Engagement rings can be horribly expensive today. According to The Knot, in their 2016 study published in early 2017, the average engagement ring was estimated to cost $6,163. While many people may shudder at that price. The wedding industry continues to boom in the United States. Here are five tips to help you save big money on an engagement ring.
- Shop online
Today’s engagement ring industry thrives not only in big box stores and name brand outlets, but also online. Places like ItsHot.com have engagement rings that are affordable and beautiful. When you’re shopping online, be sure to check your ring sizes because some sites won’t allow returns, especially if they’ve been engraved, which is a great offering to look for.
Do your diligent research and be sure the quality is what you expect. There are many sites that offer knockoffs and you could end up with a ring that isn’t at all what you expected. So, do your research and make sure the online store is reputable before you purchase.
- Handmade instead of brand name
When you’re looking for something special you may consider local artisans who offer handmade jewelry. Commissioning a handmade engagement ring can reduce the cost of your ring because you’re not paying for the name of a big chain.
There are many artisans who can copy name brand engagement rings for half the price. When you’re discussing price with the jeweler, remember to ask about gemstones. Many gemstones are just as beautiful and enduring as a diamond but bring brilliant color and sparkle to the ring.
- Start saving early
If you must have the more expensive brand name engagement ring, then consider starting to save well before you plan to ask the big question. If you’ve been in a relationship for a while, you may consider starting a savings account and put money in regularly.
Any extra money you receive can go toward that saving account. It really doesn’t take that long if you make it a priority and use the other tips to find the right engagement ring. Creating a budget for your ring is a great idea because it gives you an understanding of what you can get for your money.
- Less is More
This is an important concept when you’re shopping for an affordable engagement ring. If smaller gems can create the illusion of a large setting, the cost saving can be as much as half the price of a single large gem. And speaking of gems, a diamond may not be what your loved one actually wants. Perhaps they would love a red ruby or blue sapphire instead. Being different about the gemstone will also help you stand out from those who use the same old diamond settings.
Using less prongs or using a gem inlay can create the illusion of bigger ring without using as much metal. Also, gold is less expensive than platinum, so consider using gold as it comes in white, yellow, and rose colors to make your engagement ring into a one of kind gift they’ll cherish.
- Don’t listen to old adages
There are many old adages about buying an engagement ring. The most prominent is that you must buy an engagement ring that costs three months of your salary. This used to be the standard of measurement for a man to be able to afford his wife. This doesn’t apply to the twenty first century world. It’s more about meaningful experiences associated with it than about the cost.
If your fiancé is in love with the outdoors, you could easily purchase a ring made of special wood to remind them of their natural side. If they love steam punk, there are vintage engagement rings that won’t break your bank. The truth is that the new standard is about meaningful experiences rather than how much you spend.
These five tips will help you save money on your engagement ring so you can use that money elsewhere in your wedding budget.