Engagement Ring Savings

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.

  1. Buy what you can afford now, and upgrade later when you have the money.
  2. Choose something other than a diamond. Sure, diamonds are traditional, but other less expensive gems can be purchased for much less.
  3. 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/
  4. Consider buying a used diamond from an estate sale or even a pawn shop. You can always put it in a new setting.
  5. Don’t forget about heirlooms. There may be a beautiful ring or pin sitting unused in a family member’s jewelry box.