How To Save Thousands On An Engagement Ring


The most known engagement ring budget rule is probably the three month rule. This is where the engagement ring buyer determines how much to spend on an engagement ring based on what they make over a three month period.

So, if a person makes around $3,000 a month, that would mean that the engagement ring “should” cost around $9,000 according to the three month ring buying rule.

That is a ton of money for someone to spend on an engagement ring, especially when that’s just a total income of around $36,000 a year!

I am going to say OUT with this old ring buying rule.

Spending 25% of your annual income on an engagement ring just seems crazy.

Insane even.

I know I’ll probably get some flack for saying that, but I think busting your budget for an engagement ring is usually not a good idea…

Here are my tips to help you determine how much to spend on an engagement ring:


Create your own engagement ring budget.

When determining how much to spend on an engagement ring, you should first create a budget.

Throw out any rules that you have ever been given when it comes to buying an engagement ring and create your own budget.

Everyone lives different lives, and for there to be one single rule to apply to everyone just doesn’t make any sense.

When creating your engagement ring budget, you should think about:

  1. How much debt you have;

  2. How much your wedding will cost and whether you can afford it;

  3. How you want to start off your marriage financially;

  4. Whether you are making more money than you spend each month;

  5. Your financial goals; and more!

I recommend JamesAllen if you are looking for beautiful engagement rings on a budget.


Save up exactly what you need before you buy an engagement ring.

Before you set out for the jewelry store, you should try to save up as much money as you can for it. This is so that you can skip the financing when deciding how much to spend on an engagement ring.

Financing a ring is something that you almost always want to skip, unless you know exactly what you’re doing, such as if you are given a 0% interest rate and you know how to 100% use it to your advantage (such as by already having that money saved up).

Financing is usually a bad idea because it can cause you to spend more money on an engagement ring than you can actually afford. When something is divided into monthly payments it may seem more affordable to a ring buyer, when in reality it is not!

Find an affordable engagement ring.

There are many affordable engagement rings out there. You don’t have to spend a ton of money on an engagement ring if you do not want to.

Also, if you want to spend a ton of money on an engagement ring, there is nothing wrong with that either! As long as it’s in your budget, you can do whatever you want to do. No one is going to stop you, but my piece of advice is to make sure that buying that expensive ring doesn’t stop you from reaching your financial goals in life.

Here are my tips for buying an affordable engagement ring:

  1. Buy less than a full carat size. For example, instead of buying a ring that is 1 full carat, you could buy one that is 0.90 or 0.95. This is because many diamonds are cut to the exact amount, and buying something that is slightly less means that the value has gone down. The difference is so insignificant anyways so it can be a great way to save money, and it’s not like anyone would ever notice.

  2. It’s not always about size. If your budget isn’t that high, it’s usually better to go for a more quality ring instead of focusing just on size.

  3. Buy diamonds which are eye-clean although possibly not internally flawless in order to save money on an engagement ring. Who is going to go up to the engagement ring with a magnifying glass anyways? As long as it looks great to you, I’m sure it’s still a good choice.

  4. Buy an engagement ring online. Buying online usually means cheaper prices and a greater selection. Sites like JamesAllen offer many affordable engagement rings starting at just around $1,000 and go up from there. You can save on your engagement ring by buying from JamesAllen.com.

  5. Go for something different. There’s MoissaniteCo (if I ever need a new ring, a moissanite ring is one I will probably get!) where you can get a beautiful moissanite ring for an affordable price. Or you could even go for a different gemstone and save money over having a diamond.

How do you think a person should determine how much to spend on an engagement ring? How much have you spent on an engagement ring or how much is the one that you’re wearing?

#Budget #Wedding

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