What is the most significant purchase you will make in your life?
A car or a house? No, it’s your engagement ring!
Naturally, you would want nothing but the best. But, it also involves disciplined savings to buy an engagement ring that will bring a wide smile and a YES from your partner.
Here, we tell you of the twelve incredible tips to save for an engagement ring.
- Know your partner’s choice of engagement ring
The most common mistake when buying an engagement ring is to select one of your choices. What good is it if your partner doesn’t approve of your choice of ring? But how do you know what your partner would like for an engagement ring? Look for clues. Drop a hint. Browse through a catalog as if you are helping your friend select a ring, and ask your partner for suggestions. There are many ways to find out your partner’s choice of ring. Once you have a clear idea in mind, you can decide the style and budget to buy an engagement ring.
- Set a realistic budget
What budget should you set for an engagement ring? There is no clear rule for it. Various theories suggest setting it to your monthly salary and such stuff. But we advise you to not exceed the limit. First, set aside all the expenses and work on how much you save per month. Now, study how much of the savings you can allocate for the engagement ring. Also, you cannot keep saving for a year and make your partner wait for a proposal. Have a realistic budget. A true partner will understand if you are saving for the future.
- Set an automating saving system
With online banking, it is easy to transfer a particular amount every month to some savings fund. By doing this, you save over time enough to fund your engagement ring purchase. Also, when you set aside a fixed budget for the engagement ring, you tend to spend less on other expenses like eating out, entertainment, and travel. We would advise you to cut down on a few extras and to not stop it completely. Do not set unrealistic goals. It will make you unhappy.
- Be careful of high interest rates
Some local jewelers provide tempting financing options to help you with the buying of an engagement ring. Credit can be a good option, but these have high interest rates. Read the document carefully and talk with them about the terms and conditions before you settle for their financing option. We would suggest that saving money is better than borrowing. With savings, you set realistic goals. But with borrowing money, there is every probability of your budget exceeding its limit.
- Educate yourself with the 4Cs of diamond
Now that you have saved enough money to buy an engagement ring, it is time to go for the selection. If you are planning for a diamond engagement ring, educate yourself on the quality of diamonds. Walk into your local jewelry store and talk to the experts on the 4C’s of diamonds. They will guide you on the cut, clarity, carat, and color of the diamonds. The more you educate yourself on diamonds, the better clarity you will have of what you are purchasing, and it is worth the money.
- Settle for a smaller stone
Once you are thorough with the 4C’s of diamond, you know that its cost increases as the stone size increases. A one-carat diamond will cost you more than its fraction like 0.90-carat or 0.95-carat diamond. The size difference between a one-carat diamond and a 0.90-0.95 carat diamond is negligible, and no one can tell the difference except a jeweler.
- Opt for white gold, but platinum is preferable
Platinum is expensive when compared to gold. If you are tight on budget, go for white gold instead of platinum. You can also opt for the rose or yellow tint in gold. Try going with 14k gold instead of 18k, it will further save you money. But we have to say that platinum has good resale value. Investing in platinum will do you no harm if you can stretch your budget a little. It is better to compromise with the diamond size than go in for white gold. When there is a tradeoff between gold and platinum, we would go with the latter.
- Opt for long diamond shapes
The round brilliant is undeniably the shiniest of all in diamonds. But going with the trend, you can opt for cheaper cuts and shapes like the emerald-cut or the oval-shaped diamonds. The elongated diamonds like the oval-shape, pear-shape, marquise-shape, and the emerald-cut rectangular diamond give the feel of a larger diamond than the round brilliant. But given a choice, we would go with the round brilliant anytime because its shine is exceptional and satisfying.
- Play around with settings
How about a smaller diamond center stone surrounded by diamonds in a halo setting? This classic cluster ring gives the effect of a larger center stone because of the diamonds surrounding it. Even a three-stone diamond engagement ring makes the center stone appear large. These simple hacks will save you the money you spend on the center diamond.
- Buy engagement ring from a reputed jeweler
When you buy an engagement ring from a reputed jeweler, you know that they do the best for you. Always ask for certified diamonds preferably from the Gemological Institute of America (GIA) or the American Gem Society (AGS). Also, be clear on the return policy of the engagement ring. A trusted jeweler store like Finer Jewelry will guide you on the best engagement ring at the best prices available.
- Create your own engagement ring
You can save some good money by creating your engagement ring. Opt for colored gemstone as the center stone flanked by small diamonds on either side. You can keep buying loose diamonds as you save money and create your own engagement ring. Talk to your local jeweler about the best time to buy diamonds. It will prepare you to save and buy at cheap rates. Also, look for deals during festival holidays.
Alternatively, you can source diamonds from family heirlooms. Ask your family if there’s any antique ring sitting unattended in their jewelry box. If yes, spend money on cleaning it or use the diamonds to redesign it into a new engagement ring.
- Get your ring insured
We know, getting a ring insured means you have to shell out money. It may seem like an expense rather than saving for you. Even though it adds to the total cost of the ring, it is worth insuring. You have worked hard to save for the ring; you wouldn’t want anything to happen to it.
Agreed, engagement is a once-in-a-lifetime experience. But you cannot splurge all your savings to buy an engagement ring. You have to save for your wedding and living with your partner. The best you can do is make the most of your budget and get a deal for it. Work on the above tips, and you can buy an engagement ring that will please your partner very much!