How to Save for an Engagement Ring

Finding the person you want to spend your life with is definitely something worth celebrating. The engagement ring you give them will be a reflection of that love and devotion. Although there are no hard and fast rules about how much you should spend, the best idea is to start saving for one as soon as you can.

Pre-Saving Strategies

It’s definitely true that saving money for a ring is a must, but the steps you take before you start saving will be just as important.

Get Real

You’ll likely be tempted to pick the highest-quality diamonds or fanciest ring there is, but the first thing to do before you start saving is to be realistic. Can you afford the biggest diamond or highest karat of gold? Probably not, and that’s perfectly fine. 

The next step will be to figure out how much you’re able to spend on a ring. Aiming high will give you a bit of leeway should you find a ring you really think your significant other will love. It will also provide you with a limit in the event you’re tempted to go overboard.

Finally, although the ring will be for your love, you have to be able to feel comfortable with the money you’re spending. Buying an engagement ring shouldn’t be an awkward situation.

Know What You Want

If you’re buying an engagement ring with a diamond, then you need to be sure you know what you’re buying before you enter any jewelry store. 

The carat, color, clarity, and cut of a diamond will all affect how much you pay for an engagement ring. The more perfect a stone is considered to be in these categories, the more money you’ll be shelling out. 

The carat of a diamond is its weight. The larger the carat of a stone, the more it will cost.  A stone’s color matters also; the closer it is to colorless, the higher quality a diamond it’s considered to be. 

Clarity refers to the number of inclusions or blemishes a stone has. Here again, the fewer the blemishes, the higher the value. Last but not least, a bridal style diamond’s cut will affect its cost. A stone with lots of sparkle requires real craftsmanship to achieve and will, therefore, come in at a higher cost to you.

The best way to keep a ring affordable is to choose just one or two of the above criteria to spend your money on. However, one aspect to never cut corners on is … well … a diamond’s cut. Lower cuts may sparkle but, over time, they’ll get dirty and lose their shine.

Shop Around

Now that you have a maximum budget and know more about what drives the cost of a diamond, you’ve got what you need to begin comparison shopping. Be sure to compare rings of a similar style according to those characteristics you’ve decided are important to you. 

It’s also a good idea to compare rings across different sources—for example, a mall jeweler, an online retailer, and an independent store. Depending on the retailer, you may be able to find out what percentage of the overall cost of the ring you’ll be paying for the important characteristics you determined earlier.

Anyone you’re considering buying from should know what they’re talking about. Make sure they have experience and certification by the Gemological Institute of America or the American Gemological Society.
So, you finally have a clear idea of how to get the best deal on an engagement ring. Here’s how to make that purchase as painless as possible.

Make It Your Sole Purchase

You probably have one or two big-ticket items that you really, really want. If you can put that new car, home theater, or any other item on the back burner for a bit, this can be a very effective saving strategy. Of course, we’d never say hold off on buying a car if yours is broken down and you need it for work; again, it’s all about being as comfortable as possible.

Save Moolah by the Month

It can be a good idea to know when you plan to propose, but, even if you don’t really know yet, you can make a decision about just how long you want to save. Because let’s face it: You don’t want to feel like you’re setting aside money every month indefinitely. 

Figure out how much money you can comfortably set aside every month; the more manageable you can make it, the better. Small monthly amounts will be much easier to save.

Get Financed

If you’ve found the retailer you want to buy from and plan to propose really soon, see if you can get on a financing plan. Doing this will have a couple of advantages. First, you’ll be paying the same amount every month. Second, financing lets you get the ring now and continue paying for it as you go.

Put It on Auto-Pilot

Log into your bank account and open a new account. Then set it up so that your monthly amount gets transferred automatically at intervals. This is really where comfort comes into play. If you’re only putting small bits away, you’ll hardly notice it at all.

Cheap Thrills

Trying to save and buy an engagement ring and you’re really strapped for cash? You might have to cut some corners. Go cheaper with your dates, but not bare-bones cheap. Look for cheap or no-cost events happening in your area, or think of ways for you to still get together without spending a lot. A picnic or nature hike can be just as romantic as a fancy dinner.

Timing Is Everything

Where it comes to buying your significant other a diamond engagement ring, you should know that holidays like Christmas and Valentine’s Day are the most popular times for engagement ring purchases. So, even if your preferred jeweler has a sale on, you can bet that those lower-priced rings will go fast.

Use Illusion

Although you might think you can’t change a diamond’s size and still pay the same amount, there is a way to do this. A certain type of setting called a halo can make smaller diamonds look bigger than they really are. This setting has a circle of diamonds placed around the main one.

Let Them Choose Later

One way to reduce a lot of the stress surrounding choosing the perfect engagement ring is to give them a ring when you propose, but then let your spouse-to-be choose the ring they’d like later on. In order to do this, you’ll want to make sure your jeweler of choice has a return policy. As long as the ring you proposed with wasn’t engraved or otherwise customized, returning it for another one should be a breeze.

After You Buy

Getting your love’s engagement ring insured is a great way to protect it in case of loss or theft. A  quick check with your insurance company to see if you can add it to your policy can bring you both peace of mind.

Reading the fine print on your warranty is also important because some jewelers require you to meet certain criteria to maintain that protection. For example, you may have to bring the ring in to be inspected a certain number of times a year. Totally worth it if you ask us.

Beautiful Rings from Master Jewelers

Haven’t popped the question yet and looking for the best place to buy engagement and wedding rings? The master jewelers at The Diamond Vault only work with certified diamonds. We import and manufacture diamonds to ensure you get the best value for your money. Discover why we are Scottsdale’s premier diamond engagement ring wholesaler. Visit us online, drop by, or call us today: 480-948-8444.