Find out how to save for an engagement ring with our handy guide. When it comes to weddings, you can skimp a bit on the food and maybe cut back on the flowers, you can even choose a wallet-friendly venue with do-it-yourself arrangements — but the one thing you should never compromise on is the promise you wear on your finger.
Engagement and wedding rings can be of any shape, size or style, but they have a very special meaning: they are a symbol of the eternal promise made by you and your special someone. If there's anything worth spending a bit of money on, it's this. But don't worry, we've got some tried and tested tips for how to save for an engagement ring and we're going to share them with you now.
So without further ado, let’s look at how to save up for an engagement ring (or wedding ring) that's going to sweep your loved one off their feet when you finally pop the question.
Overview
- Set a maximum budget
- Do your research on engagement rings
- Compare different engagement ring styles
- Consider future ring upgrades
- Cut down on your day-to-day expenses
- Start a savings jar
- Diamond Alternatives: Lab Grown!
- Opt for lab-grown diamonds
How To Save For An Engagement Ring
1. Set Your Maximum Budget
Step one in learning how to save for an engagement ring is knowing what amount of money is feasible to spend. There is nothing worse than going into a purchase blind, buying your bridal jewellery on an impulse and finding yourself regretting that decision for weeks afterwards. Traditionally, they say that you should spend 10% of your salary on an engagement ring. Another rule of thumb is to spend 2 months of your income. But these days, it’s really up to you.
The safest way to go about it, is to start at the beginning by chalking out the maximum amount you’d be willing to spend buying an engagement ring. While it may seem tough, this step is super easy because no one knows your expenses better than you do!
2. Do Your Research!
Research and preparation is mission-critical when learning how to save for an engagement ring. If you do your research well enough, not only do you have a solid chance at finding a great deal, but you’ll work your way through thousands of styles and designs to find elements that work best for your beau. Looking at the 4 important Cs of precious stones is a good place to start.
CUT:
The ‘cut’ defines the way the stone is shaped. The common types under this category include:
- Princess cut engagement rings
- Cushion cut engagement rings
- Emerald cut engagement rings
- Square engagement rings
- Round engagement rings and more.
The cut of the stone also impacts the price.
COLOUR:
The most expensive colour for the stones set into engagement rings is “D”. However, the colours “G” through “I” are just as popular, and a lot more viable as alternatives due to their lower prices and great appearance.
CLARITY:
The clarity of the stone lies at the heart of its appearance; after all, less inclusions are always better! Crystal clear clarity is a sign of high quality.
CARAT:
A carat is a unit of weight, which is actually important for the price of the stone, and this can be seen by the difference in price when just a few points are reduced from the weight. For instance, a ring weighing 0.95 carats is significantly cheaper than a 1-carat ring.
To read more about these, check out our post How To Save Money On An Engagement Ring.
Luminesce Lab Grown 1 Carat Diamond Solitaire Fancy Ring in 9ct Yellow Gold
$1,499.50
$2,999.00
This 9ct yellow gold solitaire ring from Luminesce features a 1 carat oval cut lab grown diamond set in a fancy band, giving you serious sparkle at a price that makes sense. The near-colourless GH colour diamond catches the light… read more
Luminesce Lab Grown 1/4 Carat Diamond Solitaire Oval Ring in Sterling Silver
$199.00
$499.00
Luminesce Lab Grown 1/4 Carat Diamond Solitaire Oval Ring in Sterling Silver… read more
1.50 Carat Lab Diamond Emerald Cut Solitaire Ring in Sterling Silver
$1,249.50
$2,499.00
This sterling silver solitaire ring features an emerald cut lab grown diamond, colourless and beautifully clear. The emerald cut gives the stone a sleek, step-faceted look that stands out from a classic round shape. Low profile and comfortable, it is… read more
3. Save On The Style
By choosing the right setting, you can make almost any diamond look large, glamorous and dazzling. When you look for the right ring, play around with different styles; even if your budget doesn't allow you to choose the big carat diamond you wanted, you might make a smaller gemstone look just as opulent with a clever design.
Luminesce Lab Grown 9ct White Gold 1 Carat Diamond Halo Solitaire Ring with Pear Centre Diamond
$1,499.50
$2,999.00
Luminesce Lab Grown 9ct White Gold 1 Carat Diamond Halo Solitaire Ring with Pear Centre Diamond … read more
Luminesce Lab Grown 1 Carat Diamond Solitaire Ring in 9ct White Gold
$1,499.50
$2,999.00
This Luminesce Lab Grown 1 Carat Diamond Solitaire Ring in 9ct White Gold has a brilliant cut lab grown diamond, claw set in cool white gold for a clean, classic look. Simple and timeless, it works beautifully as an engagement… read more
Luminesce Lab Grown 9ct White Gold 0.15 Carat Diamond Halo Solitaire Ring
$849.50
$1,699.00
Radiate elegance and sophistication with the Luminesce Lab Grown Diamond 0.15 Carat Cluster Dress Ring in 9ct White Gold. This exquisite ring features a dazzling cluster of lab-grown diamonds, meticulously arranged in a captivating design. The diamonds shimmer and sparkle… read more
4. Consider Future Upgrades
This is something people rarely consider when they look for ways of how to save for an engagement ring. Some wedding and engagement bands are the kind you can inscribe a few years down the line, so while they may seem plain now, you can increase their value (and personalisation) at a time that suits your bank balance better.
9ct Yellow Gold Eternity Ring with 15 Diamonds
$499.50
$999.00
This 9ct Yellow Gold Eternity Ring with 15 Diamonds features a collection of finely cut diamonds. Each stone fits perfectly within this 'XOXO' design and contrasts the yellow gold band with lush white tones.… read more
9ct Yellow Gold Curved Eternity Band with 18 Brilliant Cut Diamonds
$899.50
$1,799.00
9ct Yellow Gold Curved Eternity Band with 18 Brilliant Cut Diamonds … read more
5. Cut Down Your Day-To-Day Expenses
The largest expenses are usually the sneakiest ones. The everyday coffee run and the Uber ride to places within walking distance — it all adds up. And even though it may not seem like much at the time, these expenses can help you save some genuinely big bucks for when it counts most.
6. Start A Savings Jar
The good ol’ savings jar is a great way to add a bit extra to the amount you’ve already saved up. Another clever trick is to set up automatic transfers from your income account into your savings account. What seems like small amounts in change can add up, up, up!
1/4 Carat Diamond 2-Ring Bridal Set in Sterling Silver
$749.50
$1,499.00
This harmonious and complementary pair of rings symbolises the bond between the engagement and the wedding, signifying a beautiful, committed journey. The silver engagement ring in the pair boasts ¼ carat diamond of diamonds set in a square feature display.… read more
Luminesce Lab Grown Sterling Silver 1/2 Carat Diamond Solitaire Ring
$449.50
$899.00
Luminesce Lab Grown Sterling Silver 1/2 Carat Diamond Solitaire Ring… read more
9ct White Gold Solitaire Ring With 1 Diamond
$499.50
$999.00
Simple yet stunning, this 9ct White Gold Solitaire Ring With 0.01 Carat Claw Set Diamond is a great ring for everyday wear. Enjoy the quality and style of 9ct white gold with a smooth and shiny finish that is versatile.… read more
7. Consider Something Personal
Maybe a diamond ring isn’t for you and your special someone — maybe yours is a more unique kind of bond! Maybe you even have a special stone you’d like to pick just to commemorate it. A good idea is to check out the birthstone of your to-be-wife/husband, and pick a ring accordingly. Whilst diamond rings are a classic, gemstone engagement rings are way more personal and can hold a unique meaning meant for no one other than your partner.
To get some more ideas, check out Trend Report: Alternative engagement rings.
9ct Yellow Gold 1ct Natural Sapphire and 1/5 Carat Diamond Pear Halo Ring
$999.50
$1,999.00
Please contact us regarding special order enquiries for this ring. All ring sizes can be specially ordered, with delivery approximately 6-8 weeks.… read more
9ct Yellow Gold Graduating Natural Ruby Ring
$449.50
$899.00
Make a subtle statement with our 9ct Yellow Gold Graduating Natural Ruby Ring, a breathtaking piece of jewellery that embodies elegance and sophistication. Crafted from premium 9 carat yellow gold, this ring showcases a stunning design featuring a row of… read more
9ct Yellow Gold 2.5 Carat Natural Sapphire + Zirconia Ring
$999.50
$1,999.00
This stunning 9ct gold ring features a 2.5 Carat natural blue sapphire, surrounded by cubic zirconia, and is sure to make a stunning statement. Please contact us regarding special order enquiries for this ring. All ring sizes can be specially… read more
8. Diamond Alternatives: Lab Grown!
You don't have to buy an expensive diamond engagement ring, but if you are going to buy a diamond these days, make it a lab grown one. Lab-grown diamonds make it totally possible to have that diamond sparkle without the traditional diamond jewellery price tag.
A great budget and environment-friendly substitute to mined diamonds, these beauties have an identical appearance and are available in a superb variety. To learn more about lab grown diamonds, check out: What is a lab grown diamond and other frequently asked questions.
Bonus tip: Insure it! After she says ‘yes!’, don’t forget to maintain and insure this precious symbol of your forever promise.
Luminesce Lab Grown 2 Carats Diamond Oval Solitaire Ring in 9ct Yellow Gold
$1,999.00
$4,999.00
This 2 carat oval lab grown diamond solitaire ring from Luminesce is a gorgeous choice for an engagement or milestone moment. Set in 9ct yellow gold with a white gold setting, the oval cut diamond takes centre of the design,… read more
Luminesce Lab Grown 1 Carat Diamond Oval Solitaire Ring in 9ct Yellow Gold
$1,199.00
$2,999.00
Luminesce Lab Grown 1 Carat Diamond Oval Solitaire Ring in 9ct Yellow Gold… read more
Luminesce Lab Grown 1 Carat Brilliant Cut Diamond Solitaire Ring in Sterling Silver
$999.50
$1,999.00
Luminesce Lab Grown 1 Carat Brilliant Cut Diamond Solitaire Ring in Sterling Silver… read more
So now you know how to save for an engagement ring (or wedding band). Our extensive and well-priced catalogues of engagement rings and wedding bands are chock full of rings for every taste and at very affordable prices. So go ahead and start browsing away for your perfect engagement ring. And don't forget, at Shiels we offer interest free financing options via Latitude Interest Free, Klarna, humm, Zip and Afterpay!
FAQs
How much should you spend on an engagement ring?
There's no set amount. Spend what fits your budget and your partner's style. The old "three months' salary" rule is a myth. Most couples find a beautiful engagement ring for anywhere between $500 and $3,000. Set your budget first, then choose the diamond shape, setting and metal your future fiancé will love.
Learn more: How Much To Spend On Engagement Rings
How much does a wedding ring cost in Australia?
A wedding ring usually costs between $500 and $2,000. The price depends on the metal (sterling silver, 9ct gold or white gold), the width of the band, and whether it's set with diamonds. Plain gold bands sit at the lower end, while diamond eternity bands cost more.
Browse women's wedding rings and men's wedding bands.
Who pays for the engagement ring?
Traditionally, the person proposing pays for the engagement ring. Today, many couples split the cost, either to afford a more special ring or because they prefer to make big financial decisions together. Do whatever feels right for you both.
How can I save money on an engagement ring?
Choose a lab-grown diamond, a setting such as a halo or cluster that makes the centre stone look bigger, or a carat weight just under a whole number (for example 0.95ct instead of 1ct). A meaningful gemstone, like your partner's birthstone, is another lower-cost option.
Can I pay off an engagement ring?
Yes. At Shiels you can buy now and pay over time with interest-free options including Afterpay, Zip, Klarna, humm and Latitude, so you can have the ring in time for the proposal.
