4 Tips for Buying a Budget-Savvy Engagement Ring

Here are four tips for buying a budget-savvy engagement ring.

1. Read the Fine Print

Jewelry stores often advertise zero-interest introductory financing, but be sure to read the terms and conditions before signing on the dotted line. Often a zero APR intro offer can come with a required minimum purchase, and if you miss a payment, you will have to factor in the cost of the late fee and the possibility of losing the 0% intro APR.

Consider the smaller stores rather than big-box retailers. They often have lower overhead, which can mean lower prices.

2. Think of Heirlooms or Sentimental Rings

Ask your grandparents or family if anyone has a ring they would be willing to gift you. Not only would this option be more budget-friendly, but your ring would have sentimental value and, if not already a family heirloom, could quickly become one.

Even if you don't like the setting or the ring doesn't fit, you have options. If you want a different stone, resetting or resizing the ring will still be easier on your wallet. While you will always want to get estimates, most jewelers can reset a ring for about $300, according to WeddingWire.

3. Consider Gemstones

Non-traditional gemstones are another option where you can still give a stunning engagement ring to your significant other without the sticker shock. You could consider your loved one's birthstone or a gem meaningful to them. There are even gemstones that look like diamonds, but offer significant savings, like a lab-grown diamond or white sapphire.

4. Remember the Four C's

If you want to go the traditional route with a diamond, be sure to remember carat, color, clarity, cut. Also known as the Four C's of diamond quality.

Taking the time to learn the 4 C's of diamond quality can help you understand if you are getting a good value.

Did you know that you can get a diamond grading report provides an independent and unbiased look at the Four C's for you? Which can help determine the value of your ring.

Whatever you decide, there are lots of options to consider that can help you stay in budget when buying a stunning engagement ring.