3 tips to help you save money when buying an engagement ring

Buying an engagement ring is no joke—mainly because they don’t come cheap.

While betrothal bands are favoured by almost every culture across the globe, many assert that buying one is nothing but a huge and unimportant expenditure. It isn't hard to understand this logic since, believe it or not, many have gone into huge debt because of spending big on engagement rings.

But the truth is you can buy a ring that suits your needs without going bankrupt.

Here are some tips that’ll help you save money when buying an engagement ring for the person you choose to marry.

Allocate a maximum budget

Rule of thumb: setting a realistic budget is the key to prevent overspending. There’s a huge possibility for buyers to be overwhelmed by the grandeur of an expensive ring—leading them to careless credit card swipes, not thinking twice if they could actually manage to pay for it or not.

When it comes to money, there must be nonnegotiables! While many people are devotees of the ‘spend three months of your salary on an engagement ring’ rule, we believe it’s best to spend an amount you’re comfortable with.

Familiarise yourself with the four Cs of diamonds

If buying a diamond ring is what you’ve always had in mind, it helps if you learn the Gemological Institute of America’s (GIA) four Cs.

Cut deals with how the stone is carved. Some of the most famous shapes include princess, cushion, heart, pear, emerald and oval.

Colour focuses on the transparency of the stone. The less its colour, the higher the quality—ergo the higher its price.

Clarity concerns the blemishes of the stone.

Carat is used to measure the diamond’s physical weight.

Knowing these can help you save as they allow you to set criteria that interest you the most.

Explore non-diamond options

There are plenty more options than diamond—you might be surprised by how much you can save. Jewellers that create some of the best-looking engagement rings in Australia also craft amethyst, sapphire and ruby pieces that don’t only measure up to diamond jewellery but also cost way less than them.

We’d love to hear your insights. Tell us what you think about saving money on engagement rings in the comments section below!