Yahoo Finance 8 Ways To Get a Gorgeous Engagement Ring on a Frugal Budget
With Valentine’s Day coming up, many lovers feel extra ready to pop the big question to their significant others: “Will you marry me?” In fact, Valentine’s Day is the most popular day to get engaged.
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If you’re banking on your beloved saying “Yes!”, you could be in a mad dash to find an engagement ring that not only suits your partner’s style and has a solid wow factor, but also doesn’t break the bank. After all, so many people are living paycheck to paycheck amid the lingering impacts of inflation and ever heightening cost of living.
Fortunately, there are a good number of ways to get a gorgeous engagement ring on a frugal budget.
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Research Rings and Shop Around
Renee McBride, a digital marketing manager with Net Pay Advance who writes about budgeting and personal finance tips, is a self-described penny-pincher who bought her gorgeous engagement ring for about $1,000 — which is a steal.
“I was horrified when I read that engagement rings should be three months of your salary, with most people spending an average of $5,500,” McBride said. “Not to mention an additional wedding band. That’s a lot of money to spend on something small that could easily be lost or stolen. I refused to spend that kind of money on a ring. I wanted a quality ring that would hold up over time, but without being overcharged by the wedding industry.”
Though it may sound a bit unromantic, McBride recommends researching rings with your partner and shopping for one together.
“This ensures the ring will be to your liking,” McBride said. “I ended up liking my ring so much on its own, I decided to forgo an additional wedding band, which also saved us money.”
Read: 8 Things Frugal People Never Do at the Start of a New Year
Opt for ‘Halo’ Rings
“Halos are a girl’s best friend,” McBride said. “With a center gemstone encircled by a collection of pavé diamonds, a halo ring gives you all the shine and sparkle you want but with the cost of a smaller gemstone. There’s been no lack of compliments on my ring.”
Research Center Stones, Including Lab Grown Diamonds
One top way to purchase an engagement ring on a budget is to start out by doing your research into center stones other than natural diamonds. These can include not only lab grown diamonds, but also gemstones and moissanite.
“The center stone of the ring itself is often what carries the highest cost, so looking into these alternative stones will help you build a beautiful ring under the $2,000 range,” said Rustin Yasavolian, CEO at Masina Diamonds.
Seek Diamonds in the G-J Color Range and SI1-2 Clarity Range
Here’s a highly specific tip that can really help you out in saving money.
“Look for diamonds in the G-J color range and SI1-2 clarity range,” said Yasavolian. “You can still get a beautiful diamond with lots of sparkle within this quality, and being more flexible with the color/clarity will help cut on the diamond cost.”
For Diamonds, Go for Slightly Under Your Ideal Carat Count
Yasavolian added that most ring shoppers don’t know this, but looking at diamonds just under the carat range you are aiming for is a great way to get that same look without the carat markup.
“Diamond prices jump when they hit the whole or half-carat mark, so if you are wanting a 1.50 carat diamond, you can get the same look/dimensions with a 1.40 carat diamond within a better price range,” Yasavolian said.
For Gold, Get 14 Karat Instead of 18 Karat — It Could Actually Look Better
You may want the biggest, sparkliest ring out there. But on a frugal budget, that may not be feasible. Fortunately, you needn’t sacrifice your thing for bling to save. In fact, taking a frugal approach may even get you something more dazzling.
“If you are purchasing a gold ring, get 14 karat over 18 karat,” said Ilah Cibis, owner at Ilah Cibis Jewelry. “Eighteen karat yellow is a richer color than 14 karat, but the difference is minimal for the extra cost.”
Cibis went on to dub 18 karat white gold as “just silly.”
“It costs more, is typically far more brittle and often far more yellow than 14 karat,” Cibis said.
See If Family or Friends Are Looking To Sell a Stone
You don’t necessarily have to go to a jeweler to buy a gorgeous engagement ring; you could also ask people in your orbit if they have a precious stone they’re willing to sell you.
“Ask your family or friends if they have a stone they would like to sell,” said Cibis.
Note though: it is generally difficult to resell mined diamonds. This fact could incentivize indie sellers to give you a great deal.
“The seller typically will only get about 20% of the appraisal or current value,” Cibis said. “So if a mined diamond is appraised for $5,000, they will be lucky to get $1,000 for the stone. Offering them $2,000 could be a win for both parties.”
Know Your Partner’s Ring Size and Stylistic Preferences
Again, it may sound unromantic, but if you’re on the verge of popping the question, chances are good that your beloved has an inkling. Talk to them in advance about their ring size and other crucial details.
“Knowing what your partner wants and needs will save you time, money and hassle in the long term,” Cibis said. “For example, if your partner’s ring size is a size 3, it is better to know up front, because many rings cannot be sized down that far without causing structural problems. It will be less expensive to have a size 3 custom made than spend a ton of money making adjustments on a ring that will always have issues.”
It’s also important to know what sort of stones and styles your partner is drawn to. The last thing you want to do is spend money on something they don’t like.
“Knowing that your partner doesn’t want a diamond, prefers yellow gold to white, finds princess cuts to be hideous, etc., can save you from purchasing something they really don’t like and will want to replace,” Cibis said. “This is also a good exercise in listening, which is an essential skill for marriage. Listen to what they want and try your best to show them that you heard them and respect their tastes, even if you don’t share them. You are not the one who will be wearing the ring daily.”
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This article originally appeared on GOBankingRates.com: 8 Ways To Get a Gorgeous Engagement Ring on a Frugal Budget
