How to Save Money on an Engagement Ring

If you’ve decided it’s time to pop the question to your partner, congratulations! The coming weeks are going to be filled with excitement and nerves as you figure out the whens, wheres and hows, to make sure it’s as romantic and special as it can be.

Another major consideration you may also have is how much you should spend on the engagement ring. Depending on who you ask, this could be anything from a couple of grand to almost ten grand. If either of these amounts makes you feel anxious or overwhelmed, then don’t worry – neither of these will necessarily be true for you. 

But at the same time, regardless of your budget, you’ll want to buy a ring that’s beautiful, elegant and something your partner will be proud to wear on their finger and show off to the world. So, can you buy a ring without worrying about getting breaking the bank?

Thankfully, yes you can. In this post, we’re going to explore the many ways you can save money on an engagement ring so you can get down on one knee and not have to worry about whether or not they’ll love the ring (because they definitely will).

What’s the average amount spent on an engagement ring?

Here in the UK, the average engagement ring costs approximately £2,089. Before this figure makes you change your mind about buying a ring and proposing, remember this one important fact: an average does not need to be stuck to. Some people who buy an engagement ring will spend more than the average, but many, many people spend way less.

If you’re going to propose, then you’re possibly fairly serious about getting married to the person you love. If that’s the case, you’ll spend a lot of money on a wedding within the next few years – and with the average wedding costing £20,775, you might not want to spend too much on the engagement ring.

How much should you spend on an engagement ring?

There are several opinions about what the traditional amount to spend on an engagement ring is, but it usually varies between one and three months’ salary. That means, based on the average UK salary of £29,669, you might expect to spend between £2,472 and £7,417.

As you can see, even the lowest amount is still higher than the average spend, so you shouldn’t feel obliged to spend this much. When deciding your budget, you shouldn’t base it on anything other than your own circumstances. Try your best to ignore what you think you have to spend or what others might have spent on rings in the past. You do you.

What if you only have a small budget for an engagement ring?

If you only have a small budget to spend on an engagement ring, then don’t let that trouble you too much. Even if you can’t spend anything close to the UK average, that doesn’t mean you won’t be able to buy a fabulous ring – far from it. There are plenty of amazing engagement rings out there which don’t cost close to the average. Besides, how much the ring you buy costs doesn’t matter all that much – what the ring represents is the important part. After all, it’s not like the amount you spend on a ring has any reflection on the amount of love you have for your future fiance.

However, if you have a small budget, or you’re conscious that you don’t want to spend too much, there are ways to save money on an engagement ring so you can have the perfect piece to present when you get down on one knee.

12 ways to save money on an engagement ring

Below are 12 ways you can save money on an engagement ring so you can avoid spending the average amount. Then, once you’ve received your YES, read our ultimate wedding cost-cutting guide for plenty more money-saving tips. Remember, a cheap engagement ring doesn’t have to look or feel cheap if you know what to do.

1. Set a budget and stick to it

The first step is to carefully consider your finances and set a realistic budget. You might want to spend thousands and thousands on the biggest, shiniest ring you can find, but where will your finances be once the excitement has worn off and the reality of planning a wedding sets in?

When it comes time to start ring shopping, don’t get carried away – stick to your budget, as hard as it might be. The perfect ring for your budget is out there. If you can resist temptation, your bank account will thank you, we promise.

2. Choose the cut carefully

The type of diamond cut you go for will have a big influence over the price you pay. The most expensive diamond cut is round brilliant. This is, in part, because so much diamond is wasted in the cutting process, which is often more than half – so that’s lost profit on the jewellery maker’s floor. Another reason is that round brilliant cut diamonds have 58 facets (the flat edges that come together to form the shape of the diamond), and 58 is the ideal number for creating the maximum amount of sparkle and fire.

The most affordable diamonds are pear shape, heart shape and princess cut, as they use more of the rough diamond. While these are still relatively expensive, they can be as much as 30% cheaper than a round brilliant cut diamond. So, why not choose a more affordable cut – you still get a fabulous diamond but could pay way less.

3. Choose a stone other than diamond

If you’re not precious about diamonds, or you want to present a ring to your partner with a stone that has a little more colour, why not pick a ring with something other than diamond? Some wonderful diamond alternatives include:

• Ruby
• Sapphire
• Emerald
• Aquamarine
• Amethyst
• Opal

If you really are keen on diamonds, another option is to choose a design which includes them, but they’re supported by other, less expensive stones. A trilogy or halo ring can feature smaller, more affordable diamonds around a different central stone, such as a sapphire or ruby. That way, you still get to propose with a diamond ring, but the cost isn’t quite as intimidating.

4. Choose a cheaper precious metal

When it comes to the choice of precious metal for an engagement ring, you’re actually spoilt for choice. There are premium, super-high-quality metals you could choose from, such as platinum or 18-carat rose gold, or ultra-low budget options, such as steel or tungsten.

Even on a budget, you may not want to choose the cheapest metal, but something middle-of-the-road can strike a great balance between luxury, durability and affordability. 

9-carat yellow or white gold, or palladium, are both fantastic but cheaper choices that are still special enough to be worthy of being placed on your partner’s ring finger.

Before you commit to the metal, it’s important to think about which metal you might like your future wedding rings to be made from. It’s recommended that they’re made from the same metal so they don’t wear at different rates or damage each other. If you bear this in mind now, it could save you money in the future.

5. Larger diamonds can be cheaper than smaller ones

Just because a diamond is bigger doesn’t automatically make it more expensive. When it comes to diamonds, they’re graded based on the 4Cs:

1. Carat 
2. Cut
3. Colour
4. Clarity

Based on this, a small diamond that’s clear and white will usually be more expensive than a large diamond that’s cloudy and slightly yellow. The higher the quality, the more fire and sparkle a diamond will have, and these are the qualities that are highly regarded in diamonds. This is what makes them more expensive. But, if your partner isn’t particularly fussed about this, you could get a larger diamond for a lot less. Plus, many of the imperfections that lower the cost of a diamond can only be seen if you have access to specialist equipment, so no one will even know.

6. Browse online jewellers

It can be useful to visit jewellers so you can see what’s available in person and get to study some rings that fit your budget. But, we also recommend browsing online jewellers, as this is a great way to grab a bargain. Online retailers offer a huge range of cheap engagement rings, so you’ll definitely find something that suits your taste and budget. Because they don’t have physical stores, they have fewer overheads, which means they can afford to charge less. Before you order, make sure you’re familiar with the site’s returns policy, just in case you change your mind once you see the ring in person for the first time.

At Bridebook, we also have a huge selection of jewellers across the UK, with many offering exclusive Bridebook discounts.

7. Avoid paying monthly if you can

Some jewellers will try and attract you with offers like ‘0% interest-free credit’, which sounds perfect for spreading out the cost, but there may be a caveat, such as that it only applies if you pay in full within six months. If you don’t, the interest creeps up so you actually pay far more for your ring than you’d budgeted for. If possible, avoid doing it this way – or if you do, double-check the terms and conditions before signing on the dotted line.

8. Find out your partner’s ring size

This one might be tricky, but why not visit a couple of jewellers with your partner and do your best to subtly measure their ring finger? If you can buy a ring that’s the right size, once they’ve said yes, you can slip the ring on their finger and you won’t need to send it off to be resized, which usually costs between £50 and £150 depending on the precious metal you go for.

9. Shop during the sales

We get it, once you’ve decided it’s time to propose, you’ll want to start the search for the perfect engagement ring. But, if time is on your side, it’s always worth holding out for a sale. For example, after the chaos of Christmas, high-street jewellers usually have a sale in January. Take advantage of this and grab yourself a deal.

10. Be a confident haggler

Did you know you can haggle at a jewellers? Even in big-name high-street jewellers, you can barter with employees to get a discount to slash a few pounds off the price. Don’t expect to knock off half the price, but it’s fairly common to get 10% off what you see in the window – just be as confident as you can, be nice to the store assistant and don’t demand too much.

11. Browse charity and vintage shops

Regularly checking in on your local charity and vintage shops is a fantastic way to secure a bargain. There’s nothing wrong with buying a second-hand ring – if anything, its history adds to its allure and charm. With persistence (and a little luck) you can find some real treasures, such as the engagement ring found in a charity shop that cost just £1. You might not always get that lucky, but it’s worth keeping a lookout whenever you pass your local charity shop. Plus, it supports a great cause!

12. Buy an alternative engagement ring

To get engaged, no written rule states you have to give your partner a ring. If your partner doesn’t like to wear a ring, or you’d prefer something a little more unique, there are plenty of options out there to suit all budgets. Why not plant a tree together to symbolise your growing love? You could get matching tattoos or donate to their favourite charity. Use your imagination and make your proposal one-of-a-kind!

For more ideas and inspiration, check out our dedicated post on 30 unique alternatives to engagement rings. 

Start planning your wedding with Bridebook

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Browse other similar articles…

• How Much Does an Engagement Ring Cost? The Average Couples Spend in 2024
• The Ultimate Wedding Budget Breakdown
• How Much Does a Wedding Cost? The 2024 UK Average
• Introduction: Your Wedding Budget
• Hidden Wedding Costs Every Couple Needs To Know About 
• Wedding Etiquette: Who (Traditionally) Pays For What?

Happy Planning!