How To Set Up A Budget When Engagement Ring Shopping

You're ready to propose to your loved one, but you don't know where to start with shopping for an engagement ring. If you had all the money in the world it might be easier to choose, but how can you set up a budget for your engagement ring shopping and still get the perfect one? Here's a step-by-step method for setting up a budget for your engagement ring purchase.

1. Find Out What's Important to Them

If your significant other has a preference on rings, you'll want to know what they are before you start shopping. Probe for information during your next conversation, and touch on the four C's to make sure you know what factors are most important to them. The four C's are the cut, clarity, carat, and the color grades. Steven Boelens of Baunat Diamond Jewelers says : “If she talks mostly about the cut and undervalues the karat, you know what to focus on. Prioritizing your C's should help you manage your budget much easier since you'll know where you can save on price.”

2. Decide on Style

There are several different styles of engagement rings. Your spouse-to-be may have a preference or may be a fan of several different styles. The most popular styles are solitaire, halo, three-gemstone, pave, cathedral, vintage, channel set, swirl, colored gemstone.

3. Shop Around

There are three options where to do your actual ring shopping. Once you know what you're looking for and you feel confident in your product knowledge, pick a few different types that fit your goals and budget and start shopping. You can shop with ring stores online, visit ring stores in person, and you should definitely consider visiting Costco because they often have the same high-quality engagement rings for an unbeatable price.

4. Buying the Diamond

When you buy the diamond there are a few steps to take to make it a smooth transaction. Make sure you ask for a GIA certificate before you purchase the ring. Ask if you can reduce the price by paying in cash. Using a rewards credit card if you have one may save you some money.

5. Additional Tips

Some people buy their ring setting and the diamond separately to save cost. You can do this as well so long as you know how much it will cost to adjust, and where to take it to adjust as some jewelers will do this for free as a part of their customer service. Another thing to keep in mind is fancy mall jewelry stores often aren't the best place to buy your engagement ring, as they can go out of business or up and move any time leaving you without any service in the future. Know the jeweler's refund policy, always double check the appraisal and GIA certificate, get the band inscribed with the GIA number for safety and add the ring to your renter's insurance or homeowners insurance policy.

If you're ready to buy an engagement ring for your beloved, be sure to have a plan. You can stay within budget and still get the perfect engagement ring if you follow these steps. Knowing what's important to them, narrowing down your options, shopping around, spending smart on the diamond, and making sure it's a safe transaction will help you when setting up a budget for engagement ring shopping.