There are endless options when it comes to wedding rings, and if you're on a budget it can be difficult to find the right ones. But with a little bit of research, there are plenty of ways to save money and still get the quality that you want. Hopefully, this guide will help you do just that. It contains everything from personal anecdotes about what worked for me to some helpful buying tips. Armed with all this information, finding a beautiful diamond ring is as easy as spending some quality time at the jewelry store.
This is the most important step. Before you start shopping, decide what you can afford to spend on an engagement ring and make sure that your partner agrees with the amount before making any purchases. You should also make sure that the store has this information available for potential customers; some jewelry stores will even allow you to set up an account so you don't go over budget unexpectedly. If you're looking online, make sure there's no hidden fees associated with purchasing from their site — these can add up quickly if they aren't disclosed upfront!
A good rule is that the ring should cost three months' worth of your pre-tax salary. But there are other ways to go about it. For example, if you know the size of the diamond you want, then the size of the setting can dictate its price point — if you get a small diamond and buy a large setting, you'll end up spending more than if you'd bought a smaller stone and opted for a lesser-sized setting.
Know what kind of cut (shape) you want. Round cuts are popular because they're classic and simple; however, there are many other cuts available on rings today. Knowing what kind of cut will help narrow down your search for an engagement ring within your budget range.
The first step in saving money on an engagement ring is to make sure you're getting the size right. If you're buying a diamond solitaire, this is pretty simple: just ask for her finger size and then measure it yourself using a band sizer or by wrapping string around it (the best choice). If you're buying a less common setting or style, check out the sizing guide at Diamond Registry to find out how big or small your diamond should be compared to her finger size.
Many jewelers will sell jewelry that needs fixing or restoration before they'll sell it to you. This is a great opportunity for someone on a budget, because it gives you an opportunity to get more bang for your buck by choosing something that needs work but has potential value once fixed up.
You can also consider buying vintage rings. These rings have already been worn by someone else and have been passed down through generations by family members who loved them dearly — which means that their value goes beyond just what you see when looking at them in person or online.
Choosing the right metal is crucial when it comes to creating a budget-friendly engagement ring. While gold may seem like an obvious choice, there are other options out there that look just as good but don't cost as much money. For example, platinum rings are known for their durability and strength — making them perfect for daily wear — but they also come with a higher price tag than gold rings do.
You can save a lot of money by shopping online instead of buying from traditional brick-and-mortar shops like Tiffany & Co., especially if you're looking for an engagement ring with a diamond bigger than one carat. For example, Kay Jewelers sells a 1-carat round diamond solitaire engagement ring for $1,999 — more than twice as expensive as its identical counterpart on James Allen's website (which also offers free shipping).
Make sure you're getting a good deal. The average cost of an engagement ring in America is $5,000. While that might seem like a lot, it's important to remember that this figure represents only two months' salary on average for most U.S. workers. If you can't afford to spend that much on your sweetheart, consider spending less or saving up over time instead of going into debt.
Get pre-approved for financing before shopping for the ring. If you don't have enough money saved up for the cost of the ring, see if your bank will offer you a loan first so that you know how much money it will take to pay off the loan after purchasing the ring. You may also want to consider asking friends or family members if they would be willing to help out with financing or co-signing on a loan with you as well.
As you can see, buying an engagement ring on a budget is entirely possible. Consider the seven tips we've offered here when making your next ring purchase, and you're sure to find a great deal. Better yet, think of these tips as a launch pad for further research, to help you find the perfect engagement ring for under $1,000. And if the one you want costs more than that, don't worry—there are many affordable options out there, no matter how much money you have to spend. The only limit is your imagination.
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