Buying an Engagement Ring Without Going Broke

Did you hear of the man trying to fund his own engagement ring? Calling on the internet to help raise $20,000 for a dazzling bling might seem a thoughtful act, but you don’t want to risk sounding cheap.

So, what is the average cost of an engagement ring? According to Coffs Coast Advocate, Australians are most likely to pay $3311 for an engagement ring. With a survey of 1000 people commissioned by Slater and Gordon Family Lawyers, it was found NSW had the lowest proportion of respondents who said the cost of the ring didn’t matter – proving the state found to be the most materialistic when it came to the cost of an engagement ring!

What are the best ways to buy an engagement ring without the debt hanging over you? Here are some tips on how to pay for that symbol of your love.

engaged couple showing off the engagement ring by Matthew Nigel Photography

Heirlooms are You’re Best Friend

Jewellery passed from generation to generation has a little sentimentality and fiscal prudence. Ask your future spouse’s family if they have any heirlooms that they would like to pass on, and ask your own family too. An old piece of jewellery might be completely free, but the service and upgrades could start from a few hundred dollars. If you obtain an heirloom ring, consider these options;

  • Resize, repair and polish!
  • Create a new setting for an heirloom diamond.
  • Incorporate a new band into the old design.

Buy a Used Engagement Ring

If you can overlook a ring’s history, this can lead to significant savings! Remember, a used ring can always be professionally cleaned to give it new shine. Here are some great ways to approach this;

  • Pawn shops will sell rings from a recent divorce (cha-ching!) The savings can be irresistible..
  • Begin your search at estate sales – you might uncover a vintage ring at a fabulous price.
  • Shop on ebay. Pre-owned engagement rings will have at least a 30% discount over new ones. Make sure there is a certificate of authenticity.

Break From Tradition

One of the most surprising ways to save money on engagement rings is to ‘break tradition’. Consider these ring choices that can really save you some money;

  • Leather rings, even unisex ones can be bought from Etsy.
  • Wooden engagement rings can be a cost effective alternative to precious metals. A simple band without any ornate details and gemstones could please a simplified woman!
  • Tattooed rings really break away from tradition. Nothing says ‘forever’ better quite like a tattoo.

Image via Matthew Nigel Photography

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