond shapes in order to save money on your engagement ring. There are a slew of ring shapes that offer a gorgeous and standout accessory. For instance, you might want to consider a cushion cut ring, rectangle cuts, or even triangle diamond cuts. These are all equally as beautiful as round and oval diamond rings, but since they are less in demand, they will also be slightly less expensive.
Know Your Measurements
Before purchasing a ring, know what all of the measurements mean. Just because something has a higher carat measurement, does not necessarily mean that it appears bigger. For example, if the diamond is deeper from the side, it may still cost more than a diamond that is flatter but wider from the top. Therefore, look for rings based on the height and width measurements in addition to the carat measurements. After all, your partner will be looking down on the ring from the top. So make it something they will absolutely love!
So, are you ready to propose to the love of your life? If so, it is time to start ring shopping! Again, that does not mean you need to blow your entire life savings on a ring. These tips offer simple ways to save money while engagement ring shopping. Follow them to help keep your finances in order as you embark on the exciting journey that is to come as you propose to your partner and begin to plan your wedding and your future together.