When it comes to proposing to your significant other, finding the right adornment to symbolize your everlasting love is essential.
From engagement and wedding rings to wedding costs, many couples fear the cost of such a prized adornment and getting engaged altogether. Thankfully, choosing an affordable engagement ring doesn’t have to be hard. With the Nexus Diamond™ alternative, you can get the sparkle you love at a price that makes sense.
If you want to get engaged but can’t afford a ring, don’t fret. We’ve put together top tips for setting a budget, saving up, and choosing the most affordable engagement ring style that you can cherish for the rest of your life.
Do engagement rings have to be expensive?
First things first, you may be curious if engagement rings have to be expensive in the first place. The short answer: no. Three months’ salary is no longer the standard.
Engagement rings come in a range of price points depending on your metal type and stone preference. From a diamond alternative set in a silver setting to a lab diamond set in a gold band, the options are endless.
By choosing a diamond alternative like the Nexus Diamond™ alternative for your center stone, you can get more bang for your buck. Or, you can opt for a larger carat weight for the same budget. It’s that simple.
Similarly, non-diamond engagement ring options such as lab grown gemstones, morganite, and moissanite can give you the look you want for a fraction of the price. Find out the differences between morganite vs diamond and white topaz vs diamond to get a deeper understanding of alternative options.
Be careful with alternatives such as cubic zirconia though, as they discolor over time and aren’t durable enough for everyday wear.
How to Set an Engagement Ring Budget
If you’re looking to get engaged but are wondering how can I afford an engagement ring, it can be helpful to start with a general budget for your piece of jewelry.
Setting a budget ahead of time can help you save so you’re ready when the moment is right. Budgeting for an engagement ring requires research on the type of stone you want, your preferred metal type, and where to buy an engagement ring.
On average, a one-carat diamond engagement ring costs $5,500. If you opt for an engagement ring set with a Nexus Diamond™ alternative, you can get your dream ring for up to 80% less. Now that’s more bang for your buck.
Once you’ve put together a loose engagement ring budget, you can begin saving for the real deal.
How to save for an engagement ring
Setting out to save up for the perfect ring may sound easy, but actually doing it can be challenging. Juggling student loans, monthly bills, and credit card debt are struggles many of us face. And let’s be honest, saving money can be a challenge in and of itself.
To begin saving for an engagement ring, map out your monthly expenses. This includes your rent, car payment, loans and any other expenses that come out of your paycheck per month. Once you’ve figured out how much your cost of living eats up, you can examine how much money you have left over to save.
While most people have a savings account for large expenses like an engagement ring, you could opt for a more traditional approach such as a piggy bank. Wherever you choose to store your money, make sure it’s kept somewhere safe.
When using a bank account, it can be helpful to set up automatic deposits into your savings account. That way you don’t have to think about saving money, and recurring payments happen effortlessly.
Choosing an affordable engagement ring
When it comes to choosing an affordable engagement ring, one of the biggest factors in price is the center stone. That, and where you purchase it from, can make a huge price difference.
You’ll also want to choose affordable options when it comes to differences in metal types and accent stones. Once you nail down those inexpensive options, you’re left with a beautiful ring to propose to the love of your life with.
1. Choose the center stone
One of the biggest components of any ring is the center stone. While mined diamonds can often be pricey, options like diamond alternatives, gemstones, and lab grown diamonds can help you save money in the end.
The Nexus Diamond™ alternative most closely imitates the look and wear of a diamond, with two exceptions – it is absolutely perfect in every way, and it costs significantly less. This makes it a superior diamond alternative option. Plus, when it comes to the heirloom quality you’re looking for, the Nexus Diamond™ alternative stands the test of time.
Lab created gemstones are another great affordable center stone option. Lab created sapphires, rubies, and emeralds don’t feature color variations like their mined counterparts and give a pop of color to any setting.
2. Choose the metal type
Another price component to consider is the metal type. A rule of thumb to keep in mind is that the lower the gold parts, the cheaper the metal will be.
For example, a 10K gold engagement ring features 10 parts gold and 14 parts alloy mixture. And while gold creates a beautiful look and feel, the less gold a setting features, the more durable it is. This is because gold is a very malleable metal that by itself, isn’t durable enough for everyday wear.
You’ll also want to consider the cost of maintenance throughout the years. While white gold needs to be rhodium dipped every so often, options like yellow gold and titanium vs platinum don’t come with as much yearly maintenance. So while you’ll pay more upfront with metals like platinum, you won’t spend as much in the long term.
3. Choose the jeweler
Say goodbye to mall jewelers and hello to modern shopping. When it comes to choosing the best place to buy engagement rings, online is the way to go for more affordable pricing.
While your local jewelry store might sound convenient, in the end, you’ll end up paying for an expensive ring that you could have gotten at a more affordable price online.
This is because online jewelers are able to cut out the middle man and charge less for their jewelry. Not to mention ring shopping is so much easier from the comfort of your home. Plus, with free returns and quality assurance, you can be sure that you’re going to love the engagement ring of your dreams.
What Is Engagement Ring Financing?
Engagement ring financing is a payment method that allows you to borrow the money you need upfront and make monthly payments until it’s paid off. When budgeting and saving still don’t cut it, engagement ring financing can be a great option to afford what you need now.
While each financing plan will have unique terms, some plans require a down payment and charge a small APR fee. This is usually subject to a credit check and the cost of your purchase.
Other payment options include credit and lease to own plans. See all financing and leasing options.
Determining Your Monthly Payment
If you decide to finance your ring, one of the greatest benefits is that you can choose the payment amount that best fits your situation.
If you just need a few months to get your finances together, a 3 or 6 month plan may be enough. Short-term plans will, of course, require a larger monthly payment but will be paid off quicker.
On the other hand, if you opt for a big diamond and you know you’ll need longer to pay it off, you can choose longer payment terms such as 36 months. This will result in lower monthly payment options but may result in more interest fees.
Can I afford an engagement ring?
It can be scary to make such a large purchase, not to mention planning the gesture itself. But, affording an engagement ring doesn’t have to be difficult.
From budgeting to saving and choosing more affordable features, there are many ways to get around the expenses of an engagement ring. One of the biggest ways to cut down your cost is by opting for a diamond alternative that gives you the look you want for a fraction of the cost.
And when it still isn’t enough, financing your engagement ring can be a great option to lower the stress of such a big purchase. You and your significant other deserve the ring of your dreams. Something that symbolizes your forever love and will stand the test of time for your wedding day and every day thereafter.
Choosing a lab grown diamond ring, financing a ring, using a temporary ring, choosing the right jeweler when ring shopping, etc are all great options to not break the bank. And remember, the perfect engagement ring can be whatever you and your future fiance make it out to be, whether it’s a fancy ring, a family heirloom, a diamond alternative, etc.
If you still need help affording the right ring, check out our fine clearance jewelry or reach out. We can help you select a ring in your price range and talk through payments options that fit your needs. From an engagement ring to a wedding ring, you’ll be sure to find the perfect one at Diamond Nexus.