There is no need to break the bank when shopping for an engagement ring. Before embarking on the search for rings, it is essential to create a budget.
Forget the old advice of spending two months months. It can be a dangerous and unrealistic idea. Here are a few tips to help you find the perfect ring without blowing your entire savings!
Set a Realistic Budget
While many couples dream of getting engaged with a spectacular diamond ring, it’s essential to be realistic about your finances and set a budget that aligns with your goals. An engagement rings should not cause you to go into debt or significantly eat into your emergency savings.
The best way to start is by calculating how much you can save monthly. Some experts recommend allocating 1% to 3% of your annual income for the ring. Alternatively, you can also use a percentage of your overall savings or disposable income as the basis for your budget.
Shop Online
Shop with reputable jewelers that offer transparent pricing, price matching, and a lifetime warranty on your ring.
Another great option is to shop for rings, which feature unique rings that are often less expensive than those found at traditional retailers. Just check the seller’s plan options and return policy before purchasing. Going into debt for a ring is never a good idea, especially with other upcoming life expenses like a wedding or house on the horizon.
Ask for a Lower Carat Diamond
Finding the right balance between elegance and cost is essential when selecting an engagement ring. Many reputable online sellers have a wide selection of styles and customization options at affordable prices.
It features beautiful lab-grown diamonds in various settings that maximize carat weight and brightness, such as the classic simple solitaire or the halo setting. The halo setting is particularly effective at maximizing size because the diamonds encircle the center stone, highlighting its brilliance and enhancing its shine.
Another great option is to select a unique design, such as a floral or Claddagh motif or a heart-shaped gem. These rings are often more affordable than traditional diamonds.
Look for Pre-Owned Rings
If you’re looking for an affordable yet meaningful engagement ring, consider checking out pre-owned options. Many online vendors specialize in selling cheap jewelry due to their low overhead costs. Opting for a pre-owned ring enables you to find a beautiful piece that is reasonably priced, making it one of the most environmentally friendly options. Buying a used ring reduces the demand for new diamonds, precious metals, and gemstones to be mined.
For example, Worthy offers a curated collection of pre-owned diamond engagement rings that feature elongated stone shapes like oval and marquise. These stones look identical to the more popular round brilliant cut but cost up to 80% less.
Get an Insurance Policy
You may have auto, health, home, and renters insurance, but you may not want jewelry insurance. However, it is an essential addition to your overall coverage.
If you lose your ring or it is stolen, you will be happy to have an affordable replacement. On average, jewelry policies cost between one and three percent of the value of your ring, depending on where you live and your risk characteristics.
Another option is to use an heirloom ring from your mom or grandmother. It will be a sentimental piece you and your love can cherish for the rest of your lives. You can also turn to financing many jewelers offer an interest-free, 12-month payment plan.