For a person ready to propose, buying a wedding ring can be a daunting task, not only for the emotion attached to it, but also the price tag.  It’s no secret: buying an engagement ring can be an expensive endeavor.  You want to show your partner that you really care, right?  And you do that with the nicest ring that not only calls attention to itself, but the love you and your partner share, correct?

While you will most likely answer in the affirmative with both of the above questions, you can still get a ring that accomplishes all of those goals, but does so on a budget.

Do Your Homework

Like most purchases, shopping for an engagement ring takes some shopping around, planning and budgeting.  Unlike other purchases, though, is the amount of time it takes to actually plan well and execute the purchase of a great engagement ring.  To start shopping, first, keep a close watch on your local jewelers to see when they run their specials on rings.  Take a few months — or longer — to get a great idea of when rings go on sale or when you might get a good discount.  While rings can go on sale at any time of year, they often go on sale November and December — to accommodate Christmas proposals — and January and February — to accommodate Valentine’s proposals.  See how low the prices on rings that you want to buy are during these times and go from there.

Marriage Proposal by Klearchos Kapoutsis, on Flickr.  This work is licensed under a Creative Commons Attribution 4.0 International License.

The second step is to set a budget.  Tell yourself how much you not only want to spend, but how much you can actually spend.  You want to get a great ring but in the end, it doesn’t matter how much you spend on a ring if you don’t have money left over for the wedding or life after the wedding.  When you shop, tell the jeweler what your price range is and see what he or she can come up with.  You might want to even tell the person a slightly lower amount and then “negotiate up” on the price.  Having done your homework on the rings prior to shopping, you will know more and be able to effectively gauge how much you can spend for a certain type of ring.  The more budgeting, planning, and research you do, the better chance you have of getting a great deal.

Consider Second-hand Rings

In the form of a great pun comes the suggestion to consider second-hand rings as an engagement option.  In this regard, antique shops might provide a nice alternative to the stuffy, fancy jeweler down the road because you’ll be able to get some older, often better made, unique rings.  Antique shops might be a little more money in some ways — because they are often better made, with more precious metals — but  you can find some deals if you are really looking for them.  On a related note, you might have some great family heirlooms that include vintage rings that you can use for your engagement.  If you go the family heirloom route, you have not only saved money, but connected back to your family in a unique, refreshing way.  With either of these options, getting the ring resized is easy and fairly inexpensive.

Purchase Rings and Stones Separately

A final way to save on your engagement ring is to purchase your band and stone separately.  For example, you might be able to purchase the stone from a wholesale supplier that only specializes in stones and then do the same thing for the band.  Shopping for the pieces individually like this means that you can find great options for both the band and stone, and then pay to have the pieces put together.  Get creative to save the most money here.