7 Ways to Save Money on an Engagement Ring

When it comes to engagement rings, many couples find themselves facing a common dilemma: how to choose a beautiful engagement ring without breaking the bank. At Faithful Platform, we believe that investing in your marriage and building lasting relationships is far more important than spending excessively on a ring. We’re here to guide you through the process of finding a stunning engagement ring that fits your style, story, and budget.

In this guide, we'll share seven expert tips on how to save money while still selecting a ring that symbolizes your love.

Key Takeaways

• Prioritize Budget and Value: Set a realistic budget based on your financial situation and prioritize investing in your marriage over following traditional spending norms.
• Explore Alternatives: Consider alternative gemstones, lower carat weights, and different metals to find a beautiful engagement ring that reflects your style without overspending.
• Shop Wisely: Take advantage of online retailers to access better prices, and always research and compare options to ensure you make a confident, informed purchase.

7 Tips from the Experts on How to Save When Buying an Engagement Ring

There are many different ways to save money when buying an engagement ring. Below are our experts' top 7:

Set a Realistic (and Researched) Budget

Before diving into the world of engagement rings, it’s essential to establish a budget that feels right for you as a couple. Research average prices and discuss what you’re comfortable spending.

Remember, the “three months’ salary” rule is outdated and unnecessary. Focus on your financial situation and values instead. Setting a realistic budget helps you avoid overspending and allows for more meaningful financial decisions down the line.

Consider Different Stones and Gemstones

While diamonds are the traditional choice for engagement rings, they aren’t the only option. Consider alternatives like sapphires, emeralds, pearls, or moissanites. These stones can be equally stunning and often cost significantly less than diamonds. Not only will you save money, but choosing a unique gemstone can also reflect your own unique and personal touch.

Choose a Lower Carat Weight

The size of the diamond, measured in carats, is often a major factor in determining price. Instead of opting for a larger stone, consider selecting a lower-carat weight. A well-cut, smaller diamond can appear larger due to its brilliance and light performance. Going for a smaller carat weight allows you to allocate more of your budget to quality over size, ensuring you get the most beautiful ring for your investment. 

Avoid the “Perfect” Carat Weight

Many shoppers aim for “perfect” carat weights like 1.0 or 1.5 carats, which can be significantly more expensive due to demand. Instead, consider choosing a stone just below these benchmarks, such as 0.90 or 1.40 carats. The difference in appearance is minimal, but the savings can be substantial. This approach allows you to get a more impressive ring without paying a premium for that “perfect” number.

Consider Alternative Metals

The metal you choose for the setting can also impact the overall cost of the engagement ring. While some may think that 22K or 24K gold is the best option for fine jewelry, it is actually much more expensive due to its higher gold content, and not ideal for everyday wear. This is because the gold is a soft metal and you have less metal alloy mixed in there to make it durable enough for an engagement ring.

Consider alternative metal qualities like 14K or 18K, which can offer an almost identical look at a fraction of the price. Additionally, opting for white gold instead of platinum can save you money while still providing an elegant “silvery” appearance.

Ignore Social Norms or Trends

Engagement rings are deeply personal, and trends can often lead to unnecessary spending. Focus on what resonates with you and your partner rather than what’s currently popular. Unique, meaningful designs that reflect your relationship are far more valuable than a ring that merely conforms to societal expectations. Embrace your individuality, and let your special love story inspire your choice.

Buy a Ring Online

Physical jewelry stores often come with high overhead costs - think inventory, displays, staff, intense security, and not to mention the costs of operating a typical store. These additional expenses are generally built into the overall cost of each ring and can drive up the price tags of their jewelry.

Shopping online can provide access to a wider range of options at more competitive prices. Many reputable online jewelers offer custom designs, quality materials, and transparent pricing, allowing you to find the perfect ring without the added costs associated with a brick-and-mortar store.

Just be sure to do your research and buy from trusted sources to ensure you’re getting the highest quality piece for the lowest possible cost. Reading reviews about the company on Google, Trustpilot, and Reddit is a fast and free way to do this!

What Should You Expect When Shopping for an Engagement Ring?

The process of shopping for an engagement ring can be both exciting and overwhelming. The average engagement ring's cost can vary widely based on personal preferences, materials, and style. Those decisions ultimately impact the total price, but we pride ourselves on our ability to build custom rings for anywhere from $1,000-$100,000.

When you begin your search, expect to visit several retailers, compare prices, and ask questions about quality and craftsmanship. Take your time to explore different options and don’t hesitate to ask clarifying questions or seek advice from trusted industry experts. Remember, this is an investment in your future together, and it’s essential to feel confident in your choice.

Want Free, No-Commitment, Personalized Help? Contact Faithful Platform for a Consultation

At Faithful Platform, we’re dedicated to helping couples navigate the engagement ring-buying process with confidence and clarity. Our educational approach focuses on equipping you with the knowledge you need to feel like you’re making a wise decision. Our focus is on building strong marriages rather than simply selling jewelry.

If you’d like personalized assistance without any commitment to purchase, begin by requesting a free quote for the ideal ring you have in mind and we will be in touch to set up a free initial consultation. Let us help you find the perfect ring that aligns with your values and budget, allowing you to save on the ring and invest in the marriage.

Frequently Asked Questions (FAQs)

How can I save money when buying an engagement ring?

You can save money by setting a realistic budget, considering alternative gemstones, choosing a lower carat weight, avoiding “perfect” carat weights, exploring alternative metals, ignoring trends, and shopping online for better prices.

What is a realistic amount to spend on an engagement ring?

A realistic amount to spend on an engagement ring varies significantly depending on personal circumstances. Couples should focus on their own financial situation, future goals, and the emotional significance of the ring rather than adhering to the outdated rules of societal norms. Instead of a fixed amount, find a ring that holds personal meaning and fits comfortably within your budget and reflects wise financial stewardship.

How do I buy an engagement ring with little money?

To buy an engagement ring on a budget, set a clear budget, consider alternative gemstones, choose a smaller carat weight, explore affordable metals, and shop online for better deals.

How do you buy an engagement ring without getting ripped off?

Avoid getting ripped off by becoming educated on the industry, researching average prices, setting a budget, price comparing with multiple retailers, asking questions for clarity, and buying from reputable companies that will take care of you throughout the entirety of the process.