Money Monday: How to Save Big on Engagement Rings

With engagement season in full swing, let’s talk about the most expensive aspect of an engagement — the ring. In 2019 couples spent an average of $5,900 on an engagement ring. This price can get even more expensive depending on the cut, style, and stone of a ring. But, what if there was a way to get your dream ring without breaking the bank. The big secret to saving big on engagement rings? Shopping smart. In this week’s Money Monday, we’re giving you three easy ways to save hundreds of dollars on your engagement ring!

Choose A Gemstone

Diamonds are a girl’s best friend, but so are gemstones! Emeralds and sapphires have been a popular choice for many brides for a long time and a big plus? They cost less. So, if you have a more non-traditional bridal style, choose a gemstone for your ring or another alternative stone like a pearl. They still bring the shine to an engagement ring that a diamond would and give you a more one-of-a-kind engagement ring.

Use More Stones

Solitaire rings are the go-to when it comes to engagement rings, but can raise the overall price. One stone will be more expensive because of its larger carat size. If you opt for a cluster or a hidden halo ring, you can cut your final cost by a few hundred dollars at least. Using multiple stones in your ring will make your ring appear larger and still bring that wow factor that a solitaire setting would.

Shop Local

Skip out on the major jewelry retailers! Their rings are marked up at a much higher price than their value because they are tied to a chain store business. Instead, shop at a local jeweler for a less expensive and more unique ring. Having a ring from Tiffany’s or Kay’s might be more well known, but chances are plenty of other brides have the same ring. Shopping local or vintage will reduce your labor costs and offer more personalized rings.