Five Ways To Help With Engagement Ring Cost

by Susan Paige on April 1, 2019 · 0 comments

Let’s face it. Engagement rings can be a sizeable expense. Pile it on top of your leftover student loan debt, new house payments and standard monthly expenses, and your bank account will start to look like below freezing temperatures.

Yet, the one approach that most couples don’t take towards engagement ring shopping is realism. They’re caught up in finding the ring of their dreams and they forget to step back and factor in life. So, to help bring you back down to reality, we’ve put assembled some tips and resources to help you manage this new expense.

Do Your Research

This is a no-brainer. Yet, some couples will “go browsing” and end up purchasing a ring the same day thanks to the really, really good diamond salesmen at the store (we’ll come back to these guys later).

This is a big expense for most people. Take it upon yourself to shop around, compare prices, evaluate the company as a whole, and look into their policies. The last thing you want is to be stuck with a ring with a 2 week return policy and a crappy warranty. Trust me.

The easiest way to do your comparison is to put together a spreadsheet. Include the company, the 4 c’s of the diamond you’re considering, the price and anything specific to the company (return policy, shipping, warranty, etc.). Fill out at least 10 rows. Once you have the winner, give their customer service team a call. If their reps start trying to upsell you…run! A good diamond company will employ diamond experts, not business salesmen.

Consider a Lab-Grown Diamond

Hands down, the easiest way to save money on your engagement ring is to purchase a lab-grown diamond. To answer the first question that popped into your head: yes, they are real diamonds. Chemically, physically and optically they’re the same as mined diamonds. The difference lies in their origin and subsequent shorter supply chain. So, using simple economics, you know that a shorter supply chain = more competitively priced.

So what exactly is the price difference? You could be looking at anywhere from 20-40% of a less expensive diamond with the same characteristics (4 c’s) as its mined counterpart. If you’re looking to save money on an engagement ring, purchasing a lab-grown diamond is the way to go.

Look Into Financing Options

While you’re filling out your spreadsheet, make note of available financing options. Many companies will offer programs such as Affirm that allow up to 24 months of financing. This gives you a way to pay off the engagement ring month over month, instead of all at once. However, you still need to work this into your monthly budget. Don’t think of a financing plan as a way to “put off” your payment. The money will still be spent…so be ready for it.

Buy Online

An engagement ring…online? YES! While you’re doing your research, you’ll be sure to find tons of available options for buying a ring online. And guess what, that means no annoying salesmen or busy Saturday’s trying to fight the crowds in the mall. Plop yourself down on the couch, grab a glass of your favorite beverage and browse in peace and quiet. Not only will it be much more relaxing, but you’ll likely also find much better deals!

Extra Perks

Always look at what else a company is going to provide other than just the ring. If the product is all that you get…you can likely find a company with much more to give. Here are some of the most common extra perks that some companies will include with any purchase:

  • Free shipping
  • At least one free resizing
  • Lifetime manufacturer’s warranty
  • Flexible return policy (some will go up to 100 days)
  • Lab certification (this isn’t really an ‘extra perk’. You should always receive this with a diamond purchase).

All in all, the goal of ring shopping should be to find something that represents your love and commitment to one another. However, make sure you keep your wallet in mind. Use these five tips when shopping and you’ll be fully prepared for the road ahead.

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