save money on engagement ring

If you’re thinking of popping the question, you’re probably also stressing at the idea of purchasing an engagement ring. For most people, this is one of the most expensive purchases they will make outside of basic necessities. This can also be one of the most important purchases they will make. Everyone wants their proposal to be one that they remember forever and having the right ring is part of that proposal. However, just because it’s an important purchase, you shouldn’t overpay for it.

The average price of an engagement ring in the United States is $5,500. However, state averages range quite a bit. For example, the average engagement ring in Texas is just over $8,000. The goal should not be buying the biggest and most expensive ring. To be successful with ring shopping you want to hit the balance between what your potential fiancé would love and what you can afford. While you can take out a loan to buy a ring, that’s a debt that you’d carry into your marriage that most new couples would rather live without. Luckily, there are many great ways to get the ring that your future spouse would love without breaking your bank.

If you’re looking for the best ways to get a beautiful ring at an affordable price you should consider the following tips!


1. Buy online to save big compared to in-store markups

Way back before the internet, people didn’t have the chance to buy anything from anywhere, in the same streamlined fashion. If you wanted an engagement ring you would go to the jewelry stores in your area and pick out something from the small pool of options. As a result, you’d pay what you paid.

These days, you have as many options as you want.

Buying online from a reputable site opens you up to a selection you would never be able to choose from otherwise, so you get the benefit of comparison shopping, an increased selection, and less headaches.


2. Spend your money on a solitaire setting

A solitaire engagement ring is really just what it sounds like. Rather than choosing a ring with a variety of stones or a center diamond with smaller stones clustered around it, the solitaire offers one diamond on a band.

Choosing a solitaire is often less expensive because there aren’t as many stones driving up the price. This will allow you the option of purchasing a bigger or better quality diamond, while still staying within your budget. 

The important thing to remember here is that with only one diamond to enjoy, quality and clarity are going to be important. You’re going to want to find a diamond that is as close to flawless as you can afford. Solitaire rings might cost you less, but they are also a classic, making them a favorite of many women.


3. Buy a lab-grown diamond

There are a lot of good reasons to choose a lab-created diamond over a naturally mined diamond.

First, it’s important to remember that there is no visual or chemical difference between the two types. Both options are diamonds. The only difference is that lab-created diamonds are grown in a lab with cutting edge technology. The addition of this technology allows you to purchase diamonds that cost less and that are ethically sourced. With traditionally mined diamonds, one in every 1,000 workers ends up with a work-related injury. This does not happen with lab-created diamonds.

Add in the fact that lab-grown diamonds are often 20-40% less expensive, on average, and it makes this an obvious choice.


4. Consider the shape you’re buying

Many women can tell you the dream ring they have envisioned since they knew what engagement rings were.

If you’re looking for something that is good quality but on the smaller size, you can cheat a bit by choosing an elongated shape. Choosing an oval, emerald, or pear shape allows you to choose a smaller carat and save money without ending up with something that looks too small.

If the size is one of the biggest concerns, choosing one of these elongated shapes will give you the best ring for your money. Going further, you can save more by choosing a lab-grown diamond and shopping online.

All of these things separately will save you money, allowing you to choose a better ring.


5. Comparison shop from reputable companies

No matter whether you shop online or not, you can use the internet to find the best deals from the most reputable jewelers. Make sure to check out reviews and details about the shops that you’re considering before you buy anything.

The benefit to buying online is that it often cuts out the middleman, allowing you to find a better ring at a lower price. You often find better prices online and shopping is faster and easier.

Online shopping also allows the chance to research the ring extensively, so you’re not only paying the best price, you’re actually getting what you paid for.


What money-saving tips did you use when shopping for an engagement ring? Let us know in the comments!


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