The average cost of an engagement ring in the United States today is $5,200, according to The Knot’s 2017 Real Weddings Study. This means that many couples pay over five months’ salary toward one day — while others spend even more! The good news is that there are plenty of ways to save money on an engagement ring without sacrificing quality or style. In fact, with these expert tips on how to save money on an engagement ring, you may be able to find exactly what you want for less than $1,000!

Set a realistic budget

Before you begin shopping for a ring, sit down with your fiancé-to-be and discuss what your budget is. If there’s enough wiggle room, you may be able to get a more expensive ring; if not, you’ll know that any price above a certain threshold is off limits. 

There are several different ways to go about saving money on a diamond—for example, buying online can help you save hundreds of dollars compared with brick-and-mortar stores—but it’s important that both of you are aware of what (exactly) your maximum limit is before starting your search. In addition, make sure you set a timeline: 

You don’t want to keep putting off making a decision because you keep thinking you might find something better at some point in the future. A good rule of thumb is to set aside two months from when you first start looking until when you purchase your ring. This way, by setting deadlines along the way (e.g., I will have narrowed my options down to three rings by next Tuesday), you will be forced into action and won’t end up endlessly searching for the perfect option without ever actually committing to one.

Consider buying online

Buy fine diamonds online could save your quite a bit of money. Prices can be much lower than in stores, and not only that, but you’ll also have access to more selection. Diamonds are sold by weight, so even though a bigger stone may cost more per carat, it’s not necessarily going to cost more overall. In fact, you might find that diamonds closer to your price range are available online than in person. You should always look at several stones before making a decision, but if you know what kind of ring you want and just need to figure out how to get it for less, buying online is one way to do that. Consider buying from a Dubai based store like Fergus James for even bet

Make your fiancé pick out the ring

If you’re not keen on getting a surprise engagement ring, consider making your future spouse choose their own. They may be more willing to make compromises and spend less if they are directly involved in the process of picking out an engagement ring. Once you agree that you want a diamond ring, ask them what kind of cut they like best, or which color stone would look best next to your skin tone. Even though choosing their own ring might sting a little, it will ultimately save money when it comes time for purchase. Plus, having a say in your engagement ring can help them feel more engaged as well!

Visit multiple stores with her

If she has a favorite jeweler, you’ll have better luck if you go with her and provide your perspective. You don’t need to pretend that you love diamonds as much as she does, but show interest in helping her find a ring you both like. If she doesn’t have a favorite store, visit several so that she can make comparisons and pick out what looks best. 

Don’t be afraid to tell her why something isn’t your style or isn’t worth spending money on. Even if it seems unromantic, it might be necessary for her happiness—and yours—later down the road! If you want to save some cash, ask about coupons or specials before making any purchases.

Don’t assume that bigger diamonds are better

Jewelers will often offer you diamonds of various sizes at different price points. Be sure that you’re comparing apples-to-apples—for example, asking if a .5 carat diamond is actually smaller than a .75 carat diamond. 

There’s no rule for how big your ring should be, so don’t let anyone pressure you into spending more money than you can afford. If you or your partner are frugal, consider buying a smaller ring and using some of your savings to do something special together. You might not get as many compliments at first, but think about how much money—and stress—you’ll save in the long run!

Keep it simple

The most simple and cost-effective engagement rings are solitaire diamond rings, which feature a single diamond in any color of your choosing. This kind of ring will still have a look that is elegant and classic, but you won’t be spending thousands upon thousands of dollars—and you won’t need to get it appraised every five minutes to make sure you don’t lose money on it. A smaller solitaire can go for as little as $300 at some jewelry stores, or even less if you buy directly from jewelers like Blue Nile or Brilliant Earth. For that price, it may not even be necessary to shop around—you can usually just do business with whoever has it in stock.

See past color and clarity

Before you make a final decision about a diamond, look for imperfections with a loupe (those magnifying eyeglasses used in jewelry stores). You can typically get one from your jeweler or optometrist. Next, you should also check out rings with similar carat weights and cuts. If there are obvious differences in clarity and color, you might want to choose something different. Finally, think about how often you’ll wear your ring—and if it’s something that will see a lot of use or just occasional use—to help inform your decisions.

Don’t forget about settings, bands, etc.

Many guys feel pressure to buy an expensive diamond, but if you’re short on cash, consider choosing a diamond with fewer (or no) color and clarity ratings. These diamonds are often cut in unusual shapes or sizes and will make for a beautiful ring. Also, don’t forget about settings, bands, etc., which can be huge budget-busters. 

A good rule of thumb is that at least 20% of your budget should go toward everything other than the stone itself. Before you start shopping around for rings (and as you shop), it’s also worth doing some research online or reading up about diamonds – that way you’ll understand what all those numbers mean!


From diamonds to wedding bands, weddings cost a lot of money. However, with a little know-how and some effort, you can avoid spending more than you need to. While saving up for a ring may be stressful and time-consuming, it’s better than building up massive credit card debt while trying to make ends meet. Use these tips as part of your plan to cut costs so that when it comes time for your big day, you can have what you want and still have money left over for other things.