How to Choose an Engagement Ring Budget and Stick to It

How to Choose an Engagement Ring Budget and Stick to It

Posted by Pompeii3 on Feb 20, 2019

3ct round diamond engagement ring

It’s time to start looking for diamond engagement rings! That’s fantastic! However, as you start to add up some future costs, you may get a bit concerned. After all, you’re not just planning on buying an engagement ring. You’ll also need to buy wedding rings in the future as well. Of course, that doesn’t even take into consideration if you’ll be paying for your own wedding. Plus, what about the honeymoon? The more you think about it, you’ll realize that you’ll need to put together a strong engagement ring budget to guide you through the process. When people think about how to budget for an engagement ring, it’s often a confusing issue to figure out. How do you set such a budget? Once you set it, how do you make sure that you don’t go over it? Pompeii3 has been answering questions like this for over 50 years! Not only are we a leader in fine bridal jewelry, but we also pride ourselves on delivering phenomenal value as well. Basically, we know a few things about how much money to spend on an engagement ring, so here are seven quick tips on how to buy an engagement ring on a budget.

1. Everyone Has a Budget

2ct vintage diamond engagement ring

Oftentimes, when the word “budget” is used, the first thing that comes to mind is “cheap”. This definitely is not the case. No matter what amount of money you have, you’ll need to have a plan for how much you want to spend. Don’t look at how to budget for an engagement ring as something that’s a negative. It’s not a bad thing at all. Instead, remind yourself that having a smart budget will help you wisely pay for all of the necessary costs you’re going to encounter in the next several months, reducing your stress the closer you get to your wedding day.

2. There’s No Rule

A quick search online will yield hundreds of results telling you what the “rules” are for how much money to spend on an engagement ring. You’ll find that there are sites that tell you that your budget must be equivalent to two or three months of your salary (or more). As you navigate how to budget for an engagement ring, understand that these rules are not really rules at all. They’re more like old wives’ tales that have been passed around from one person to another. You shouldn’t feel the pressure to purchase a ring beyond what you’re capable of due to these antiquated standards. Whether you’re looking for separate pieces or a complete bridal set, the only rules when deciding how much money to spend on an engagement ring is to make sure you don’t spend beyond your means and to make sure you find a ring your special someone will love! In the end, that’s all that matters.

3. Plan Ahead

pennies spilling from a jar

The worst time to plan for purchasing an engagement ring is right before you’re engaged. As you begin to get more serious in your relationship, you should also be getting serious about putting a bit of money away for a ring. The earlier you start planning how to budget for an engagement ring, the more cash you’ll have available to make your purchase.

4. Use Credit Wisely

Financing can be a wonderful tool to use, but you’ll need to make sure you can use it wisely. If you’re thinking about putting an engagement ring on credit, consider these questions:

  • What will my monthly payment be?
  • Can I put any cash down to lower my monthly payment?
  • Will I also need to put additional engagement or wedding expenses on credit?

The answers to these questions will help you know if financing an engagement ring is a good move, and how much money to spend on an engagement ring if you decide to go this route. If you do choose use credit, consider using a 0% APR program like the one that is offered by Pompeii3. The savings in interest will be significant, making it an attractive choice.

5. Find Value

14k yellow gold solitaire engagement ring

If you’re looking to get an extraordinary engagement ring at an equally extraordinary price, there are several options for how to budget for an engagement ring. Consider some of these tips to help you find a ring at the perfect price point.

  • Consider gold instead of platinum. Platinum is highly prized, but it also has a much higher cost than gold due to its scarcity. If you’re looking for the elegance of platinum, consider white gold instead. To the naked eye, the difference is almost nonexistent. Romantic rose gold and classic yellow gold are two other beautiful ring metals to choose from.
  • Consider lab created diamonds. For an amazing value, switch out a naturally mined solitaire for a lab-created diamond. Not only are they chemically and physically exactly the same as their naturally mined counterparts, but they are also significantly lower in price due to their method of creation.
  • Consider a gemstone engagement ring. For those who are looking for how much money to spend on an engagement ring with even more significant savings, an engagement ring featuring gemstones may be a great option to think about. Gemstone rings are stunning and are available at more budget-friendly prices. Plus, what’s not to love about emeralds, rubies, or sapphires?

6. Avoid Big Box Jewelry Stores

For those wondering how to budget for an engagement ring, the answer is rarely a big box jewelry store. It may seem like an attractive option to stop by your local mall and look through their selection of stores and jewelry. However, these stores will have salespeople who work on commission, meaning they’ll get paid (at least partially) for the amount of jewelry they sell. This doesn’t make them bad people, but you’ll find that they often will not give much regard to your engagement ring budget due to the larger commission check they’re trying to earn. The more you ignore how much money to spend on an engagement ring, the higher paycheck they receive!

7. Stick to Your Guns

wallet in a vice

If you have a budget, don’t feel discouraged for sticking to it. You’ll have various salespeople who will try to inch you above the number you’ve set, but don’t allow the emotion of the moment to change your mind. Remember the big picture, and stick to that budget!

Pompeii3 Will Help You Stick to Your Budget

One of the best ways to keep from busting your engagement ring budget is to shop online from the privacy and comfort of your home. You’ll be able to look freely at all of your options without having a salesperson push you towards something you can’t afford. Pompeii3 knows how to budget for an engagement ring, and has the combination of selection, service, and value you’ve been searching for. We know we have the perfect ring to fit your budget. Contact us today to find out how we can help you!