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How to save on an engagement ring

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Now that you’ve decided to finally commit and put a ring on it, here are some tips to purchasing an item that may add some additional sparkle to your partners’ hand – without breaking the bank.

Gather intel

Have you familiarised yourself with your partners’ taste? Without giving too much away, consider chatting with your partners’ best friends, mother, father, aunts and uncles. Hopefully, you’ll have a big enough focus group to get an idea of what she likes. Worst case scenario, you may like to search for some clues from her current jewellery collection.

Consider using different material

The gemstone does not necessarily have to be a diamond. There are many other gemstones that are just as awesome. Amethyst, Emerald, Ruby or Sapphire can be great alternatives.

Go vintage

For many people, a family heirloom or a vintage ring could be an affordable option. Often, family heirlooms can hold a greater sense of meaning for a bride-to-be, while a vintage ring may offer a unique design at a more affordable price.

Diversify your search

You’re probably going to want to get the best bang for your buck. Consider spending some time searching online. There are a variety of online retailers such as Brilliant Earth or Blue Nile. The other option is to head out on foot in your local area or major city. Based on your required specs, you may get lucky and score a really good deal. Hot tip: Price match and don’t be afraid to ask for a discount.

Fake it to make it

If your significant other has an expensive designer ring in sight, try to keep calm. Although this may initially be alarming, you can opt to purchase an inexpensive fakie, and together, design a higher spec ring at a later date using a private designer.

Don’t fall for it

Have you considered that the ‘three-month salary rule’ could be a myth? Despite how overwhelmed you are with love, it’s important to remain financially savvy. Only spend what you can afford and think about the money you could save to put into a Reward Saver Account. With the savings you make, you can be a step closer to buying other awesome stuff like a new surfboard, or that downhill mountain bike you’ve always wanted.

Feeling particularly generous?

Now, the following option could make your significant other feel super special. If you don’t currently have the required funds on hand for a higher spec ring, or even a wedding for that matter; applying for an IMB Bank personal loan could be a solution to your predicament. Hot tip: Click on the big orange button below and see if you qualify.


Enquire about a competitive Personal Loan with IMB Bank

Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 140 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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