How to Buy an Engagement Ring: 5 Tips

So, you’re interested by popping the query:

“Will you marry me?”

It’s probably the most vital choices of your life. And asking the love of your life to marry you means you’ll wish to be ready with a gorgeous engagement ring. However how a lot do you have to spend on an engagement ring?

Consider it or not, an engagement ring may be one of many greatest purchases you’ll ever make, in addition to a home or a automobile. In keeping with The Knot Jewellery and Engagement Research, the common price of an engagement ring is available in at $5,500.¹

For those who’re feeling just a little misplaced in terms of studying about engagement rings, that’s okay. We’ll speak about tips on how to decide­ an engagement ring that makes her eyes mild up—with out going into debt to do it.

1. Know Your Fiancée’s Type

For those who two are planning on getting engaged, odds are you’ve talked about what your subsequent steps are. Discover out in case your future fiancée needs the ring to be a shock or if she needs to go ring procuring with you to drop some useful hints. If that’s the case, extra energy to you. You may cross the ring off your record and put your efforts into planning that extra-special proposal. Simply keep in mind to set a budget, follow it, and pay money it doesn’t matter what.

And should you’re planning a shock proposal, there are a number of methods to discover ways to decide an engagement ring she’ll love. First issues first: Get to know your girl’s model. Earlier than you ask “How much should an engagement ring cost?”, that you must have an thought of the jewellery model she likes. Classic? Minimal? Trendy?

Then you possibly can transfer on to different particulars: Would she like one stone or a number of? A brilliant shiny diamond or a deep blue sapphire? Listed below are another methods to get a really feel for the right engagement ring model:

• Use Pinterest. Your honey might need a Pinterest marriage ceremony board the place she’s saved photos of engagement rings she likes.
• Ask her finest buddy or household. If her mother or sister know her higher than anybody, you may get their enter about which engagement ring model she’ll love.
• Have a look at her jewellery assortment. If she wears rings already, peek at her assortment to see if there are any types that she prefers or wears greater than others.

2. How A lot Ought to You Spend on an Engagement Ring?

All proper, time for the query I’m positive you’re all questioning: How a lot ought to a person spend on an engagement ring? There’s no proper quantity as a result of it is determined by your cash scenario—however you’ll nonetheless must be intentional and make a funds.

One month of your annual earnings is normally lots to get a terrific ring, however don’t spend extra than two to 3 months of your earnings.

And whenever you’re determining how a lot to spend on an engagement ring, by no means go into debt to purchase your lady the right ring. Which means you need to by no means purchase a hoop with a bank card, a financial institution mortgage or financing. (In addition to, the scale of the ring has nothing to do with the success of your marriage.)

Pay as a lot as you’ve budgeted for in money. Paying with money may even get you a greater deal. Jewellery has an excellent excessive markup, and paying with money opens the door to negotiation.

3. How one can Save Cash on an Engagement Ring

Many chain or big-box jewellery shops aren’t recognized for handing out reductions, but it surely by no means hurts to ask for a proportion off your buy. They’ll both say no, or they’ll shock you with a sure. (Even jewellery salespeople know money means cash of their fingers proper now somewhat than funds sooner or later.)

Cost choices like layaway, financing or jewellery retailer bank cards are rip-offs due to their ridiculous rates of interest. Saving up and paying money will prevent a ton of cash in the long term. And right here’s the factor: That ring will look so much much less sparkly if it comes with years and years of funds.

And whenever you’re determining how a lot to spend on an engagement ring, keep in mind this: Small compromises on the standard of the diamond can prevent cash with out diminishing the fantastic thing about the engagement ring itself. That’s all a part of the 4 C’s of selecting a diamond, which we’ll take a look at in only a minute. Simply take into accout, a trusted jeweler will help you discover a gorgeous stone (that’s not good, however not unhealthy both—proper within the center) inside your wedding budget.

4. Resolve The place to Purchase the Ring

When you’ve determined your ring funds, you possibly can select the place to purchase an engagement ring. Irrespective of the place you store, it’s useful to have a look at rings with somebody who is aware of a bit about diamonds and jewellery so that you don’t get ripped off. However should you don’t have somebody to buy with, simply ensure you’re procuring someplace that you just really feel comfy and that can let you follow your funds.

• On-line jeweler: There are many jewellery shops on-line, like Sensible Earth or Blue Nile. You may design your personal ring or select from their predesigned stock.
• Conventional jewellery retailer: You may go to a brick-and-mortar jewellery chain (like Jared’s) or a mom-and-pop jewellery retailer. Simply watch out for the retail markup right here.
• Pawn store: Consider it or not, you may get stunning engagement rings at pawn outlets for a fraction of the associated fee.
• Household heirloom: Hey, nobody says it’s important to exit and buy a brand-new ring. Utilizing a household heirloom can have tons of particular which means (and get monetary savings).
• Trunk present or gem present: For those who’re on the lookout for a singular stone, strive a trunk present or gem present for wholesale costs and distinctive alternatives.
• Huge field shops: Don’t knock Costco or Sam’s Membership whenever you’re on the lookout for jewellery—together with engagement rings.

The 4 C’s of Diamond Rings

Now that you just’ve narrowed down the model of ring you’re on the lookout for, you possibly can study in regards to the high quality of jewels. You don’t need to be a gemologist to pick a surprising diamond, however you will get a greater deal if the 4 C’s. These C’s stand for minimize, shade, readability and carat weight.² And should you can determine which of the 4 C’s is most vital to your fiancée, it can save you cash on the engagement ring

Lower

A diamond’s minimize has essentially the most influence on its general look. It refers back to the angles of the diamond, not the form. Lower impacts how effectively the stone interacts with mild, which is what offers diamonds that lovely sparkle all of us love. Who doesn’t love a great sparkle? A diamond can have nice shade, readability and carat, but when the minimize isn’t proper, it gained’t have that signature sparkle it’s recognized for.

Coloration

Diamond shade is graded on a scale from D (colorless) to Z (mild yellow). Though the variations in shade are so refined they’re just about invisible, they will make a big distinction within the value. Colorless diamonds (D) are going to be the most costly. In order for you the most effective worth, try close to colorless diamonds (G–J).

Readability

A diamond’s readability is graded on a scale from flawless to included. These imperfections may be inside (inclusions) or exterior (blemishes). No diamond is ideal, however the fewer imperfections a diamond has, the extra costly it is going to be. Preserve that in thoughts whenever you’re planning your funds.

Carat Weight

A heavy stone equals a hefty price ticket. And right here’s a enjoyable truth: Folks like spherical numbers, so that you’ll pay a premium value for a 1.00 carat. Lower your expenses by going barely decrease, say 0.85–0.95 or 0.65–0.73. The untrained eye can’t even inform the distinction. And should you’re actually involved in regards to the dimension, a high quality jeweler can at all times make a diamond look just a little bigger by way of setting and shaping. (Halo ring for the win!)

Selecting the Ring Form, Setting and Band

That is the enjoyable a part of studying tips on how to decide an engagement ring—selecting the body and steel to carry the jewel in place. (I’d advocate you resolve the place to purchase an engagement ring first, as a result of that may have an effect on the choices obtainable.)

Form

Diamonds may be minimize into a number of totally different shapes: spherical, cushion, princess, pear, marquise, oval, emerald . . . the record goes on and on. It’s actually as much as your future fiancée’s style and your private funds. Right here’s a tip: Spherical diamonds are fairly well-liked and are typically pricier, so going for a singular form might provide help to get monetary savings.

Setting

The setting is how the diamond is positioned on the ring: solitaire, pavé, halo, channel and rigidity are all choices. Ensure you know what your future fiancée likes—or extra importantly, what she doesn’t like. When doubtful, ask her what she likes, or seek the advice of considered one of her trusted buddies should you’re making an attempt to maintain issues hush-hush.

Band

Then there’s the ring band, which may be yellow, rose or white gold, platinum, silver or palladium. Every steel has execs and cons. As an example, platinum is a bit more costly than gold, but it surely’s additionally extra sturdy. Gold is traditional, timeless and straightforward to shine, but it surely wears down quicker and will require extra upkeep (aka extra money) over the lifetime of the ring.

5. How one can Insure an Engagement Ring

While you make a giant buy like an engagement ring, don’t skip the insurance coverage. Certain, it might add some cash to the entire price of the ring, but it surely’s value defending. Plus, you labored actually laborious to save lots of up for that lovely engagement ring. You don’t need something to occur to it. So, listed here are some protection choices:

Owners or Renters Insurance

Normally, your coverage will allow you to add the worth of an expensive merchandise like an engagement ring to your protection. Simply ensure you know precisely the way you’re coated. (Some insurance policies solely cowl the ring if it’s stolen or broken in a hearth.) Make sure that your coverage quantity is giant sufficient to cowl the substitute price of the ring.

Precise Worth Insurance policies

This may cowl the worth of the ring minus its depreciation over time. For those who purchase the ring for $5,000 then lose it six years later, the insurance coverage coverage will solely cowl a portion of that. Womp, womp. (That’s why this insurance coverage choice is the most affordable to buy.)

Substitute Insurance coverage Insurance policies

This sort of coverage will refund the market worth of the engagement ring. For those who purchased a hoop with a solitaire setting and a diamond with stunning minimize and readability, you’ll be refunded for the present market value of that ring. You can find yourself getting extra money than you initially paid (primarily based on appreciation).

It’s Concerning the Marriage, Not the Ring

I’ll always remember the day my husband, Winston, proposed. It was among the finest moments of my life—and I need you to have that very same nice begin as you go into your marriage.

Keep in mind: For those who’re intentional together with your funds and understand how a lot to spend on an engagement ring, you’ll be off to a terrific begin. However on the finish of the day, a hoop is only a image of the love you two share. The scale, minimize or setting of the engagement ring has completely nothing to do with having a protracted and blissful marriage.

Able to get began on a marriage and honeymoon funds? Download the EveryDollar app! It’s going to provide help to save for big-ticket gadgets, like a marriage venue and catering firm, and it’ll provide help to and your partner deal with your cash collectively as a married couple. Try EveryDollar for free today.