Many couples today are choosing to forego the elaborate engagement ring and put the savings toward starting their lives together, such as toward the down payment of a home, getting rid of debt such as student loans, or saving for future children who might come along.
But just because you are foregoing the elaborate part doesn’t mean that you have to give up the ring. In fact, you can use a couple of different strategies to get a nice ring and have your savings too.
Generally, it isn’t the setting that costs the bulk of the money on an engagement ring but the diamond. Why not substitute the diamond for a less expensive gem, such as a sapphire. You can get as elaborate and intricate a setting as you like but stay on budget. Plus, something different can reflect your uniqueness and be a conversation piece for years to come.
Diamonds for engagement are a relatively new concept in history, believe it or not.
Perhaps you can make use of a family ring or piece of jewelry that has been passed down. Not only will a ring like this carry sentimental value, but it will also be inexpensive. You can always set a diamond or other stone in a a new modern setting for much, much less than the cost of a brand new ring.
Consider buying a used ring. Yes, I know that people are worried about bad karma with a ring that might have been returned from a broken engagement or divorce, but consider this: many rings may not be brand new to the couple. Many store restock rings that people return or at least repurpose the diamond. So you may be getting a used ring anyway. Of course, you’ll still pay full price for the ring at the jewelry store.
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