Buying an Engagement Ring Without Breaking the Bank

Buying Engagement RingMen are under a lot of pressure when picking out that perfect engagement ring. Many see the ring as a symbol of the depth of the love for the woman they are about to marry. The engagement ring may represent your love and commitment to your fiancé, but it isn’t something that you should leave you in a ton of debt. Here are some things to consider when buying an engagement ring:

Buying an Engagement Ring Without Breaking the Bank

  • Know your budget: Don’t get wrapped up in the two-month’s salary hoopla. Decide what is a doable amount of money to spend on your future wife’s engagement ring so that you two don’t start off your marriage in the poor house.
  • A ring is not an investment: Yes, the value of the diamond and ring itself may appreciate over time, but do you really ever plan on selling the ring? An investment is something you buy now that you anticipate will appreciate in value, so you can sell it later on at a profit. An engagement ring is a gift, not an investment.
  • Do your research: Do your research before you go to a jeweler. Understanding the 4 C’s (carat, color, clarity, and cut) will help you understand exactly what you’re looking for before you walk into the store and before a jeweler leads you towards what seems like endless monthly payments. 
 When trying to save money on a diamond, you may want to consider sacrificing in the color, clarity, or the carat. Making a move from a one-karat diamond to a .90-karat stone can save you hundreds, even thousands of dollars. No one (other than the jeweler) will be able to tell the difference. A one-step downgrade in color and clarity will also help you save a ton, and the compromise may not even be noticeable to someone who is looking at the ring.
Try not to skimp on the cut, though. A properly cut diamond has facets that are positioned in a way to reflect incoming light back to you. This is what makes a diamond sparkle.
  • Always comparison shop: It’s difficult to find two diamonds that are equal, but it’s not impossible to find an equivalent diamond at a lower price through comparison shopping. Once you’ve decided on the aspects of the diamond you like the most, shop around to get the diamond you are looking for at the best price.
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