Find out how to save for an engagement ring with our handy guide. When it comes to weddings, you can skimp a bit on the food and maybe cut back on the flowers, you can even choose a wallet-friendly venue with do-it-yourself arrangements — but the one thing you should never compromise on is the promise you wear on your finger.
Engagement and wedding rings can be of any shape, size or style, but they have a very special meaning: they are a symbol of the eternal promise made by you and your special someone. If there's anything worth spending a bit of money on, it's this. But don't worry, we've got some tried and tested tips for how to save for an engagement ring and we're going to share them with you now.
So without further ado, let’s look at how to save up for an engagement ring (or wedding ring) that's going to sweep your loved one off their feet when you finally pop the question.
Overview
- Set a maximum budget
- Do your research on engagement rings
- Compare different engagement ring styles
- Consider future ring upgrades
- Cut down on your day-to-day expenses
- Start a savings jar
- Choose an alternative stone to diamond
- Opt for lab-grown diamonds
How To Save For An Engagement Ring
1. Set Your Maximum Budget
Step one in learning how to save for an engagement ring is knowing what amount of money is feasible to spend. There is nothing worse than going into a purchase blind, buying your bridal jewellery on an impulse and finding yourself regretting that decision for weeks afterwards. Traditionally, they say that you should spend 10% of your salary on an engagement ring. Another rule of thumb is to spend 2 months of your income. But these days, it’s really up to you.
The safest way to go about it, is to start at the beginning by chalking out the maximum amount you’d be willing to spend buying an engagement ring. While it may seem tough, this step is super easy because no one knows your expenses better than you do!
2. Do Your Research!
Research and preparation is mission-critical when learning how to save for an engagement ring. If you do your research well enough, not only do you have a solid chance at finding a great deal, but you’ll work your way through thousands of styles and designs to find elements that work best for your beau. Looking at the 4 important Cs of precious stones is a good place to start.
CUT:
The ‘cut’ defines the way the stone is shaped. The common types under this category include:
- Princess cut engagement rings
- Cushion cut engagement rings
- Emerald cut engagement rings
- Square engagement rings,
- Round engagement rings and more.
The cut of the stone also impacts the price.
COLOUR:
The most expensive colour for the stones set into engagement rings is “D”. However, the colours “G” through “I” are just as popular, and a lot more viable as alternatives due to their lower prices and great appearance.
CLARITY:
The clarity of the stone lies at the heart of its appearance; after all, no one wants to sport a cloudy or dull looking ring! Crystal clear clarity is a sign of high quality.
CARAT:
A carat is a unit of weight, which is actually important for the price of the stone, and this can be seen by the difference in price when just a few points are reduced from the weight. For instance, a ring weighing 0.95 carats is significantly cheaper than a 1-carat ring.
To read more about these, check out our post How To Save Money On An Engagement Ring.
3. Save On The Style
By choosing the right setting, you can make almost any diamond look large, glamorous and dazzling. When you look for the right ring, play around with different styles; even if your budget doesn't allow you to choose the big carat diamond you wanted, you might make a smaller gemstone look just as opulent with a clever design.
9ct White Gold Solitaire Ring With 0.2 Carat Diamond
$769.00
$1,969.00
Contemporary yet timeless, a solitaire engagement ring is simply exquisite. This sparkling solitaire features a stunning 1/5 Carat diamond. Crafted in 9ct white gold.… read more
9ct White Gold Solitaire Ring With 0.30 Carat 4 Claw Set Diamond
$969.00
$3,069.00
This timeless engagement ring features a 1/4 Carat solitaire diamond in a brilliant cut and a 4 claw setting. Crafted in 9ct white gold.… read more
9ct Yellow Gold Ring With 0.15 Carats Of Claw Set Diamonds
$634.00
$1,534.00
This sparkling solitaire engagement ring is sure to please. With 15 points of luscious brilliant cut diamonds, the stunning 9ct yellow gold is simple but luxurious.… read more
4. Consider Future Upgrades
This is something people rarely consider when they look for ways of how to save for an engagement ring. Some wedding and engagement bands are the kind you can inscribe a few years down the line, so while they may seem plain now, you can increase their value (and personalisation) at a time that suits your bank balance better.
5. Cut Down Your Day-To-Day Expenses
The largest expenses are usually the sneakiest ones. The everyday coffee run and the Uber ride to places within walking distance — it all adds up. And even though it may not seem like much at the time, these expenses can help you save some genuinely big bucks for when it counts most.
6. Start A Savings Jar
The good ol’ savings jar is a great way to add a bit extra to the amount you’ve already saved up. Another clever trick is to set up automatic transfers from your income account into your savings account. What seems like small amounts in change can add up, up, up!
7. Consider Something Personal
Maybe a diamond ring isn’t for you and your special someone — maybe yours is a more unique kind of bond! Maybe you even have a special stone you’d like to pick just to commemorate it. A good idea is to check out the birthstone of your to-be-wife/husband, and pick a ring accordingly. Whilst diamond rings are a classic, gemstone engagement rings are way more personal and can hold a unique meaning meant for no one other than your partner.
To get some more ideas, check out Trend Report: Alternative engagement rings.
9ct Dazzling Yellow Gold Created Sapphire + Diamond Ring
$274.00
9ct Dazzling Yellow Gold Created Sapphire + Diamond Ring… read more
8. Diamond Alternatives: Lab Grown!
You don't have to buy an expensive diamond engagement ring, but if you are going to buy a diamond these days, make it a lab grown one. Lab-grown diamonds make it totally possible to have that diamond sparkle without the traditional diamond jewellery price tag.
A great budget and environment-friendly substitute to mined diamonds, these beauties have an identical appearance and are available in a superb variety. To learn more about lab grown diamonds, check out: What is a lab grown diamond and other frequently asked questions.
Bonus tip: Insure it! After she says ‘yes!’, don’t forget to maintain and insure this precious symbol of your forever promise.
So now you know how to save for an engagement ring (or wedding band). Our extensive and well-priced catalogues of engagement rings and wedding bands are chock full of rings for every taste and at very affordable prices. So go ahead and start browsing away for your perfect engagement ring. And don't forget, at Shiels we offer interest free financing options via Latitude Interest Free, Klarna, Laybuy, humm, Zip and Afterpay!
How to Save for an Engagement Ring: FAQs
How much should be saved for an engagement ring?
It is completely up to you! There’s a myth that an engagement ring should be worth 3 months of your salary but we recommend choosing a ring that not only fits your budget, but makes your future fiance happy! This means you could spend $500 on a ring or $3000, it really depends on you and what you can afford.
Learn more: How Much To Spend On Engagement Rings
How much is the average wedding ring?
The average wedding ring will cost anywhere between $500 and $2000.
Do couples split the cost of an engagement ring?
Typically, the person proposing pays for the engagement ring. But there are definitely couples that split the cost of an engagement ring for a number of reasons! It could be because the bride or groom-to-be wants a ring that’s on the more expensive side or because it’s a financial decision you want to make together.
