How to Save Money Buying an Engagement Ring

These days the average cost of an engagement ring is around $5,500. No wonder why that Gollum character was so infatuated with “his precious” (side note: I have never seen Lord of the Rings). Some folks feel the need to express their love by dropping a small fortune on a ring. But the truth is, engagement rings are meant to be a personal symbol of love and devotion, not a flashy asset. It’s not about the cost, but about the value that it brings to your life and your relationship.

Engagement rings don’t have to cost an arm and a leg. You can give your partner a beautiful and meaningful ring on any budget. That’s why we’ve pulled together 9 tips to save money on the perfect engagement ring!

ways to save money on an engagement ring

1. Set a realistic budget

This is the part where you throw everything you’ve ever been told about buying an engagement ring out the window. Goodbye!

Forget the common “how much to spend rules,” like the idea that you need to spend three times your monthly salary. Trust me, when you remember that the average cost of a wedding is around $29,000, you’ll likely regret going whole hog on the engagement ring (and your soon-to-be spouse will too!)

We get that you want to spoil the person you love. But there are ways to do this without putting yourself into a financial bind. Instead, make your own budget and rules for what the appropriate amount of money to spend on an engagement ring is for you and your partner.

Sit down and assess your finances. What makes the most sense for you? What can you realistically afford without negatively impacting your finances?

Remember, it’s super important to buy your ring with cash. Don’t borrow money or finance a ring! That might make the purchase seem more reasonable in the moment, but paying interest will only cause the overall cost to skyrocket. You can always buy a “stand-in ring” to propose with as a placeholder until you save up enough cash to buy the one you really fancy.

And lastly, remember that it’s totally okay to talk this through with your partner. Be open to discussing what a reasonable ring should cost. It is a gift for them after all! Plus, they will likely want to send you some reference photos of the kinds of ring styles they like. Remember, you and your partner are a team, and in a sense, your finances are also their finances. And no one who truly loves you would want you to put yourself in a bad position.

2. Save up the money

Now that you’ve set a realistic budget for your engagement ring, it’s time to get to work saving up that sum of money if you haven’t already. Consider setting up an engagement ring sinking fund to help you to stay organized.

Even saving up for a modest engagement ring can be a steep mountain to climb if you’re working on a tight budget. So here are a few tips to help reach your savings goal!

Earn some side cash: If your engagement timeline is far out enough, consider starting a side hustle or taking on a second job temporarily. Turn some of your skills and spare time into quick cash.
Cut back on your bills: One of the quickest ways to cut down your expenses month over month is by negotiating your bills. Call up your cable, internet, phone and insurance companies and ask them if you have any promotions they can offer you. Take some time to shop around for better deals. For instance, switching to one of these 4 cheap cell phone carriers could save you hundreds each year!
Adjust your “needs vs. wants”: Can you slim down (or cut out) a few luxuries and save that cash instead for your ring purchase? Cut some subscriptions, stop eating out, or try some of these frugal hacks to save more money.

All in all, being a bit more mindful with your spending will allow you to bank spare cash and put those extra dollars towards your ring purchase.

3. Think beyond the 4 C’s

As you begin engagement ring shopping, many salespeople at jewelry stores will probably tell you to focus on the 4 C’s. These are: Carat, Cut, Color and Clarity. But who really cares about all that diamond grading crap?

Seriously. The only people who really care about how diamonds are graded are the enthusiasts that work in the diamond industry. So unless you’re marrying someone who works in the high end jewelry sector, you won’t ever hear normal people talk about the 4 C’s in everyday life.

Instead, focus on what your partner actually cares about. Are they into a specific color, style, or setting? Prioritize your budget around the most important overall points to them.

For example, if they don’t really care about the band color, but they want a specific kind of gem, don’t blow all of your money on getting the most expensive band. This is where having conversations with your partner (or their family/friends in secret) is really helpful.

4. It doesn’t have to be a diamond….

Now we’re not saying to go raid the jewelry section of Walmart to find your engagement ring. But there isn’t a hard and fast rule that says you have buy a real diamond.

Natural diamonds are beautiful, but can be seriously pricey. Luckily, there are plenty of equally gorgeous diamond alternatives that can help you to save money on an engagement ring. For example:

Lab grown diamonds: These look identical to diamonds that come from the earth but are significantly cheaper. Whereas the average diamond might cost $4,200, a similar lab grown one will set you back around $1,200.
Moissanite: Since your partner will be wearing this ring constantly, you may want to consider a gem that’s tough enough to withstand everyday use. Moissanite can also be an excellent alternative to a diamond ring. It scores a 9.25/10 on the Mohs scale, meaning this gemstone is “highly durable.”
Sapphires: If your partner loves a pop of color, a sapphire gem can also be an excellent alternative to diamonds. They come in multiple colors including white and are also heavy-duty enough to withstand years of wear and tear. Plus- they actually used to be more popular than diamonds when it came to engagement rings until the twentieth century!
No center gemstone: If your partner is into something a little more understated, you could also go for a plain band without a giant gemstone on it. Also be sure to discuss alternative metals with your partner as well. You’ll want to make sure you pick a metal that compliments their skin tone and won’t tarnish over time.

Keep in mind, this ring is a gift for you and your partner. Make it personal. It doesn’t have to be an expensive, real diamond like the marketing folks are trying to sell you!

Where to find lab grown diamonds

Diamonds made in a lab are the fastest growing choice for folks looking to save money on an engagement ring. So here are a few sites that are worth perusing if you are in the market right now:

Brilliant Earth: Their mission is to create a more transparent, sustainable and inclusive jewelry industry. You can shop their lab grown diamonds and compare different stones based on size, cut, etc.
Grown Brilliance: Another large online retailer with a huge variety of lab diamond options which you can shop by price, color, clarity, etc. Actually they have other gemstones too if you’re not looking for a diamond ring.
Ritani: Ritani sell both natural diamonds as well as lab grown diamonds. And they have a great education section on their site with articles explaining the differences and helpful buying guides to get the most value.
James Allen: A huge online retailer for all things jewelry related. Great for folks that want to purchase from a reputable brand based in the USA.

Most lab grown diamond retailers operate online, instead of having physical stores. But that’s kind of a good thing, because they can offer greater discounts as they don’t have the overhead of physical store costs.

5. Explore second hand & vintage rings

No budget for an engagement ring? Don’t sweat it! Just swing by Grandma’s while she’s sleeping and snag that old ring that’s been in your family for generations. Your partner will love having a family heirloom and be endlessly impressed by your stealthiness.

Jk- definitely don’t steal from your grandma! But why buy a new ring when there are thousands of old ones out there? They likely have more history and interesting stories, too!

Consider asking your parents or family members if there are any family rings with sentimental value you can use to propose. The coolest part about this? That engagement ring isn’t just a gift from you anymore. It’s something special that your family is entrusting to your significant other.

IMO this is the sweetest way to be welcomed into the family.

You could also save some serious money by hitting the preowned engagement ring market. Second hand rings are awesome because you can find something super unique and high quality at a fraction of the price. You’ll also have more of an ability to ask for a discount. Then, you can take all that extra money you’re going to save and put it towards a fabulous honeymoon!

Remember that you can always start by buying a secondhand ring and then “redesign” or personalize it afterwards. You can add engravings, place a new stone in it, or swap out the band setting, etc. Reshaping an existing ring will still likely be cheaper than buying a new ring.

Local pawn or vintage shops can be a great place to look for used engagement rings. Some retailers like Kay Jewelers and Zales even sell second hand engagement rings on their websites! Estate sales and jewelry auctions are also great options when looking for a pre-loved ring.

6. Consider a DIY engagement ring

If you’re on the handier side, you can also consider making your own engagement ring. Not only will you save money, but you’ll be giving your partner something truly unique and meaningful.

For example, our friend 5amJoel mined a Yogo Sapphire from Montana to create a one of a kind ring for his wife. You could also purchase a ring-making kit, which can allow you to make something special without needing to learn special skills. Or, If welding is one of your specialties, you could even skip the jeweler altogether and hand make your own engagement ring! Maybe you know a buddy or friend that can make it for you.

Trust me – the effort you put in will not go unnoticed. In fact, one of the biggest memories that your fiancé will cherish over the years and decades is the story behind the ring – not the ring itself or how much money it cost.

7. Strategic shopping & negotiation

The perfect recipe to save money on an engagement ring is when you combine a more affordable ring with savvy shopping skills. Make sure to incorporate some of these shopping strategies to get even more bang for your buck.

Buy online

While it can be helpful to consult an expert at times, buying online can help you to avoid pushy salespeople. Remember that everyone you talk to in the industry will benefit from upselling you, even if it doesn’t necessarily fit your budget or needs. If you have a family member or friend in the jewelry industry, consider picking their brain instead

Take advantage of sales and promotions

If you know you’re going to want to propose soon, keep an eye out for sales and promotions that could apply to the engagement ring you want to purchase. You could even sign up for emails from retailers to be notified each time there’s a sale.

Shop at the right time

If you want to save money on an engagement ring, shopping at the best times can help. You can find great deals on days like Black Friday and Cyber Monday each year (40% of engagements happen between Thanksgiving and Valentine’s Day). Good discounts often pop up during that time.

Negotiate

Price haggling with large jewelry chains or retailers is unlikely. But it’s entirely appropriate to haggle a bit with smaller jewelers and online shops. When negotiating, remember to be kind, calm, and realistic. Don’t ask to get a $10,000 ring for $100. Instead, ask them if it’s possible to get the ring at a 20% discount to start. Remember to keep the conversation positive, and to never get confrontational!

8. Don’t feel pressured or ashamed

If you’re looking to buy a cheaper engagement ring, you might be a little worried about what other people will think. There’s a common myth out there that “everyone will know you bought a cheap ring and think you’re a tight-wad”…

But I’m here to tell you that this is definitely not true. In fact, if you don’t tell anyone, I guarantee the average person won’t have the slightest clue that you scored a great deal on your partner’s ring. And, even if someone does find out, they’ll probably commend you!

The truth is, more expensive does not necessarily mean more impressive. Instead of spending tons of money to show your partner you care, try focusing more on crafting the perfect proposal that reflects their frugal values and interests. Now that’s impressive!

And lastly, forget the argument that you should take out a second mortgage on your home to buy an engagement ring because your spouse will “wear it forever.” What most people won’t tell you is that once you get to a certain point in your marriage, many couples don’t even wear their rings out most days. They just sit in a drawer in their home!

Again, you are making this decision for you and your partner. And nobody will judge you based on how much cash you blow on a ring. (And if they do judge you, do you really want to be friends with them anyway?)

9. Grab a credit card bonus while you’re at it?

Here’s a secret tip that can make your engagement ring feel less expensive. When it comes time to pull the trigger on the perfect ring, why not snag a sizable credit card bonus in the process!?

Disclaimer: This tip is not for everyone. If you have struggled with credit card usage in the past, or are unable to follow the golden rules of plastic, skip this advice. In order for you to come out on top, you must pay your credit card in full and on time every single month.

Some credit cards have generous welcome offers, which you qualify for after meeting minimum spend requirements. So since you have an upcoming large purchase, opening a new credit card to buy the ring might help you earn you a hefty reward. This could be cash back, or maybe travel points to put towards your honeymoon!

For example, right now the card_name lets you bonus_miles_full.

If you open one and immediately buy a $1,500 engagement ring with it, this gives you a huge head start to earning that welcome offer.

If you want to find out which credit card bonus is perfect for you, be sure to check out the credit card tool on our site! We’ve also written a long form guide on “traveling with credit card points”, which is using credit cards to travel for free!

The Bottom Line:

An engagement ring is an incredibly symbolic and meaningful purchase, but that doesn’t mean you have to spend beyond your comfort level. By communicating with your partner, exploring alternative stones or shopping secondhand, you can save money on an engagement ring and totally impress your partner!

At the end of the day, the fanciest ring is no substitute for unconditional love, support and thoughtfulness. It’s not about how much the ring costs, but what it means to you both and the life you’re building together.

Related Posts:

Advertiser Disclosure

* Advertiser Disclosure: How to Money has partnered with CardRatings for our coverage of credit card products. How to Money and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. Lastly, the site does not include all card companies or all available card offers.