How to Save Money on an Engagement Ring

Posted by Dr Breathe Easy Finance on January 29th, 2020

If you’re reading this post, you’ve likely found the person you want to spend the rest of your life with. Perhaps you’re considering popping the question to your partner soon, or you’re just starting to research the cost of an engagement ring so you can begin saving up.

No matter what brought you here, this post will share everything you need to know about buying an engagement ring. We cover how much you should spend on an engagement ring, how to save up to pay for the ring, creative ways to reduce the cost if budget is an issue, and determining the best style to purchase for your partner.

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Have you heard that a good rule of thumb for what you should spend on an engagement ring is to pay the equivalent of two months’ salary? We’re not exactly sure where this figure came from, but feel free to ignore it.

Similar to the reported “average” wedding budgets shared by the mainstream media, they promote this to convince the public that they should spend a certain amount. Who seeks to gain from spreading these reports? The jewelers and diamond companies, of course!

So how much should you spend on an engagement ring? First, you should consider what you can afford as well as the style of ring your partner will love. The key is to strike a balance between those two areas of consideration.

Everyone’s financial situation is different, as are their stylistic tastes, and their longterm goals and priorities. You’ll need to reconcile all of these to choose the best ring to purchase for your partner when you pop the question.

Take a look at your monthly budget and your current savings. How much could you put towards a ring right now? How much could you save up each month to put towards the ring? Then, factor in those monthly payments when combined with your current savings. How long will it take you to save up to pay for the ring of your partner’s dreams in cash?

Don’t forget, after the proposal; you’ll have to save up to pay for a wedding as well. Don’t put yourself into debt or in a financial pinch to buy a ring you can’t afford.

If you want to make sure you buy a unique engagement ring that your partner loves while also staying within your financial means, it will take research, intel, and dedication. Below, we’ll outline the details of how to go about choosing the perfect engagement ring and making sure you get the best price.

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In many ways, it was a brilliant campaign designed to increase the sales of diamonds due to a steep decline during the Great Depression. This smart marketing campaign created an emotional link between eternal love and the diamond, which has become the gold standard for engagement rings ever since.

Diamonds were historically quite hard to find, which made them appear to be rare, and therefore more valuable. De Beers had a hand in the rarity of diamonds as well by purchasing the largest diamond mining area in South Africa, which they controlled for most of the 19th century. The company restricted the number of stones released each year to keep the illusion of limited supply to make them appear rarer.