How to save on an engagement ring

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

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Important Information

Important Information

This article has been prepared by IMB Bank and contains general information only. It is not intended to be relied on as advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal,  financial, taxation or other professional advice before you make any decisions about your business. Consider the relevant Terms and Conditions or Product Disclosure Statement and Target Market Determination before deciding whether to acquire any products or services offered by IMB Bank. Lending criteria, terms and conditions, fees and charges apply to IMB loan products.  

IMB Bank does not recommend any third party products or services referred to in this article and we accept no liability in relation to them. Any links to third party websites are for your information only and we do not endorse any content on those sites.