Latter-day Saints are well known for getting married at a young age. While the Church encourages us to get married, they don’t want young college students or recent graduates to spend all of their money on engagement rings.
Most people think that it’s customary to spend 2 months’ salary on a ring. For a college student who makes $11 an hour working part-time, that allows for a budget of about $800-$1,800. The average cost of an engagement ring according to Business Insider is about $7,750.
In reality, you are the one who sets the budget, and it is not required that you spend 2 months’ of your income on a ring. Whatever your budget is, here are some options for young college students that are still beautiful, but won’t break the bank.
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Other Options for Diamond Engagement Rings
There are many reasons why the diamond is the most popular center stone for engagement rings. It is the hardest stone on the Mohs scale of hardness coming in at a 10. They can last a lifetime or more if taken care of properly.
If you are dead set on having a diamond as your center stone, a more affordable option is a lab-grown diamond. They are about 30% cheaper than naturally grown diamonds and because they do not require mining, they are better for the environment. When assessed under a microscope, there is no visible difference between lab-grown and a naturally grown diamond.
Moissanite stones look very similar to diamonds because they are also clear in color but unlike cubic zirconia (the stuff in party jewelry) because they aren’t trying to mimic diamonds. Moissanite is it’s own separate stone that bears a stunning resemblance to a diamond.
It comes in a close second to a diamond at a 9.25 on the Mohs scale of hardness. Meaning that will also last a long time. In some cases, a 1-carat diamond can cost about $4,000 but a 1-carat moissanite costs about $400.
Try Other Gemstones
There are many affordable options for center stones. Morganite, Moonstone, Opal, Emerald, and Onyx stones some of the most popular. Places like Olive Ave and Etsy offer affordable options and a large variety of stones and metals.
These gems cover a huge range of prices and allow you to find something beautiful for a good price. Morganite is a stone similar to moissanite but it has a pinkish hue. This stone looks great with gold metal and 1 carat usually costs about $300. Moonstone and opal jewels are about $30 a carat, and an emerald is about $700 a carat.
When you take the price of these loose stones and add the price of a nice setting, you have the ability to stay well within any tight budget. Make sure that you talk with your significant other about what they would prefer to make sure that you get them something that they will like.
Family Jewels
Many people don’t realize that commercial jewelry stores charge you for the stones and the setting separately. This really increases the price of the ring overall.
My husband was able to save a lot of money on my engagement ring because the center stone of my ring was passed down from my family. He got the stone reset into the simple setting that I wanted and we were able to save a lot of money that way.
In our case, we only had to pay for the setting because we had the stone. In other cases, you may have setting without a stone. Either way, this will help you save money on the ring.
Talk to members of your family to find out if there are any family heirlooms that you could potentially inherit. Not only is this is a great way to save money, but it can also add a sentimental touch to any ring that you can’t get anywhere else.
Related Link: Mormon Young Adults Marry 2 Years Earlier Than Most
Try Engagement Rings with No Stones
Sometimes, the best engagement ring is just a simple band. These are very affordable, even when they are very high in quality. There are many options for bands ranging from the simple gold bands to a band completely covered in small gems.
When picking out a ring keep in mind, your marriage is not about the ring. It’s about your relationship and the love you share with your partner. The rings are just a way to symbolize your commitment to one another.
May whatever you choose, it will be just as perfect for you as your future spouse is.
What are some of your tips for saving money on engagement rings? Share in the comments.
