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How to Save for an Engagement Ring

by Caroline Clark
Last updated on October 4, 2021

Buying an engagement ring is one of the most significant purchases a person can make. If you’ve decided to take this major step towards asking the love of your life to be with you forever, you’ll want to choose a ring that your partner will adore and cherish forever. However, you also shouldn’t go into debt over buying that dream diamond ring. This doesn’t mean you have to settle for an engagement ring that is less than ideal.

While every financial situation is different, we’ve put together some useful tips for how to save for an engagement ring, and how to save when you’re about to shop.

Saving Before You Shop

Break It Down Month by Month

Once you figure out generally how much you’ll need to spend on the engagement ring of her dreams, this will give you an idea of how much you’ll need to save. Think about what date or time of year you’d like to propose and see how many months or weeks you have until that deadline. After that, break down your savings goal into monthly increments. How much money will you need to put aside in order to reach your goal? Whatever your financial situation is, create realistic goals for each month. If you’re looking to propose rather quickly, you’ll need to put aside larger amounts at a time. The sooner you know when you want to propose, the more time you can give yourself to save for the ring. 

Reevaluate Your Spending Habits

Figuring out how much you’ll need to save for an engagement ring may make you realize that there are certain purchases you may need to cut back on a bit. During this saving period look at your recurring purchases. Do you have a few subscription services that you can do without for a few months? Is there a way to cut back on how often you dine out or order Postmates? Don’t look at these cutbacks as a negative, you’ll be saving money and can use this time to learn new skills, like cooking, or focus on other activities with your partner. If you were saving up for a bigger purchase for yourself like electronics, upgrading your phone, or purchasing a new watch, funnel that money into your engagement ring purchase. Trust us, these small sacrifices will be worth it when you see how she reacts to the ring she’s been dreaming about without digging yourself into a financial nightmare. This is supposed to be the most exciting time of your lives, don’t ruin it by putting yourself into debt. 

Saving While You Shop 

Do Your Research

Saving for a new engagement ring is often brand new territory. Buying a significant purchase like a diamond can feel intimidating, but it doesn’t have to be. As you begin shopping around for your future fiance’s engagement ring, you’ll notice that the price greatly ranges from style to style and from diamond to diamond, and for that reason you need to do your research. You first need to figure out what ring she wants, or if she’s already hinted at a certain design, that makes this a little easier. What shape diamond does she want? Diamond prices differ based on the shape. For example, at Clean Origin if you compare an oval and round shaped diamond with the exact same cut, clarity, color, and carat size, the cost will be different.

A round diamond will cost you more because they are the most expensive diamond cut. If you’re looking to save money on the diamond, see if your partner likes different shapes. The more options you have, the more flexibility you have on price and what you can buy. Similarly, the type of setting she wants will impact how much you’ll spend. A solitaire setting will generally cost you less than a halo style setting. It’s important to do your research to understand what the general price will look like for the ring that your partner wants. 

Use our comparison tool to see what options you have. If you’re unsure what diamond shape she wants, you’ll need to do some more research. Does she want the biggest possible diamond, for a price that won’t break the bank for you? Emerald, pear, and oval cut diamonds all give the illusion of a bigger diamond size because of their elongated shape. Is she looking for a diamond that will sparkle unlike any other? Then the brilliant round diamond is a perfect choice. If you still need help deciding what to choose, our team is here to help with any questions you may have! 

Comparison Shop

Walking into a jewelry store you can easily get overwhelmed by a pushy salesperson showing you options that are far more than you wanted to spend. Don’t be distracted by the dazzle and keep your eye on the prize. This is why we recommend doing your comparison research online before starting to shop. There are tons of tips and tricks when it comes to saving money on your engagement ring, but the easiest is to create a spreadsheet and evaluate diamonds from multiple different retailers. If you know what to look for and how to choose the best diamond for your budget, this can help you avoid being persuaded by a salesperson, who wants you to spend as much as possible. Take your time, do your research, and never feel pressured into purchasing a ring immediately. Take a few days, and most importantly, compare all of your options. Online and in-store, engagement ring prices range greatly from jeweler to jeweler. We recommend you take the time to compare brands, their policies, and what they will offer you, so you know exactly what you’re paying for and to ensure you’re getting the best possible price. 

Buy A Lab Grown Diamond

Not only do man-made stones offer the same clarity and quality as mined ones, but they’re created in a way that’s more sustainable, more eco-friendly, and better in the long-term for the environment. They will also save you quite a bit. Lab-grown diamonds can be anywhere from 20-40% less expensive than mined diamonds. This means that you can purchase a larger diamond within the same budget! You may ask yourself, how can that be? And this is because of their shorter supply chain. Mined diamonds have to go through miners, distributors, cutters, polishers, jewelry manufacturers, and retailers in order to transform the raw diamond into a retail-ready gemstone. Lab-grown diamonds, on the other hand, skip the mining process, making them less expensive

Saving After You Shop

Consider a Financing Plan

If the ring that your partner wants is simply too expensive to pay for all at once, Clean Origin offers payment options that can help break down the cost. With Affirm, you can set up easy payments over 12,18, or 24 months. This is a fantastic option if you don’t have months to save for a ring, or you’d simply like to pay for the ring in smaller amounts over time. Engagement rings are expensive, but they don’t have to take your whole paycheck. And remember, you’ll already be saving 20-40% if you choose to purchase a lab-grown diamond vs. a mined diamond, so that will also help you keep costs lower.

Ring Insurance

Ring insurance is something we encourage every Clean Origin customer to get. After the time you spend saving and budgeting for your fiance’s dream ring, the last thing you want is to deal with more costs due to damage, theft, or loss. This is a big investment for most, and for that reason, insuring your expensive and sentimental engagement ring is something you should look into.  

Hopefully, you now have some useful starting points for how to save for your engagement ring. With a bit of research and penny pinching, these steps will help you save enough for the ring you want to buy. But remember, the perfect ring doesn’t have to have the most diamonds or the biggest price tag. As always, if you need some guidance, our team is here to help you find a stunning engagement ring you both will love, at a price you can stand behind!