Although your fiance has probably been envisioning her ideal engagement ring for years, this is likely something you’ve thought very little about. And while you have lived your life just fine up until this point without thinking about the engagement ring you’ll be getting at a certain point, when it comes time to actually get one, you’ll wish you’d have spent a little more time preparing.
Buying an engagement ring can be very expensive, and if you haven’t been saving up or planning for this purchase, it could be a real hit to your bank account. Luckily, there are quite a few things you can do that will help you save some money on this item. To show you how, here are three ideas for men to save money on an engagement ring.
One of the biggest mistakes you can make when going out to buy an engagement ring is to have no knowledge about rings. Just walking into a store and trusting everything the salesperson tells you can result in you spending a lot more than you should. So to keep this from happening, ThePlunge.com recommends thinking about making this purchase the same way you would buying a car. You wouldn’t just walk into a car dealership and ask for the best car for the least amount of money. Truly getting what you want is about knowing where you should make compromises and what you should fight for. Even just learning a few basics about engagement rings can make you feel much more confident in your ability to get the best ring at the best price.
Pick Strategic Diamond Sizes
While your finance might have hinted that she’d like a diamond of a particular size, it’s worth mentioning that picking a strategic diamond size can help you save a lot of money. According to Jessica Zaleski, a contributor to The Knot, choosing a diamond that’s just shy of a half or full carat can save you up to 20 percent on the diamond size that’s rounded up to the full or half size. This means that if you choose to get a diamond that’s 1.8 carats rather than 2 carats, you can save some serious cash. And when the size difference is that small, your fiance—and everyone else—likely won’t even be able to tell the difference.
Don’t Use A Diamond
Just because diamonds are traditionally thought of as used in engagement rings doesn’t mean that that’s the only classy option. According to David Weliver, a contributor to Money Under 30, choosing to use a different stone could save you as much as 90 percent on what you’d spend on a diamond. And with so many women wanting something unique and specific to them, an engagement ring that goes against tradition and speaks to their personality could go over very well.
If you’ll be buying an engagement ring soon and are concerned about the money it’s going to cost, use the tips mentioned above to help you find ways to save on this purchase.