You have reached a magical moment in your life. You want to ask your love to marry you, and you are already planning the perfect engagement sequence full of romance, nostalgia, and lots of roses. But before you get to that exciting stage, you need to buy an engagement ring.
If you are like most people, you also need to do it on a budget. Those planning to propose usually have a specific number they are willing to spend on the engagement ring. Luckily, we have a few tips for how to maximize that budget and make your money go further.
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Many people have little experience with buying valuable jewelry before purchasing an engagement ring, and you may wonder if it’s acceptable to try negotiating to bring the quoted price of the ring down. The answer is yes.
While not every shop is willing to deal, many will, especially if they’re in a slow period. If you suggest a slightly lower price on the ring you love and the shop doesn’t think it can get more from someone else, it may agree just to move the ring off the books. A jeweler may also offer a discount if you pay in cash since they get their money upfront.
If size matters more than quality, consider going down in diamond clarity and color in order to keep the cost within your budget. The cut of a diamond also impacts the cost. Since an ideal diamond cut sparkles more it is more expensive than a deep cut, which is often referred to as a poor cut.
Most importantly, give yourself plenty of time to think before you buy. Many shoppers get tangled up in the emotional excitement leading them to buy a more expensive ring than what they originally planned. If you can, instead of buying the engagement ring right away take a night or two to think about the purchase and to research more affordable but similar options.
The best budget for your ring is what works for you and your partner.
Some couples actually love the idea of a more modest engagement ring because, in the future, it will remind them how far they have come financially. You can also find options to build on your initial engagement ring years from now, when you have more money and can afford something more ornate — such as a second ring that stacks on top of the first one.
There are also several alternatives to the traditional diamond engagement ring, such as silicone rings, tattoos or even just simple wedding bands.
If you do need some extra money to cover your big purchase, PSECU can help. Our signature loan is a fast and convenient way to help when you are buying an engagement ring on a budget. Contact us today to learn more about it. You can also find more tips for money management on our WalletWorks page.