How to Afford an Engagement Ring (14 Easy Ways!)

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Engagement rings are one of the most significant symbols of a couple’s engagement. It is also the most expensive gift someone will give to their bride-to-be. Depending on your financial status, you can purchase an engagement ring from $500 to more than $5000. Take heart. If you’re wondering how to afford an engagement ring, here are 14 ways of affording an engagement ring without having breaking the bank.

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How to Afford an Engagement Ring

Before you head out to the jewelry store, be sure to take a look at the following tips. They just might save you a lot of money.

1. Have an Engagement Ring Budget

Create a budget and make sure that you have enough funds to cover the cost of the ring. This is the first step in planning for your wedding and engagement ring. 

Like with any major purchase, you should take the time to determine what you can and can’t afford.

Then once you’re at the store stick to it. 

Don’t let the salesperson talk you into spending over your budget limit. 

Most of them are on commission, so it is in their best interest for you to spend more. 

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2. Start an Engagement Ring Savings Account

To get a piece that is worth your money, start saving for it long before you decide to get engaged. 

This way you will have enough funds to purchase the ring and still have some in savings.

It makes sense to use the time while you’re still dating to start setting aside money for the ring. 

This money can sit in your savings account until you are ready to use it.

That way you won’t have to come up with a big wad of cash all at once.

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3. Pick a Less Expensive Diamond

You can always opt to get a less expensive diamond as long as it is of good quality.

A 1-carat diamond could cost you more than $5000 while a smaller one could set you back by $2000 with the same quality or close to it.

Choose according to the quality of the diamond and not the size or carats.

It helps if you have a good idea of what your partner is looking for in a ring as well.

Do they want big and flashy or something smaller and higher quality?

The diamond’s quality will have a big impact on the way it looks.

Remember, just because something is more expensive does not mean it is always better.

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4. Toss the Diamonds and Get a Different Stone

You can opt for sapphire, opals, or even rubies as part of your engagement ring to save money.

Be creative and ask your partner if they wouldn’t mind you putting in some other precious stones as part of the ring set instead of diamonds.

Consider making a different stone the centerpiece of the ring and then have smaller diamond accents. 

This can save you some money and give you a ring that stands out and makes a statement.

5. Buy a Lower Quality Diamond

Higher quality diamonds have more color and clarity than other types of diamonds so make sure you go for something with less color and clarity if you wish to save money on it.

The ring will still be pretty and there is a good chance no one will know the quality of the diamond anyway unless they are a jeweler.

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6. Stay Away from Trends

Trendsetter engagement and wedding rings are tremendously overpriced even with their unique style.

You will be better off going for a classic ring that best represents your love for each other and your commitment to each other.

You can always upgrade them once you have some savings in the bank or when your income increases.

Not to mention, this is a ring that your partner will wear for decades. You don’t want a trendy ring that will look dated or that your partner won’t like in 10 to 20 years.

7.  Spend Less Now

If you can’t save enough for an expensive engagement ring at this time, get something smaller.

You can always upgrade to a more expensive ring down the road when you have more money.

A new, nicer diamond makes a great 10-year or 15-year anniversary gift.

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8. Buy a Vintage Ring

Antique rings were often worn by older generations and are still available today.

They have a vintage look, but have good quality and can be found at lower prices.

Also, if you go vintage you can find a truly one-of-a-kind ring unlike what you’ll find in the stores.

9. Buy a Used Ring

You can either purchase one from an online auction site or a third-party website, such as Craigslist.

You will be able to get a better deal on a newer model and have the assurance of knowing that the ring is in good condition.

You’ll also want to consider going to a pawn shop.

They always have a lot of jewelry and engagement rings.

The prices will be much lower than buying new.

10. Make a Bigger Statement with the Wedding Ring

An engagement ring is one important part of your wedding rings set, but it should not be the only part.

You can opt for something that is more affordable and have something special made for your wedding band rather than opting for a designer engagement ring.

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11. Buy a Lab-Grown Stone

Lab-grown diamonds cost up to 50% less than their mined counterparts.

They’re also identical in their appearance and properties to their natural counterparts.

This is also a good way to go if you are concerned about blood diamonds and the working conditions of the diamond miners.

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12. Talk to Your Partner First

Before you make the final decision on the type of ring you want, discuss it with your partner and make sure they are comfortable with it.

This will help you avoid any problems or surprises when you present the ring.

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13. Make Sure You’re Buying from a Reputable Seller

One way to ensure that you get quality items is by buying them from reputable sellers who have a good reputation for selling quality items at reasonable prices.

14. If All Else Fails Finance the Ring

Do not be afraid to finance an engagement ring.

If your fiancé has always wanted an expensive diamond ring but you cannot afford it, you could always opt for a monthly payment plan.

You could also open a savings account and deposit money in it regularly until you have enough money saved for the purchase.

How Much Should You Spend On An Engagement Ring?

The average groom will spend about $2000 on purchasing an engagement ring.

If your fiancé is a practical person – or you simply don’t want to spend that much money – consider looking for a good quality used engagement ring instead.

Should You Still Spend Two Months Salary on an Engagement Ring?

Using a two-month salary as a guideline is not a bad idea.

However, what you really need to ensure is the quality and the cut of the ring so that it catches your fiancé’s attention the way it should.

You could also save enough money over time and get a custom-made ring if she wants something special from you.

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To Sum it All Up:

An engagement ring will be a symbol of your love for years to come, so it is important not to rush the purchase of one. Your goal should be to find a ring that fits your partner’s personality and is of good quality. To help make the ring more affordable consider using other stones along with diamonds or even buy a used ring. 

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