Buying an engagement ring with a mindful budget

June 6, 2022 • 3 min read

While it is undoubtedly an exciting time, buying an engagement ring can also be overwhelming financially. The price tag can be significant; however, diamond engagement rings are a meaningful investment and should be treated as such.

Before buying an engagement ring for yourself or your partner, if you are mindful of not breaking the bank, you will most likely have a budget set. While it can be limiting, a budget doesn’t mean you have to settle for a ring you don’t love. In fact, a budget can help determine the right ring while still getting something you can cherish for a lifetime.

Keep reading to see how you can successfully buy an engagement ring with a mindful budget.

Buy within your means

Your budget has been set for a reason, so it is essential you follow it. After analysing your savings and potentially your borrowing capacity, the spending amount you have put aside for your ring would be practical and realistic. Having a set budget is an important reminder that you should buy within your means and don’t go over or exceed it significantly.

To ensure you shop within your budget, you may potentially need to substitute certain elements of the ring. Little adjustments can make all the difference when it comes to the final price tag of your engagement ring.

An excellent example of this is instead of going platinum, consider white gold engagement rings. White gold is more affordable and can be a better option for your budget while not making a huge design difference.

Research diamonds and review your options

When shopping on a budget, a flawless diamond isn’t necessary. By looking into diamonds beforehand, you can understand how the value of a diamond and its characteristics can significantly impact the ring’s value.

You will also understand that you can still achieve an impressive diamond without necessarily having all the top colour grades and clarity.

Unless professionally analysed, many people cannot identify the difference between diamonds on the high end of the clarity scale compared to those on the lower end of the scale. Rather than using the grading criteria to decide on your ring, we recommend using your eyes as a visual guide to picking a diamond.

Similarly, with colour, you can opt for a mid-range colour graded diamond and still receive a diamond that wows.

Look into different payment options

When purchasing a ring with a budget, a valuable tip is to approach a jeweller and ask for their payment options. If you don’t need to pay for a ring upfront, your budget can slightly evolve and you can potentially spend more if you are paying it off over time.

These days, there are many different options when it comes to payment. Jewellers understand engagement rings can be a pricey purchase that can significantly dent the bank when bought all at once. Many jewellers offer different financing options to make the purchase smoother and give you flexibility with your money.

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Ready to buy an engagement ring that you can love for a lifetime while fitting within your budget? Rely on one of the leading jewellers in Sydney by visiting Midas Jewellery! Our vast collection and exquisite range of engagement rings will guarantee a ring for you.

You can book an appointment with one of our master jewellers for our customisation services by heading to our website.