How To Buy An Engagement Ring Without Going Broke

According to the Wedding Report, a research company that tracks the bridal industry, grooms-to-be spent an average of $3,407 on engagement rings in 2016, up slightly from 2015. Only 12 percent of men shell out more than $8,000. Translation: There's most likely a ring with the features she loves, that also stuns her friends and makes you proud, within your budget.

No point in buying a ginormous rock if she prefers a minimalist ring. Consider enlisting the help of a friend who knows what your partner wants, or doing what 42 percent of couples do, and shop together. Less romantic? Perhaps. But if the goal is her happiness, then mission accomplished.

Sort of. The thing to keep in mind here is that it's ultimately about the right ring (and one that's within your means)—not the size of it. In fact, a study has found that buying a ring that's outside the budget may add undue financial stress on couples trying to create a picture-perfect engagement, whether or not they can afford it.

Say you're set on popping the question by a certain date, but your funds for a ring aren't quite there. If you've got a healthy financial history, you could consider a fixed-interest loan from a lender like Discover for help. The loans range from $2,500 to $35,000, require no collateral to secure, and offer a fixed monthly payment and clear payoff date. You choose the amount you need and the repayment term that fits your budget. And unlike some financial options, like at the jewelry store, there’s no rising interest rates, or surprise fees, as long as your payments are on time.

Estimates vary, but by purchasing a loose stone from a diamond dealer then having a jeweler set it, you could save up to a third on the cost of the stone. Yes, you will need to work with at least two different experts, but you’ll get brownie points for creating something just for her.

Shop around online with reputable sources and you could save a ton on taxes. Some online diamond stores only charge sales tax on orders shipped to certain states. So depending on where you live, you could enjoy significant savings—especially considering sales tax is more than 10 percent in some states.

Your mom told you about them: carat, color, cut, and clarity. But don’t judge a stone based solely on those factors. Look at the ring as a whole: You want to love its provenance (if it’s an antique), its setting, and the band it sits on. And for what it's worth, platinum is the new gold standard—it lasts forever and is worth way more than Au.

While a dainty setting can look lovely and Victorian, it also runs the risk of damage. And while a high prong can make a smaller stone look larger, women often prefer a recessed setting that won't get banged up when it knocks against...everything. Bonus: Saves you money in costly repairs in the long run.

It can be pretty inexpensive to insure this ring—likely one of your biggest investments to date. (And it is an investment: you can always sell it if cash gets really tight. But let’s not get ahead of ourselves.) Many homeowner’s or renter’s insurances allow you to add a specific item to a policy; a rule of thumb is to pay $1-2 per year for every $100 you spend. Add the ring to your policy immediately; if you don’t have homeowners or renters insurance, now’s a good time to get on that.

This ring is the first big purchase you’ll make for your future wife. You should love it. If that means you spend a little more than you’d like to get the perfect stone, consider it amortized across the 50-plus years of bliss you’re about to embark on. Shop around, go with your gut, and buy a quality piece that you can pass on to your grandchildren.