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6 Money Saving Tips When Shopping for Your Engagement Ring

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If you’re in the market for an engagement ring, you know that it can be a costly purchase. Learn ways to save money while still getting a ring that you love.

6 Money Saving Tips When Shopping for Your Engagement Ring

Shopping for the engagement ring of your dreams doesn’t mean you need to pinch pennies. No matter your budget, there are ways to stretch your dollar without sacrificing beauty and quality. Whether you and your partner are shopping together or you’re trying to drop a hint, these 5 tips will save you big bucks when buying the engagement ring you’ve always wanted!

Choose a Halo Setting

Did you know halo engagement rings create the illusion of a larger size center stone? To get more bling for your buck, consider choosing a ring with a single or double halo set with a slightly smaller center stone.

Lab-Grown Diamond

Choose a Lab-Grown Diamond

While earth-mined diamonds have traditionally been the stone of choice for engagement rings, lab-grown diamonds have increased in demand and popularity. Not only are they identical in every way to natural diamonds, but they cost up to 40% less. Yes, you read that right! That’s money you can now use toward other wedding expenses.

For an even lower cost option that is just as brilliant, look at purchasing a simulant such as a Diamond Hybrid. They mimic the look of a diamond, are only 3% the cost and can be upgraded to a lab-grown diamond when your budget allows. Simulants are a great option for those who have their hearts set on a diamond-like stone but are looking to take it easy on the wallet.

Cut Out the Colorless

Want to buy a colorless diamond but have a tight budget? Consider a near colorless diamond ranging H to J instead for huge savings! Unless you’re comparing the two different colored stones side-by-side, you will notice little to no color difference when looking at the diamond with the naked eye.

A good rule of thumb to follow when wanting to keep costs down is to choose a stone with a better cut and lower color as this will not compromise the beauty of the diamond. Of the 4 Cs, cut is the one quality you do not want to sacrifice as it determines how light passes through the stone, thus affecting the fire, brilliance and sparkle.

Diamond Size Comparison

Size Down

By purchasing a diamond just below your desired carat weight, you can save hundreds or even thousands of dollars. Plus, there isn’t a noticeable optical difference. For example, if you have your eyes set on a 2.0ct diamond, a 1.91ct diamond with the same specification will likely cost less.

Fancy Shape Diamonds

Choose a Fancy Shape Diamond

Did you know that any diamond shape other than round cut is considered a fancy shaped diamond? Fancy shaped diamonds such as pear, princess and radiant tend to cost slightly less because less of the raw diamond is cut away. Round cut diamonds are always high in demand and prices reflect that. Fancy shaped diamonds are a great option to keep costs low.

Three Stone Engagement Rings

Mix and Match Stone Types

Have your eyes set on a three stone ring but can’t wrap your head around buying three diamonds? Consider mixing and matching the types of stones you want set in the ring. Consider setting a three stone ring with a diamond center stone and Diamond Hybrid side stones, or vice versa, to stay within your price range.


The Budget Savvy Bride is the #1 Online Wedding Planning Resource for couples who want to plan a beautiful wedding on a budget they can actually afford. Check out our best-selling book on Amazon, The Budget-Savvy Wedding Planner & Organizer!