How to Budget for an Engagement Ring: A Comprehensive Guide

Buying an engagement ring is an exciting step, but the price of an engagement ring can raise plenty of questions! With some strategic budgeting you can find a ring that dazzles within your means. Here’s our all-in-one guide to planning for that special purchase, with tips on everything from how long it takes to buy an engagement ring to choosing between a diamond or diamond alternative stones.

Buying an engagement ring is a big deal, and finding one that matches your vision without overspending can feel daunting. With a wide variety of styles, gemstones, and customization options available, you’re sure to find a stunning option within your budget. Let’s dive into engagement rings price ranges and practical ways to plan, save, and make the perfect choice for this meaningful purchase.

What’s the Average Cost of an Engagement Ring?

The average engagement ring price varies considerably based on factors like gemstones, metals, thickness of bands, and ring size. According to industry stats, the price of a diamond engagement ring typically ranges from $4,000 to $10,000, while some styles can easily go above $20,000. For those seeking gemstones like sapphires or emeralds, the average cost of a sapphire engagement ring is often more affordable, typically around $3,000 to $7,000, making it a stunning and more budget-friendly engagement ring option. These varying engagement rings prices give you plenty of room to find something beautiful without over-stretching your budget. At Bohemi, we are always transparent and upfront about the costs of your ring during the design process. We will walk you through what are realistic and unrealistic expectations for your price range, schedule an in-person or virtual consultation with us today!

How to Determine Your Engagement Ring Budget

Finding a budget that works for you is key, there used to be a “three-month salary rule”, but we find that rule to be passé. This rule for engagement ring price suggests allocating three months income to show your commitment and prove your true love. This idea actually originated as a marketing campaign by De Beers in the 1930's, and started with one month's salary but by the 1980's it increased to three months. We find this idea to be outdated and we don't believe in listening to marketing campaigns from diamond vendors to make financial decisions. Instead, set a budget that aligns with your financial situation and priorities. Think about what matters most to you and look at the price of an engagement ring that feels right for your life and values. 

Factors that Affect Engagement Ring Prices

Stone Type and Size: Natural diamonds are typically the most expensive option, especially in sizes like a 1.5 carat diamond engagement ring, which can range from $9,000 to $12,000. For a more budget-friendly gemstone, consider looking at a sapphire engagement ring, an emerald engagement ring or a salt and pepper engagement ring, which are generally lower but just as striking. The larger and more high-quality the stone, the higher the price. Side stone size and type are also something to factor into your budget.

Metal Choice: Gold, platinum, and white gold have different costs. As gold goes up in purity, it also goes up in price. Platinum tends to be the priciest due to its weight (platinum weighs 60% more than 14k gold). When people ask “how much are engagement rings?”one of the first things we need to know is the kind of metal they want.

Customization: Personalized elements like custom settings, side stones and wide, intricate bands, can add to the engagement ring price. Most people think these elements are worth it for a one-of-a-kind piece that reflects your love story.

How to Afford an Engagement Ring: Financing and Payment Options

When it comes to how to afford an engagement ring, there are various strategies to keep things manageable:

1. Savings: Setting up a dedicated fund just for the ring can be a great starting point.

2. Financing Plans: The way Bohemi works for all custom jewelry may make budgeting for an engagement ring easier. We charge a design fee, which goes towards the final cost of your ring. After you have confirmed the design, we take half down of the total ring cost. Production usually takes 4-6 weeks. Once your engagement ring is complete, you pay the other half upon completion. If you still need more financing options, we also offer Shop Pay Installments which is a partnership with Affirm that charges monthly payments. Eligible customers (you have to have Shop Pay account setup and a US billing address) get 0% interest for 6-12 months on purchases up to $17,500 when paid with a debit card. This is a great way to get the ring of your dreams!

3. Personal Loans & No Interest Credit Cards: An engagement rings price range can certainly cause sticker shock for some. Many people are in a position where it’s easier for them to get a lump-sum loan from a friend or family member. Other people feel more comfortable with a no interest credit card that they can pay off over time and (bonus) earn credit card points!

4. Selling Your Scrap Gold: Our absolute favorite way to bring the cost of your engagement ring down is to take all that old jewelry that's been sitting around-in the form of chains, rings, necklaces, and pendants and give you a refining credit for the precious metals. We can take coins, silverware, dental fillings and really just about anything you can think of that is made with platinum, karat gold and silver and refine it. You would be surprised how many family members have jewelry that they don't wear and don't want that is made from karat gold that they would be happy to give you to help you reach your engagement ring savings goal. We can also take out heirloom stones and use those in your ring as well!

A little flexibility and planning can make even higher-priced options more affordable and manageable, so you can comfortably find the perfect ring no matter your budget.

Custom and Alternative Engagement Rings

Exploring custom or alternative options can help you find a beautiful ring without the premium diamond engagement rings price. Unique gemstones like sapphires or emeralds can be equally captivating while offering more affordable price points. When you meet with us, we can show you engagement rings by price, so you can see stunning options that match your style and budget. Plus, custom designs let you put a personal touch on this special piece, ensuring it’s unique to your relationship.

Saving Money on an Engagement Ring

You don’t have to break the bank to find a beautiful ring. Consider these money-saving tips:

• Opt for Lab-Grown Diamonds: These can offer substantial savings while still providing the quality and sparkle of natural diamonds.

• Alternative Gemstones: Sapphires, emeralds, moissanite, salt & pepper diamonds, and other gemstones come in at a fraction of the cost of natural white diamonds. With a lower sapphire engagement ring price or emerald engagement ring price you can have the same level of beauty.

• Explore Custom Services: Bohemi’s custom offerings provide quality craftsmanship at a range of price points, ensuring that your dream ring fits your budget. We will work closely with you to find the perfect balance of affordability and exceptionality.

Conclusion: Finding the Perfect Engagement Ring Within Your Budget

 No matter your budget, you can find an engagement ring that meets your vision with Bohemi. Setting a budget early, understanding how to buy an engagement ring, and exploring alternative gemstones or lab-grown diamonds are all great ways to ensure you make a smart and beautiful choice.

Visit Bohemi to explore custom options or take our quiz to find your perfect ring. Here’s to finding a piece that celebrates your love and your style, no matter the engagement rings price range.