When love is in the air, it could lead to an engagement ring on the finger! Diamond rings are an investment – and sometimes “love” comes before “saving.” A study by Bride magazine found that the average couple spent $3,700 on an engagement ring in 2020 – half the average of $7,800 in 2018. The Four C’s affect that price. They are the cut, color, clarity and carat.

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The center stone is the biggest expense. Some may consider a less expensive statement ring and choose a larger gem other than a diamond. White sapphires are elegant and trending, as well as colored gemstones. The size and cost of an engagement ring is a personal choice.

Ideally, you will want to start saving, even before you meet the right one, so that the bulk of the ring purchase could be paid without incurring debt. Financing the purchase with credit cards, and personal loans are also payment options, just look for the lowest interest rate. Make sure your monthly payments fit into your budget – and remember, you’ll also be paying for a wedding that’s around the corner!

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