How to Plan Your Budget for an Engagement Ring?

Are you thinking of popping the big question to your special one soon? If yes, then you‘d agree that the first thought on your mind would be:

“How much should I spend on an engagement ring?” or “How much will a nice engagement ring cost?”

Without any doubt, purchasing an engagement ring is a big move. But, you need not worry. With proper planning and budgeting, you will bend the knee with a gorgeous modern wedding ring and not a wedding band

It’s crucial to be sure you can afford an engagement ring before committing the purchase, especially since you’re starting a new life as a couple combining finances. However, knowing how much to budget for an engagement ring is not a daunting task. According to knot, the average cost of an engagement ring is $5,900, leaving most couples with the puzzle of getting an engagement ring on a budget. 

This article will walk you through how you can plan your budget for an engagement ring without affecting your other finances. 

How to save up for an engagement ring?

Buying an engagement ring is a significant investment, so you need to plan well before you get started. Below are a few steps you can take to save up for an engagement ring. 

Decide your budget

When it comes to any big purchase, deciding your budget is a crucial factor. You wouldn’t want your engagement ring to affect other expenses on your list. So we recommend that you factor in additional costs such as bills, groceries, and rent to determine how much you can afford for an engagement ring. 

Keep in mind that the next thing on your agenda will be your wedding and honeymoon once you propose. So a reasonable budget that won’t put you in debt is advised. Most people at Brooklynlilly spend an average of $5,000 on engagement rings, but you don’t need to spend up to that. Once you have determined a budget for your engagement ring, you can start saving towards it. You can open a savings account to drop a set amount every month. 

Make a timeline

Once you have gotten a budget, the next thing is setting a timeframe for yourself. You might feel overwhelmed thinking about the entire budget, but creating a plan will make it pretty easy. One of the first things to do is to get control over your financial life. 

Ensure you quantify the engagement ring by cost and time. When would you like to propose and how much do you want to spend on the engagement ring? For instance, if you plan on getting a $5,000 ring in one year, it means you need to save at least $420 every month.

Prioritize

One of the best ways to purchase fine jewelry that’s on a budget is to prioritize – both your financial goals and the ring’s design. You can hire an expert or contact us to help you get the most profitable deal. Is size more important? Or is it the cut or shape? At Brooklynlilly, we can guide you to make better decisions based on your budget. 

It’s also essential that you consider your finances. Do you want to trade off another financial goal and increase your budget for the engagement ring because of specific characteristics? Maybe it’s worth spending an extra $2,000 just to make your spouse happy, or you could save the $2,000 towards your wedding expenses. 

Educate yourself on diamonds

Before you start planning your budget and saving money for your engagement ring, it’s vital that you educate yourself on diamonds, so you don’t get ripped. Here are some things you need to learn about diamonds before planning your budget. 

Buy shy

Buying just shy of a famous carat weight is one of the most valuable tips for saving money when buying your engagement ring. If you wonder what we mean by buying shy: It means you should buy just below the half-carat or full-carat weight. For instance, if you want to buy 1-carat minimalist engagement rings, you should choose 0.9-carat weight. A 0.9-carat diamond will look similar to a 1-carat diamond when placed side by side. 

Select eye-clean diamonds

Flawless diamonds are rare, which makes them even more expensive. If you want to save on an engagement ring, VS1 or VS2 is an excellent choice because of its clarity. SI1 and SI2 are even cheaper, but they are not always eye-clean. You should request HD images of your ring before you pay.

Cut diamonds such as an emerald diamond engagement ring show inclusions easily. So if you are planning to purchase a type of this diamond, pay attention to the clarity. Clarity should be VS2 or better. 

Go for fancy-shaped diamonds

A round-cut diamond engagement ring is the most expensive diamond shape. They are popular not just because they are a classic choice but also because they create the most sparkle. On the other hand, fancy-shaped diamonds are much more budget-friendly – they can cost 10% to 40% less than a round cut diamond. 

Consider lab-grown diamonds

Lab-grown diamonds are more affordable compared to earth-grown. Interestingly, lab-grown diamonds have the same chemical composition as earth-grown diamonds, and when placed side-by-side, they are indistinguishable. You can consider a princess cut diamond engagement ring or a pear cut diamond engagement ring.

Pass on platinum

Platinum is scarce, which makes it more expensive. So instead of going for platinum, choose 14kt or 18kt white gold engagement rings as they are similar to platinum. If you are concerned about saving money, you can go for the 14kt white gold – it’s cheaper. 

Additionally, if your skin is sensitive, you can contact us to help you create a nickel-free white gold ring – additional costs apply. 

Final Verdict

In this guide, we have provided you with the necessary information to plan your budget for an engagement ring. At Brooklynlilly, we have several engagement rings that will fit your budget. Whether you need a 2-carat cushion cut diamond ring, an elongated diamond engagement ring, or an oval diamond engagement ring, we have the best offer for you. Most importantly, don’t forget to check your finances, determine your budget and make a timeline before you start saving for your engagement ring.