How To Pick The Perfect Engagement Ring On A Budget

How To Pick The Perfect Engagement Ring On A Budget

An engagement ring is a show of love and indicates that you’re committed to spending the rest of your life with your partner. The good thing is that there are no hard-and-fast rules to keep in mind for this department. As such, you can shop for any engagement ring of your choice.

However, deciding how much to spend on this ring can be quite challenging, especially in this era. In the past, the rule of thumb was that one should purchase a ring that’s worth at least two months of their salary. But with the current mortgage values and six-digit student loans, it can be very difficult to set aside that amount of money. Doing so can easily mess up your annual financial plans.

Like any other item on the market, you can always find a ring that perfectly matches your needs and style at an affordable price. Here is how to find one:

  1. Determine your budget

The first step is to consider your financial muscles and see how far you can stretch. Many people still use the two-month-salary rule. Since that’s a good rule, not everyone can afford to spend that much. Therefore, avoid any social pressure and be realistic with your financial strengths.

It’s an important step because you can easily lose focus of your budget in this love-blinded state. Noting your financial limits will ensure that you stick to a given range when finding your perfect engagement ring. At the end of the day, you’ll be able to avoid any unnecessary regrets and frustrations.

Engagement Ring

  1. Decide on the right metal

Engagement rings are made from different types of metals, hence the premium and ordinary categories. Platinum and gold, for instance, are the most expensive metals, and you might want to avoid these choices if you’re looking to save a lot of money. (1)

Other famous metals used to make engagement rings include diamonds and silver. The former can either be natural or synthetic. Lab grown diamonds are cheaper and purer than those mined in quarries. Read on to learn more about diamonds.

  1. 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.

Engagement Ring

  1. 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.

  1. 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.

Engagement Ring

  1. 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.


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.



  1. “Choosing The Right Metal For Engagement Rings”, Source:
  2. “Diamond Clarity Chart & Ratings – Best Clarity for Diamonds”, Source:
  3. “Is There a Difference Between Natural and Laboratory-Grown Diamonds?”, Souce:
  4. “Engagement Ring Survey 2022”, Source:

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.