A Guide to Budgeting for an Engagement Ring Purchase



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Posted on 28 Jun

A diamond engagement ring is a big purchase for a number of reasons. It’s a commitment that will change your life, and it is a financial investment. Therefore, budget is an important consideration when buying an engagement ring in Toronto.

One of the first questions guys tend to think about is, “How much should I spend on a ring?” It’s the age old question. Traditionally, men would spend about the equivalent of two months’ salary. However, today, it’s more about finding the right engagement ring for your loved one. Whether you want to spend $2000 or $20,000 on a ring, choosing a ring that fits within your personal budget is most important.

4 WAYS TO EFFECTIVELY BUDGET FOR AN ENGAGEMENT RING

  1. Start saving now: If you are planning on proposing in the near future, start saving today. The sooner you start to save for an engagement ring, the more money you will have to work with and the more financial flexibility you will have when comparing your diamond ring options.
  2. Know what you can afford: Take the time to look at your finances and choose a budget number that you are comfortable with. This will help to create a less stressful engagement ring buying experience.
  3. Buy a set: One popular way to save money on engagement rings is to buy the ring and wedding band in a set. This is a great option if you are ring shopping as a couple.
  4. Explore financing options: Most jewellers offer customers financing options. Our layaway payment plan provides you with 4 months to pay for your engagement ring.

7 TIPS IF YOU ARE ON A BUDGET

Even if you are on a limited budget, you have lots of options for custom engagement rings. To get the most out of your engagement ring budget:

  1. Be strategic with the setting
  2. Pick a prong with less metal
  3. Opt for gold over platinum
  4. Slightly reduce the size of the diamond
  5. Focus on the centre diamond
  6. Keep an eye out for deals, sales, and special offers
  7. Consider alternative stones

BOOK YOUR FREE ENGAGEMENT RING DESIGN CONSULTATION

These tips will help you find an engagement ring that fits within your budget. To explore your custom engagement ring options in Toronto, book your free appointment with Aret.

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