Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
Spending on an Engagement Ring: How to Buy Smart and Still Blow Her Away
Moneymagpie Team
23rd Jun 2025
Talk of buying a diamond engagement ring can be scary for any frugal, money-minded man. The markups are ridiculous, and outdated rules like spending three months’ worth of your salary on a ring can be overwhelming. However, there are plenty of ways to cut down on the expense and save thousands of dollars without sacrificing the ring’s beauty and quality.
Much like the way more couples are opting for budget weddings in this economy, many prefer more affordable engagement rings. Instead of pouring in way too much money on a ring, they can save for a comfortable life together after marriage. Let’s explore how you can save money but still get your girl a ring she’ll adore.
- Opt for a Lab-Grown Diamond
- Consider Alternative Stones Like Moissanite or Birthstones
- Go for 14K Gold Instead of 18K or Platinum
- Buy from a Smaller Jeweler
- Endnote
Opt for a Lab-Grown Diamond
Engagement rings with lab-grown diamonds don’t look too different from those made with natural, mined diamonds, and they cost only a fraction of the price. Buying a lab-grown diamond for the ring lets you save a great deal of money. It’s also the more ethical choice, since it’s made in a lab and not mined from the earth, meaning it has less environmental impact and no connection to conflict zones.
Consider Alternative Stones Like Moissanite or Birthstones
Not all brides want diamonds. Others might want more affordable gemstone alternatives. One popular choice is Moissanite, which looks similar to a diamond and sparkles brighter, but is just a tad softer. If your partner has voiced out that they want a more unique ring, you can also consider other stones, such as their birthstone. Some beautiful alternatives to diamonds include sapphires, rubies, and emeralds.
Go for 14K Gold Instead of 18K or Platinum
You might assume that buying 18K gold or platinum for the ring’s band is smart because it has a higher resale value. However, the whole point of an engagement ring is that it’s for a forever love, so you likely will never sell the gold anyway. Getting 14K gold for the band might be a smarter option. Not only is it more affordable, but it’s actually also more durable and scratch-resistant than its more expensive counterparts, making it perfect for daily use.
Buy from a Smaller Jeweler
Tiffany and Cartier might be some women’s dream engagement ring brands. However, the steep markup is enough to make any budget-savvy man think twice. More often than not, you’re paying for the designer name behind the ring, not the quality. It’s much better to scout for smaller jewelry stores that care about craftsmanship and perfecting your custom design. Local and independent jewelers are also more likely to have better customer service and flexible pricing.
Endnote
At the end of the day, buying an engagement ring for the love of your life isn’t about how much you spend. It’s about getting one that symbolizes your love and will make her happy. Spend wisely and shop with confidence, and everything will fall into place when you finally pop the question.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.
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