The Average Engagement Ring Cost and How to Save Money on It

If you're planning to pop the question, you already know that the engagement ring will be the star of the show.

engagement ring cost

Getting married can be expensive, and the engagement ring cost is just part of the equation.

Read on to discover how you can save money on your engagement ring purchase while still finding a piece of jewelry with a memorable “wow factor.”

Set Your Budget in Advance

Before you compare engagement ring cost pros and cons, you should set a budget ahead of time. Once you create a firm price you have in mind, it's much easier to make a purchase decision.

If you happen to have the cash, you won't need to worry about financing the engagement ring. If you don't have all the money upfront, be prepared to either get financing directly from the jeweler or use a credit card.

When you shop for an engagement ring, be smart about the price. You don't need to spend tens of thousands of dollars to find something that's stunning and impressive.

Remember, weddings cost a lot of money and you'll also be footing the bill for the wedding ring that comes later. Try to keep your budget realistic so you have boundaries already set for yourself. 

If you're able to start saving, put some money aside each week so you can purchase the engagement ring without the use of credit. You might also be able to put some money down, which will make your financing costs lower. Think of buying an engagement ring in the same way you'd buy a car: plan ahead and stick to your budget, and you should get a great deal.

Engagement Ring Cost: Don't Sacrifice Quality

Even if you're not planning to spend a ton of money on your engagement ring, you don't have to skimp when it comes to finding a quality piece. Understand the “four c's” of diamonds so you know you're getting a beautiful ring at a good deal.

The first “c” to keep in mind is the cut of the diamond. This factor looks at the craftsmanship of the stone including how much sparkle it has and how it is faceted.

Next, pay close attention to the color of the diamond. Anything with less color will be higher quality than a yellow diamond or another colored stone.

The third “c” in diamonds refers to the clarity and how many blemishes or inclusions it has. Of course, the better the clarity, the more beautiful (and expensive) the stone will be.

Finally, the diamond's carat is a huge part of how much the engagement ring will cost. Diamonds are measured in carats, which refers to their physical weight. Whatever you do, always make sure you get a certificate from the jeweler that includes the stone's ratings.

Try Something New and Unique

A beautiful engagement ring doesn't necessarily have to include a diamond. In fact, more people are leaning toward unique stones such as amethyst or moissanite.

With its gorgeous clarity and tons of sparkle, moissanite halo engagement rings are simply stunning. This unusual material is made of silicon carbide, which is a naturally-occurring mineral.

These crystals are visually striking and extremely rare, but you can find jewelry that uses moissanite made in a laboratory. The result is a gorgeous piece of jewelry that brings the beauty of art and the wonders of science together.

Consider buying an unusual ring if you want to save cash for your engagement. Diamonds aren't the only stones out there, and alternatives like moissanite and other stones are equally as stunning and a fraction of the price.

Look for Sales and Compare Prices

If you plan your engagement ring purchase in advance, you could save a significant amount of money. Pay close attention to sales and try to get a good price on a new ring when your local jewelry stores advertise specials.

Some stores also offer incentives if you're a new customer, or if you're willing to use their in-house financing. Before you commit, do some side-by-side comparisons between several rings and several jewelers.

Make sure you look at reviews before purchasing an engagement ring. Even if you can't find a review of the exact ring you want to buy, customer feedback about the retailer can give you a lot of insight.

Don't be afraid to ask for a cost breakdown that gives you the engagement ring cost of the stone and band separately. This figure can make it easier to find a ring that will fit within your budget since you'll have a guideline.

Look online and shop for different rings there since it's much easier to compare prices via the Internet. Jot down the styles you like best, then take your pricing with you if you're planning to visit a local jeweler. This price list may give you a little bit more opportunity to haggle in person.

Get Ready to Pop the Question

Once you know how to save on the engagement ring cost, you can pop the question in confidence. Don't be afraid to comparison shop or to try something new and unusual instead of the classic diamond ring.

Do your homework and look for sales and other ways to save. With some patience and perseverance, you can find a gorgeous engagement ring that won't break the bank.

For lots of great tips and information about personal finance, saving money and much more, read more on our website today!

Still can't afford an engagement ring? Make payments on an engagement ring

Average Engagement Ring Cost

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