You want to be sure it’s every bit as special as the person you’ll share your life with, but it also needs to be affordable. No one wants to begin a marriage with a big pile of debt from a jewelry purchase.
Setting a budgetThere are guidelines floating around about how many months’ salary the ring should cost. Those rules of thumb were created by the diamond industry to promote their products, so you can safely ignore them. Don’t worry about how much other people spend on engagement rings.
However, you may want to get a feel for your loved one’s feelings about finances before you head out ring shopping. You don’t have to talk about the ring, but you should know about each other’s financial goals and expectations about major purchases.
With some idea of your partner’s tastes and expectations in mind, decide on a price range before you start shopping. You’ll find a dizzying array of options, so narrow it only to rings within your budget. It’s also a good idea to start saving for the purchase as soon as you can. Setting up a separate savings account and having a portion of each paycheck directly deposited there can help ensure the money isn’t spent for another purpose.
Find the best value
The following tips can help keep the ring’s cost down:
- Consider stones other than diamonds. They’re often a fraction of the price of diamonds, and some people prefer a high-quality colored gemstone. Sapphires, emeralds and rubies are popular, or choose your sweetheart’s birthstone.
- If you’re going to buy a diamond, learn about the “Four C’s.” They are cut, color, clarity and carat weight. Cut has the biggest impact on a diamond’s quality, so don’t skimp there. The cut determines the stone’s brilliance; a properly cut diamond sparkles.
- Shop around. Never settle for the ring selection at one jeweler. Before buying, find out whether the shop has a solid reputation, whether the staff is knowledgeable and what kinds of warranties and guarantees it offers.
- Consider buying the stone and setting separately. Or ask a jeweler to create a custom ring to your specifications. You’ll get a ring as unique as your love, and the cost may be less as well.
- Inquire about family heirlooms. Someone in your family or your sweetheart’s family may have a diamond they would love to pass down. If the proposal is to be a surprise, be sure the person you ask about this can keep a secret.
- Know the right size. Ask, or borrow a ring your beloved already wears, and use pencil and paper to trace the inside of the ring. A jeweler can help you determine the approximate size; this may allow you to avoid the cost of having the ring re-sized.
On your way to happily ever after
After you’ve made the big purchase, be sure to add a rider to your renters or homeowners insurance policy to cover the value of the ring.
Congratulations!
