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Is the fear of how much an engagement ring will cost holding you back from taking that next step in your relationship? Shopping for an engagement ring should be a pleasurable experience…one you remember forever!
Not one filled with anxiety and pressure! Below are tips that will not only help men eliminate the stresses involved with purchasing an engagement ring but also save money in the process.
Set a Budget
A good idea would be to establish what is the most you would spend and what would be the least. Giving yourself a high and a low baseline will allow jewelry dealers to pinpoint exactly what range you are able to purchase in.
Determining these two pricing points will depend on several variables including but not limited to how much you earn, what your monthly expenses are and how much money you currently have saved.
There is no precise formula for determining what you personally should be spending on a ring. You are going to have to come up with pricing the fits your budget.
You want to make a purchase that your bride-to-be will be happy with but not one that is going to set you in extreme debt. If you are in a situation where money is tight now, but you expect to be earning more in the near future, consider applying for unsecured loans.
An unsecured loan allows you to obtain cash for whatever your needs are without having to put up collateral. Don’t worry about not having any money left for a wedding after your ring purchase. Wedding loans are a great option when money is tight!
Have An Idea Regarding Setting
There are varying sizes and shapes of engagement rings. To avoid being overwhelmed in the store, you want to have an idea what you are looking for prior to doing any actual shopping.
Will you spouse prefer a contemporary setting? Or perhaps they would rather an antique or classic look.
A good idea would be to look in magazines, online as well as rings on other women. If you find something you like, print it out, tear it out or take a picture and bring them with you. Doing this will result in a jewelry dealer knowing exactly what you are looking for!
Determining the Stone & Cut
Are you going to go traditional with a diamond?
Maybe you want to do something very different and go with a beautiful gemstone!
Buying a gemstone as opposed to a diamond ring will save you significant money! And once you figure out what kind of stone you are going to go with, you should get an idea regarding the cut.
There are so many different types of cuts. Your best bet is to go online and google ‘diamond cuts’ and click on the images tab. You should be able to find many different sites with clear examples of cuts.
If you decide to go with a gemstone as opposed to a diamond, you are still going to have to choose the type of gemstone.
It should be one that is meaningful. Some ideas include her birth month, your birth month and maybe even the month during which you had your first date.
Choosing the Right Metal
There are several different options for the metal for your engagement ring. 18K white gold and platinum are the most common and are considered the standard by most.
Note that platinum is more expensive than white gold. You can also select a palladium or 14K gold as the metal.
These two are the least expensive. It is important that you find out if your bride-to-be is allergic to any of these types of metals. If she is, she definitely won’t be able to wear a ring made up of that metal. It may cause skin infection.
Shop Around
An engagement ring will likely be one of the, if not most, important jewelry purchases of your life.
Therefore, you need to shop around and get pricing from multiple sources/shops. Never make a purchase from the first store you go to.
Shopping around will would get you the best deal for your money!
In conclusion, buying an engagement ring should be a fun experience! If you find yourself stressed, take a breather! As long as you do your due diligence and take your time while shopping, you will enjoy the process and get the best deal.
SB’s Thoughts : Very practical tips in deed. I would like to add that once you have a set budget, start saving towards it every month from your pay check.
Suppose the budget is for $5,000 and you are short by say $2,000 with a year before engagement, you start saving $180 per month towards it. If you can save some more, you’ll get a better ring.
But, most importantly, budget for the entire engagement cost and wedding. Not just the ring!
Want to share your wedding ring buying experience?
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Sonja says
February 17, 2012 at 7:47 AMPersonally I think anyone who takes out a loan for an engagement ring (or wedding ring) is insane. There are so much more costs involved in a wedding than the ring. If you need a loan for that you’re spending too much on it. Way too much.
How about this option instead: Propose WITHOUT a ring. Save the money for a nice weddingring which (s)he’ll wear for the next 50 years rather than an interim ring for a few months. If she looks for a ring before accepting your proposal it’s not someone you want to marry.
SB says
February 17, 2012 at 8:54 AMCan’t say much except agreeing in silent nods. Wedding loans, payday loans, tax refund loans are the ones I dislike most. How about buying an expensive ring with an agreement that that can be used as a wedding ring as well. Off course when both the parties agree
Money Beagle says
February 17, 2012 at 8:37 AMWe went ring shopping and looked at a variety of stores and a variety of rings. I ended up going with the one that we liked the best. I actually called and put it on hold as I kind of knew that was ‘the one’ just when I saw her trying it on and looking at it. We actually bought it as a set so I had the wedding band already in hand when I got the engagement ring. That helped with the cost.
SB says
February 17, 2012 at 8:57 AMShopping with her for the ring is a very good idea. But it defeats the surprise aspect of the thing. Thanks for sharing your story.
Moneycone says
February 17, 2012 at 9:31 AMI took a non-traditional route (call me boring!). Took her to pick the ring! Better safe than sorry! 🙂
SB says
February 17, 2012 at 1:04 PMEverything works when both parties agree.
Paul @ Make Money Make Cents says
February 17, 2012 at 10:52 AMI recently got engaged, and I did a lot of research before buying. I actually purchased the diamond online. If you buy online, you cut a large chunk of the cost out. They dont have the brick and mortar that a Jared Jewelers has. I was very happy with my experience. I actually had to send the first diamond back, and had no issues at all. The second was great, and would have cost $2000 more at a Jared’s.
SB says
February 17, 2012 at 1:05 PMyup, like everything else, a ring is also cheaper online. Good way to cut some cost.
Bryan at Pinch that Penny! says
February 17, 2012 at 12:46 PMMy wife had made it pretty clear to me what she wanted (just a simple solitaire), so I looked around and tried to find the best price for the nicest, clearest stone. I ended up buying a ring off of eBay, and I got quite the bargain (I think I paid around $1,000 total, and the ring [which I obviously had appraised very quickly] ended up being worth closet o $2,600).
Buying precious metals or stones off of eBay is risky, so I don’t necessarily recommend it for everybody. However, if you have the stomach for it, you can find a great deal.
SB says
February 17, 2012 at 1:03 PMgreat information and thank for sharing. No honestly I dont have stomach for buying stones and precious metals off of eBay. The deal ended up good in our case, but it could have been worse. Off course there’s eBay price protection, but that’s only up to a limited amount.
Heather says
February 17, 2012 at 8:24 PMI’m so easy. All the rings I want are under $50. Most are under $20. That’s the joy of buying non-gold, no-stone jewelry I guess! Of course, I’d be happy with a Ring Pop if that’s what he used to propose and spent that $50 on the wedding ring instead. Although I’m not opposed to my engagement ring BEING my wedding ring.
SB says
February 17, 2012 at 9:14 PMYou are an ideal girl for many boys. Hope you find a flexible guy for yourself too.
Kari says
February 18, 2012 at 12:51 AMI’ve told the BF on numerous occasions that a ring isn’t necessary, as it’s the commitment that matters to me, not the ring. But I still suspect he’s saving for the ring. I’ve also told him I’d rather he use the money towards our down payment, but I appreciate he’s traditional like that. Sending him over to read this article.
SB says
February 18, 2012 at 2:18 PMThat’s so nice of you. One thing you can do, Ask him not to buy a separate wedding ring.
Karen says
February 18, 2012 at 11:58 AMMy fiance and I had been planning to buy several acres and build a home, so we knew we need to save and plan. Buying an expensive diamond ring wasn’t ever our goal. We’re both outdoorsy people who garden and work with tools, so diamonds just don’t fit with our way of life.
We decided to recycle as much old or broken gold jewelry as we could and just get unique gold bands designed by a local jewelry artist. What an excellent plan that turned out to be. When some of our friends and relatives heard our idea, they donated pieces of broken jewelry to add to the pot. We had more than enough 14, 18, and even 24 k gold to fashion beautiful rings and pay the artist with the excess.
Gold has always been traditional for weddings, but diamonds I think are way overhyped. Also, no one, anywhere, will have rings like ours.
SB says
February 18, 2012 at 2:20 PMVery inspiring story. You added a wealth to the discussion and the topic. I hope future readers take a few lessons from your experience. Wish you all the best for your future life together.
Emily @ evolvingPF says
February 19, 2012 at 11:11 AMMy husband bought the diamond in my engagement ring at a going-out-of-business sale of a jewelry store chain. It was a bit of a gamble because there was no return option but he did his research and it worked out well.
Like Karen, we had my engagement ring designed by a local jeweler (although mine does have a diamond solitaire) and I enjoy having a unique ring. We also used yellow gold, which I think is the more timeless choice – and looks better with my skin tone.