If you’re set on having a diamond engagement ring, it’s going to cost you a lot of money, possibly as much as $5000 or more. For those with limited or even average means, that’s a lot to spend at a time when you will have more important things to save for, such as a house or apartment and its furnishings.
Going into debt right off the bat is not a great way to start a marriage. Here are a few suggestions for dealing with the engagement ring dilemma.
- Buy what you can afford now, and upgrade later when you have the money.
- Choose something other than a diamond. Sure, diamonds are traditional, but other less expensive gems can be purchased for much less.
- Do your research. Know what to look for when you go to the jeweler. Don’t be afraid to ask the salesperson questions. Check online to get a general idea of cost. This site is very informative: http://www.dailyfinance.com/2012/03/12/engagement-ring-how-to-save-on-diamonds/
- Consider buying a used diamond from an estate sale or even a pawn shop. You can always put it in a new setting.
- Don’t forget about heirlooms. There may be a beautiful ring or pin sitting unused in a family member’s jewelry box.