Engagement ring

How to Save for an Engagement Ring

how to save for an engagement ring

Selecting and purchasing an engagement ring is one of the most important decisions you’ll make, and it’s one of the most important pieces of jewelry your loved one will wear. If a proposal is on the horizon, saving allows you to plan for this purchase rather than spontaneously buying it. This helps you to get the best value for your money and get the ring you want.

If a proposal is in your near future, you’re in the right place! We’ve gathered some tips to help you save for an engagement ring.

Do Your Research

Like buying a house, purchasing a vehicle, or making another big purchase, you research first before you start shopping. Research what you can about engagement rings to gather information. You can discover how the engagement ring process works, the decisions you’ll have to make, and what options you’ll have. Information will help you set your budget as well.

Research on your own rather than solely relying on information that people give you. That way you can ensure the information is correct. You can talk to different jewelers, browse different ring settings, and see how the process works. If you’re buying a ring as a surprise, you’ll want to slyly figure out what your loved one likes in a ring and what is most important to them. Some women have specific ideas of their dream engagement ring.

While you’re researching, find out the general prices for engagement ring components, like the materials and settings. Having this information allows you to objectively choose a ring and set up a reasonable amount for your savings plan

Pick Your Budget

Decide your budget and stick with it. It’s easy to spend more money than you plan if you don’t have a very strict budget. Determine the maximum amount that you want to pay. This helps you browse so that you don’t become attached to a setting, stone, or design that’s out of your scope. Briefly browse rings prior to shopping so that you know how much rings roughly cost, so that you can set a realistic budget.

Knowledge is Power

Educate yourself on the 4Cs (carat, cut, clarity, and color) so that you have some general knowledge about diamonds. Spend some extra time researching the cut because there are many different types of cut, and the cut impacts the sparkle of the diamond (and its price). It’s also helpful to know about setting styles, gemstones, and diamonds. Having this knowledge will increase your confidence in browsing and purchasing an engagement ring.

Save Money

In order to save money for your engagement ring, take a close look at your spending habits so that you can create a savings plan. You can set up an automatic transfer to save each month or another way to set aside some money each month. As you save, you’ll want to skip any other big purchases you had planned. For example, if you planned to purchase a car or redo your kitchen, put those plans on hold while you save for an engagement ring.

Consider Financing

In addition to setting aside money each month, consider financing options either through your bank or even through your jeweler. You can use the money you saved as a down payment and finance the leftover cost, or you can finance the entire ring if you want to get it faster. Buying it now and paying for it with monthly payments allows you to propose quicker. You’ll have to find the plan that works best with your budget and timeline.

Opt for a Good Financing Program

Some companies offer financing programs, but you’ll want to check the fine print. Sky-high interest rates make you spend a tremendous amount more than you planned. If a good deal sounds too good to be true, then it probably is. Find out the interest rate, any specific terms in terms of paying the ring off, and if there are perks to paying off the ring by a certain time. It’s also important to mention that you shouldn’t buy a ring that you can’t afford.

Shop Engagement Rings

Closing Tips

In addition to the information you read, here are some closing tips to help you save money on this very important purchase. You’ll notice when you start shopping for engagement rings that there are many different brands. Select a reputable brand like With Clarity. They’ve eliminated the middleman, so you can get quality products at a reasonable price. If you want to save money, opt for white gold instead of platinum. It has a similar look but costs less. Another money saving gem is to consider lab diamonds. Lab-grown diamonds are optically, chemically, and physically the same as earth-mined diamonds but cost almost 30% less. Consider the carat weight because there’s a big jump in price at 1 carat. A 0.9 carat costs less than 1 carat diamond, but looks almost the same. Keep an eye on major sales. Often stores will have major sales events that offer additional discounts, like Black Friday, Christmas, after Christmas, etc.


For how long should you save before buying an engagement ring?

If possible, try to set a budget for the ring and then save for a few months to a year or so. Some stores offer financing for engagement rings that can allow you to pay for this purchase over time.

Which diamond shape is less expensive?

Carat-per-carat, the emerald and Asscher cuts are the least expensive. Both of these shapes are step-cut, so there is less waste when the diamonds are cut off of the rough stone. The cost of the diamond is the same no matter how the diamond is cut, so the stones that get to keep more of the rough are bigger and less expensive per carat.

Will 14k gold cost less than 18k gold?

A 14K gold piece of jewelry will be slightly more affordable than 18K gold because it has less pure gold content. As a result, this means 14K has a higher percentage of additional metals like nickel.

Is it safe to buy an engagement ring online?

The short answer is yes, it’s safe to buy an engagement ring online. The longer response is to make sure you research the brand to ensure it’s reputable. You also want to look into the return, exchange and warranty policies. Another helpful tip is to make sure you’re buying certified diamonds so you have paperwork to support your purchase.