There is almost no time as exciting as when you’re ready to purchase an engagement ring for the one you love. You want your future spouse to have a ring that shows just how much you love them, but there is one small thing holding you back: budget. Keep reading to learn more about budgeting for a ring and how you can find a stunning ring with the money you have.

• How Do I Set a Budget for an Engagement Ring?

  There is no denying that engagement rings are an investment, so it’s only right to think about the money it will cost. You may have seen reports of the average cost of an engagement ring or heard the old saying that you need to spend three months’ salary on a ring, but it just may be time to ditch this rule.

  The truth is that when you’re deciding just how much to spend on an engagement ring, there is no rule. Every individual (and every couple, for that matter) is different. Here are some suggestions on how to go about setting a budget for this very important purchase:

  1. Speak to your partner. If the two of you have been open about your next steps, and you have a lot of plans for costly items beyond your engagement, like a wedding of your dreams, a new home, or a new addition to your family, you may want to bring them into the fold so you can discuss a budget together.
  2. Write down all of your expenses. Remember to account for credit card bills, student loans, your mortgage, monthly subscriptions, and utilities. Knowing how much you pay for everyday items will help you arrive at a ring cost you feel comfortable with. This step will also help you figure out what expenses you can cut so you can save more.
  3. Consider other ring costs. No matter how much you ultimately spend on the ring, think about insurance and how much that’ll cost in addition to the price of the ring itself. Also, you may need to buy a wedding band eventually, too. Depending on the style, this can take up a fair amount of your budget.
  4. Be comfortable with your budget. If you arrive at a budget and you still aren’t sure if it’s right, then it’s probably not. You want to feel ecstatic about your purchase, so reevaluate the cost if you feel anything less than pure happiness.

  
  

  

• How Do Non-Diamond Rings Affect the Price?

  The old saying that diamonds are a girl’s best friend may not be true either. It’s becoming more commonplace for women to want something unique or a little more unconventional when it comes to engagement rings. While, yes, unique rings have the potential to cost more money than you realize, you are more likely to find budget-friendly options if you go the non-diamond route.

  Engagement rings that include gemstones instead of diamonds also bring some creativity and color to the piece, which can be more reflective of your fiancée’s personal style. As far as your budget is concerned, you can likely purchase a non-diamond ring with a larger stone that is durable and resistant to scratches without breaking the bank.

  Just like diamond rings, engagement rings with gemstones vary in price according to the cut and color of the stone, what kind of stone it is, and the size. If you are looking for a budget-friendly gemstone option, consider a light-colored aquamarine (which is perfect for the couple who spend a lot of time around water), a pale-pink morganite, colored topaz, or light lavender amethyst. If you want the look of a diamond at a fraction of the cost, explore white sapphires.

  In general, stones with a deeper hue and stronger resistance to scratches will cost more money than their counterparts. Whether these gemstones are more budget-friendly than a diamond really depends on all their facets and optics.

• What Are Some Ways To Make a Stunning Budget-Friendly Engagement Ring?

  No matter your budget, we’re confident that you can find something your future fiancée will love. Even with a smaller budget, a stunning engagement ring is not out of the question. Consider these options to save yourself on the cost without compromising on the look:

  1. Choose a solitaire. Find a ring with a singular center stone instead of a ring with multiple stones. Not only will you have a larger and more impressive ring, but a single stone involves fewer cuts, meaning it will likely cost less.
  2. Consider alternative shapes. There are so many shapes the engagement ring’s main stone can take on, but some cost more than others, which is largely dependent on the surface area. Marquise, pear, and oval shapes are usually more budget-friendly than other shapes because they follow the natural cut lines of a diamond more than a circular shape. The cut of a stone can also hide imperfections, allowing you to focus less on having a stone with perfect color or clarity.
  3. Avoid whole and half carats. If you go with a diamond or other gemstone that’s just under a whole- or half-carat size, you’ll save significantly. Each half and whole carat size is almost like a whole new tier, adding more to the cost, sometimes as much as 20%.
  4. Opt for white gold. Platinum sounds nice, but some platinum bands can cost as much as the diamond itself. White gold looks nearly identical, and it’s much less expensive than platinum. If you opt for a white-gold band, you may be able to spend a little more on the stone.

  At Hustedt Jewelers, we want to get you the engagement ring that your future spouse will be thrilled to wear every day of their life. Not only do we have diamond engagement rings, but we can help you create a custom ring that’s within your budget. We can even create a new ring from a piece you already own. Contact us today to learn more about what we offer and how we can help you pick the perfect engagement ring.