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Article
2 Minute Read

Finding the Right Engagement Ring to Fit Your Budget

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You have reached a magical moment in your life. You want to ask your love to marry you, and you’re already planning the perfect engagement full of romance, nostalgia, and lots of roses. But before you get to that exciting stage, you need to buy an engagement ring. 

If you’re like most people, you also need to do it on a budget. Those planning to propose usually have a specific amount they’re willing to spend on the engagement ring. Luckily, we have a few tips for how to maximize that budget and make your money go further.

How to Buy an Engagement Ring on a Budget

Many people have little experience with buying valuable jewelry before purchasing an engagement ring. You may wonder if it’s acceptable to try negotiating to bring the quoted price of the ring down. The answer is yes. 

While not every shop is willing to deal, many will, especially if they’re in a slow period. If you suggest a slightly lower price on the ring you love and the shop doesn’t think it can get more from someone else, it may agree just to move the ring off the books. A jeweler may also offer a discount if you pay in cash since they get their money upfront. 

If size matters more than quality, consider going down in diamond clarity and color in order to keep the cost within your budget. The cut of a diamond also impacts the cost. Since what’s called an ideal diamond cut sparkles more, it’s more expensive than a deep cut, which is often referred to as a poor cut. 

Our best tip for ring shopping? Give yourself plenty of time to think before you buy. Many shoppers get tangled up in the emotional excitement leading them to buy a more expensive ring than what they originally planned. If you can, instead of buying the engagement ring right away, take a night or two to think about the purchase and research additional options. 

Affordable Engagement Ring Ideas

The best budget for your ring is what works for you and your partner. 

Purchasing a more modest engagement ring now can lead to new opportunities to enhance and build upon the ring's look in the future, if desired. For instance, for a special anniversary, you may wish to customize the ring's design with additional stones or purchase a second ring that stacks on the original. 

There are also several alternatives to the traditional diamond engagement ring, such as other gemstones, using existing jewelry but having it reset, utilizing a family heirloom, or maybe not a ring at all! Some cultures and traditions do not wear rings but instead offer a necklace or other piece of jewelry for the engagement. 

If you do end up needing some extra money to cover your big purchase, PSECU can help. Our Personal Loan is a fast and convenient way to get cash when you’re buying an engagement ring on a budget.  

View our low Personal Loan rate. 

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The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by PSECU. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. PSECU does not warrant any advice provided by third parties. PSECU does not guarantee the accuracy or completeness of the information provided by third parties. PSECU recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.

By: PSECU
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