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While pinning your dream engagement (just for fun of course ?), you probably never paused to think about how much those engagement rings actually cost. Whether you’ve started your engagement ring search or you’re just now considering that ‘next big step’, there’s probably one major dark cloud looming: money. The cost of an engagement ring can be hard to swallow. Especially when you start thinking about the incredible vacation you could take with the same amount of money you’re about to spend on one piece of jewelry. However, engagement rings are still an extremely meaningful representation of commitment and, let’s be honest, we’ve probably all had our dream ring pinned on our wedding board since starting on Pinterest.
Thankfully, there are a few tips and tricks that can easily help bring down the cost of your dream ring or even having you saving money.
5 Ways To Save Money On Engagement Rings
Have ‘the talk’
It’s time you and your significant other had a chat about budget. Whether you’re trying to save money or not, this is likely a conversation you need to have either way. In the past few years, it’s become more and more common for couples to shop for the ring together, but this also means there are now two voices involved in the buying process. Having a general budget in mind not only helps to narrow down your options, but it solidifies boundaries, which will help significantly during your search.
For any type of large purchase you make as a couple, it’s always smart to go into it on the same page. Setting a budget for your engagement ring means no unexpected surprises. It also means you have the ability to talk about all of your options. Will this be your forever ring or do you need to purchase a temporary one? Are you going to finance it or pay it off in-full? Do you care more about size or is the clarity your #1 concern? These are all factors that play into the budget of your ring.
So how could this help you save money? When you’re both on the same page about price, you’ll likely make a more sound decision when it comes to the ring, instead of an impulse purchase. With a cap on your spending, it will likely be harder for any tricky salesmen to try and get you to spend more…but we’ll get to that in just a bit.
Do your homework
Before purchasing a ring, you should do a fair amount of research into diamonds — particularly the 4 C’s. Cut, color, clarity, and carat are the four characteristics that your diamond will be priced off of, so understand what each one entails and make note of which are the most important to you and your significant other. Once you have a general idea of what you’re looking for, talk with a diamond expert. Depending on your focus (size, sparkle, color, etc.), they should be able to help you find the best diamond at the right price.
BUYERS TIP: if you talk with a “diamond expert” and they are trying to up sell you the entire time, do not buy from them. A true expert understands that the true 5th ‘C’ is cost, and it should be treated with as much respect as the other 4.
You’ll also want to do a ton of comparison shopping. Make a spreadsheet and compare, at minimum, ten of the same diamonds from different jewelers — both in-store and online.
Shop online
Once you’ve done your comparisons, it’s almost guaranteed that the best bang for your buck will be found online, especially if the company is 100% digital (no brick & mortar). With less overhead, they’re able to price their diamonds much more competitively. Buying online also means you get to avoid the obnoxious salesman we mentioned earlier. You can browse for rings from the comfort of your own home and only talk with a representative if or when you want.
Do not let the idea of buying a diamond online scare you. With the amount of trusted 3rd party review sites out there today, it’s easy to compare all of the online stores and find the one that’s best for you. Some things to look out for when comparing:
- Free shipping
- The return policy
- Warranties
- Resizing
- Customer service
Out of all of these, customer service is usually the most important and can easily be deciphered from online reviews. The last thing you want is an unresponsive, rude or unhelpful person on the opposite end of this important purchase.
Go with a lower karat count
When it comes to the setting of the ring, you’ll likely have a few metal options. The most common are 14k, 18k, 24k, and platinum. The higher the karat number goes, the more expensive it becomes. This is because there is more pure gold present in the ring. However, the lower the karat, the more durable it is, since gold is a fairly soft metal. To easily save money, go with a 14k setting. It will not only cost less, but it will be stronger.
Consider a lab-grown diamond
Finally, the easiest way to save anywhere from 20-40% on a ring is to buy one with man-made diamonds. With the same chemical, physical, and optical makeup as a mined stone, this is the absolute best way to save money on your diamond. But, just like mined diamonds, make sure you do your comparative research! Record the prices on the same sheet as you did your mined diamonds and you’ll be astonished to see the difference in price for the exact same value.
Gifting or receiving an engagement ring can be extremely exciting, but don’t let that distract you from the fact that it’s still a large and often expensive purchase. Keep in mind these five tips to save money on your ring and celebrate a new chapter of your life with the perfectly priced symbol of love.
RELATED READS:
Millennials, 5 Conversations To Have Before Getting Engaged
The Confused Millennial’s Guide to Wedding Details
7 Things No One Tells You About Choosing a Wedding Venue
5 Ways My Wedding Was Different Than I Imagined
How To Talk About Finances With Your Significant Other
SAVE FOR LATER:
List of 5 Ways To Save Money On Engagement Rings
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Have ‘the talk’
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Do your homework
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Shop online
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Go with a lower karat count
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Consider a lab-grown diamond
