How to save money when buying an engagement ring

Planning on buying an engagement ring? While you can’t put a price on love, here are four ways you can save money when choosing a ring.  

You don’t always plan on falling in love. And sometimes you can find ‘the one’ at a time in life when money is tight.

Maybe you’re starting out in life and saving up for your first home. Or maybe you’ve met someone later in life when you both have pre-existing financial commitments – plus possibly two families to support. 

If you’re planning to make a more permanent commitment to your love, buying an engagement ring could be one expense that makes you baulk. Engagement rings (and weddings in general) can be expensive, so finding ways to save money, while still choosing a ring you both love, may be welcome.

Tradition apparently dictates that an engagement ring requires an investment of approximately three months’ salary. But not many people can stretch to that. Instead, it’s more important to find a ring that has meaning for you both and that fits your budget.

To help you find the perfect engagement ring Love & Promise Jewelers have put together four tips to help you stay within your budget.

1) Buy from a wholesaler

It can be hard to resist the tempting advertising campaigns of the national chain jewellery stores. But, if your budget is tight, you may want to consider buying from a diamond wholesaler instead.

By using a diamond wholesaler, you’ll avoid the bigger ticket prices that come with all the frills of the larger chain stores. You can choose a loose diamond and design your own ring setting, or choose from a variety of preset diamonds.

2) Avoid diamonds

Diamonds have become synonymous with engagement rings. But did you know that giving your fiancee a diamond engagement ring isn’t based on any long-standing tradition? Instead, the suggestion comes from an advertising campaign!

So don’t feel like you need to fork out for diamonds. Sapphires, rubies and emeralds all make stunning engagement ring stones. You can always choose an elegantly cut gemstone as your central feature, and include smaller accent diamonds around the perimeter or band to accent the colour and fire of the main stone.

3) Ask if there’s a family heirloom

You may not need to buy an engagement ring at all if there’s an heirloom knocking around in your family. So ask close family if they know of any (or have one). 

Perhaps your mother or grandmother have a ring that has been passed down through the generations that is appropriate? Family heirlooms can be a special and touching way to express your love and devotion. If there is nothing that seems just right, keep in mind that you can always alter a ring to update it. Or take stones and have them re-set.

4) Avoid holiday shopping

If you are thinking about a Valentine’s Day proposal or popping the question as part of another holiday celebration, don’t leave your shopping until the last minute.

Retailers will raise their prices significantly during calendar holidays where jewellery sales are at their peak. So, if you want to save money, keep away from the trap of higher prices during Valentine’s and Christmas and shop in the off-season.

Photo by Carly Rae Hobbins