Choosing an engagement ring is a major milestone in any relationship, but it shouldn’t be a stressful process. Before you start shopping, forget common engagement ring myths – like the idea that you have to buy a certain style or size of ring – and create a comfortable budget to work within. Buying an engagement ring for your partner is an exciting opportunity to create the perfect symbol of your eternal commitment, and having a plan will put you in the best frame of mind to personalize your ring.
How to Budget for an Engagement Ring
Budgeting for an engagement ring in no way minimizes its emotional impact. Creating a realistic financial framework for your purchase will allow you to save up for the right ring without worrying about going into debt, greatly reducing the tension associated with planning a wedding. Having a budget will also ensure that buying an engagement ring doesn’t interfere with other aspects of your celebration, like planning a honeymoon vacation.
To begin creating your personal budget, consult the step-by-step engagement ring guide below:
Step One: Decide on a Price Range
The amount you spend on a diamond engagement ring should be determined by your individual financial situation, along with any specific desires your partner has. You don’t necessarily have to spend two months’ salary on a ring to get a high-quality piece, but you should start setting money aside at least three months before you make a purchase, especially if you’re working on a more limited budget.
Begin by adding up how much expendable income you have every month, then determine what percentage of that money you’re willing to set aside. If you can cut unnecessary expenses (e.g., by canceling monthly subscription services you aren’t really using, or downgrading to a cheaper phone plan), now is a good time to do so. You might also try having a yard sale or selling old items online to generate extra income. Low-interest loans or jewelry financing plans may be able to help you achieve your goal faster, too.
Diamond engagement rings are available at a wide range of price points, from very costly to highly affordable. According to The Knot 2018 Real Weddings Study, the average price of an engagement ring is just over $5,000, but it’s absolutely possible to get a beautiful ring for under $1000. At Elegant Goldsmiths, we offer a range of one-caratdiamond rings that cater to budget-conscious shoppers at a price of just $799.
Ultimately, you should prioritize quality when shopping for jewelry, because you want your partner’s engagement ring to last for decades (or generations). Very inexpensive rings may look nice, but they often don’t last long. For that reason, we don’t advise selecting a ring that costs less than $300, unless you can source one from a reputable jeweler.
Step Two: Consider Your Partner’s Style
Obviously, you can’t ask your partner what kind of engagement ring she’d like without giving away the surprise of your proposal. There are, however, a few subtle techniques you can use to assess her preferences: If any of your partner’s friends have gotten engaged recently, ask what she thought of their ring. If she says her friend’s ring isn’t really her taste, ask why. She might provide specific details (like saying the ring is too large, too small, or that she’d prefer a different colour) you can use when selecting a ring.
Looking at your partner’s current jewelry collection can also provide important clues about her tastes: Is most of her jewelry cool-toned (i.e., silver or white gold) or warm-toned (yellow or rose gold)? Does she generally like big statement pieces or delicate, understated jewelry? If you’re still not sure what to get after looking at her jewelry, try casually asking which rings she likes the next time you pass a jeweler at the mall.
Step Three: Talk to a Jeweler
Once you know what amount you’re willing to spend and what style of ring your partner would like, a jeweler can show you options that fit your established criteria. This way, you won’t be overwhelmed with a wide array of different choices, and you won’t feel pressured to buy something that doesn’t fit your financial situation.
An experienced jeweler can also give you advice on how to get the look you want without over-spending. For example, he (or she) might suggest choosing a band made of white-gold rather than platinum, if you want an affordable cool-toned ring. White gold looks similar to platinum, and it maintains its original shine longer, because it can easily be polished if it gets dull. However, because gold is a soft metal, gold engagement rings can become thin after 15-20 years, at which point they may need to be reshanked. (Keep in mind that our jewelry repair services can be used to quickly and inexpensively restore old engagement rings, so you shouldn’t be overly concerned about longevity if you choose a gold band.)
Your jeweler will also explain the various grading criteria used to describe diamonds, i.e., colour, cut, carat weight, and clarity. Smaller diamonds that are cut very well can produce more lustre than larger, heavier diamonds that are not cut as precisely, while costing much less. If buying a large diamond is a priority for you, know that diamonds in the nearly colourless range (G-I) appear white while costing much less than diamonds in the purely colourless range (D-F). A large nearly colourless diamond is therefore a good budget-friendly option.
Ready to Start Shopping for an Engagement Ring? We can Help!
If you’re looking for a diamond engagement ring in Toronto, the team at Elegant Goldsmiths can help you find the perfect piece (or create a personalized ring with our custom jewelry services). We specialize in high-quality, affordable jewelry, with both contemporary and traditional style options. To learn more, contact us online or visit one of our locations in Brampton, London, or Guelph, Ontario.