How to Pick the Perfect Engagement Ring on a Budget

An engagement ring is an expression of love and shows that you are committed to spending the rest of your life with your partner. The good news is that there are no hard and fast rules to keep in mind in this department. So you can buy any engagement ring of your choice.

However, deciding how much to spend on this ring can be very challenging, especially in this day and age. In the past, the rule of thumb was that a person should buy a ring worth at least two months' salary. But with current mortgage values and six-figure student loans, it's hard to set aside that much. Doing so can easily disrupt your annual financial plan.

As with any other product on the market, you can always find a ring that perfectly matches your needs and style at an affordable price. Here's how to find one:

Determine your budget

This is an important step, because in this state of love-blindness, it's easy to lose focus on your budget. Being mindful of your financial constraints will ensure that you stick to the given range when looking for the perfect engagement ring. At the end of the day, you will be able to avoid any unnecessary regrets and frustrations.
The first step is to consider your financial strength and see how far you can stretch. Many still use the two-month pay rule. Since this is a good rule, not everyone can afford that much money. So avoid any social pressure and be realistic about your financial strength.

Decide on the right metal
Other well-known metals used for engagement rings include diamonds and silver. The former can be natural or synthetic. Lab-grown diamonds are cheaper and purer than quarry-mined diamonds. Read on to learn more about diamonds.
Engagement rings are made of different types of metals, so they are divided into premium and regular categories. For example, platinum and gold are the most expensive metals, and you may want to avoid these options if you want to save a lot of money.

Research for reference
Another thing you’ll need to do in your decision-making process is research all options. For one, there are lab diamonds and natural diamonds on the market. The former is taken through lab processes that try to match what natural stones undergo. The end products aren’t only purer but also less expensive than natural diamonds.

Another thing that brings the price difference between various diamond rings is their clarity. Some of the clarity grades include: flawless (FL), internally flawless (IF), and very, very slightly included 1 and 2 (VVS1 & VVS2). Those with the highest clarity are very expensive, and they can easily leave a huge dent in your wallet. (2)

But are they worth it? If you’re working with a limited budget, you may want to consider other options. Moreover, during your research, you’ll realize that there are rings with lower clarity but are still appealing to the naked eye. Therefore, you can save a lot of money by going for the same design but with a clarity step-down.

Set your priorities right
When it comes to diamond rings, there are four main features to consider: color, clarity, cut, and carat—also known as the four Cs. Although all four of them are crucial to the quality of diamonds, some of these four Cs might not be important to you. Therefore, compromising on one or two factors can save you some money.

For instance, an average ring has 0.9 carats, but that’s not to say you should stick to this value. You can go higher or lower than 0.9, depending on your budget. Clarity is another obvious value-addition feature as discussed above. This feature difference is often due to the availability of lab grown diamonds. (3)

If you’re not a fan of synthetic products, there are diamond test instruments that you can use to determine the authenticity of whatever you’re planning to purchase. You’ll need to do a lot of research on the four Cs before deciding which one to compromise with. Asking your partner their preference may also help you in the process.

Split the cost
Sometimes it can be challenging to get a type of diamond that meets your needs and is affordable. If you find yourself in this situation, then maybe what you need is the help of your partner. While most engagement proposals are a surprise, there is a growing trend of 9% of couples purchasing the engagement rings together. (4)

Since this is one of the most significant decisions of your life, you might want to split the cost to meet the price of your perfect ring. This way, none of you will feel too much of the pinch that comes with purchasing engagement rings.

Search the internet
The online market has almost everything you need, and it’s upon you to find the right source. Shopping online won’t only save you time but also money. Another advantage of taking this shopping adventure is the fact that you’ll have a wide range of options. You can easily jump from one store to another while confirming price ranges.

If you’ve not done your research well, this option is ideal for you. While going through these products in various shops, you can also use the same opportunity to find more information online for every brand or term you come across.

Conclusion

At some point in your life, you might be faced with looking for an engagement ring. This can be a daunting experience, especially if you don’t have any background. It can even get worse if you’re working with a limited budget. But it doesn’t have to be that challenging.

Among the main factors to consider include your bank account balance and the type of metal you’re that best fits your needs. Diamond is one of the most common choices and comes in two types—natural and lab grown. The latter is usually less expensive, but if you still struggle to raise the money, you can decide to split the cost with your partner. The discussion in this article will help you make an informed decision.

Quality 18K Gold Diamond Jewelry & 18K Gold Diamond Bracelet factory from China (18kgoldjewerlys.com)