4 Easy Hacks To Save Money On Wedding Rings

As glamorous and wonderful weddings can be, you can’t ignore the fact that the entire event can be expensive. In 2019, the average cost of hosting a wedding was GBP£21,000, which was higher than the average cost since 2015. So, if you still want to have the perfect wedding yet save a few pounds, it’s best to cut down on other expenses. As a start, you can begin with your wedding ring. 

From engagement rings to wedding rings, it’s no secret that these accessories can be pricey. Nonetheless, they can still be considered a significant investment, especially if you have one at a much lower price without sacrificing the ring’s design and quality. Fortunately, this article will present some easy hacks that’ll allow you to save money on wedding rings. 

Here are some easy hacks to save money on wedding rings: 

Set a budget

One of the best ways not to overspend on a ring is strictly following a budget. When you have a budget, the sifting of countless options will be easier as you can ignore extravagant rings that are already way beyond your budget. 

Moreover, when you’re setting a budget, it’s crucial to conduct some research first regardless of whether you’re deciding to buy lab grown diamonds or you want those that are mined. This way, you’ll have a more realistic price range; hence you won’t be forced to buy a ring that is of a low quality. Also, you won’t be tricked into buying an unnecessarily expensive ring.  

Purchase online

A lot of people may be hesitant to purchase a wedding ring online, as they can’t physically see and feel the accessory. However, there are now plenty of reputable jewellers that have an online presence, eliminating the need to visit a brick-and-mortar jewellery store. Additionally, rings are 30-40% cheaper online. You can then use the money saved on other important wedding essentials. 

The main reason physical stores are more expensive is the overhead expenses. Owners need to consider their staff’s salary, utility bills, and rent, all of which may be added to the ring’s price. Since online jewellery stores don’t have to consider the overheads, their prices may be lower. When buying a wedding ring online, all you have to do is find a reliable site, which isn’t much of a hassle compared to store hopping.    

Essentially, when you purchase a wedding or engagement ring online, you can guarantee that not only will you buy a ring that’s within your budget, but you’ll also wear one that is of a nice quality.

Take note of high-interest rates

Just because the wedding ring fits your initial budget, make sure that you don’t get sucked in by a financial option that seems too good to be true. Some jewellers may lure you into buying their merchandise by offering you a great deal, like no down payments or no need to swipe with your credit card. However, the final cost or the exact price of the wedding rings may be far more than you expect. 

To avoid this situation, make sure you’ve understood the fine print and always communicate with the dealer before signing anything. Again, don’t buy a ring that you can’t afford, no matter how tantalizing it can be.  

Avoid a round cut

While a round cut diamond engagement or wedding ring is the most popular shape, it’s the more expensive cut – 25% more than other shapes. The main reason round cuts are expensive is basic economics; since round cuts are in demand, it’s more expensive. 

Another reason round cuts are expensive is the way they’re manufactured or cut. Getting a perfect round cut means there will be a lot of diamonds lost in the process. Hence, suppliers will make up for this loss by increasing the price.

Final advice

For you to save money on wedding rings, the main takeaway is to know more about them in the first place. Now that you know four easy hacks, you’re now on the right track. All that’s left for you to do now is to conduct additional research, especially concerning how the colour and cut affect the ring’s price. 

Of course, if some extra budget or financial aid is coming your way, it’s okay to increase your wedding ring budget. What’s important is you’re marrying the love of your life, and you’ll now have an heirloom to pass on to your children, which is the reason why wedding rings are an excellent investment.

References

1. “This Was the Average Cost of a Wedding in 2021”, Source: www.theknot.com/content/average-wedding-cost
2. “Should I Buy A Diamond Online?”, Source: https://www.diamonds.pro/education/buy-diamonds-online/ 
3. “Round Cut Diamond Rings Are More Expensive!”, Source: https://globallearning.world.edu/2019/04/03/round-cut-diamond-rings-are-more-expensive/