10 Ingenious Methods to Afford High-Value Engagement Ring

Engagement rings are supposed to be a symbol of love, but they can be really expensive. In an online discussion, people who spent five figures on their engagement rings shared how they could afford it.

1. Help from Family

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Some people have family members willing and offering to help them with the cost of their engagement ring. “My mother-in-law gave me a $12k rock to put in a ring. Spent another $2k on a ring for it to go in. My wife was super happy, my mother-in-law was happy, and I was happy. 10/10 would recommend,” one man commented. 

2. Credit Card

Photo Credit: Deposit Photos.

“The one I bought my wife was around 11k. I just put it on a credit card. I did a few side hustle gigs and paid it off as fast as I could. If I remember correctly, it took about 18 months to knock it down and pay it off,” one man said. Those with the discipline to pay off the balance on their credit card quickly can use a credit card to purchase the engagement ring.

3. Savings and a Loan


how much should I have in savings
Photo Credit: Deposit Photos.

Combining your savings and taking out a loan for the balance is a smart way to approach a big purchase like an engagement ring. “I spent 5 figures on an engagement ring for my wife with no regrets. I saved up for about half and took a loan for about half. My best buddy offered, and I paid him back pretty quickly,” one man commented.

4. Bought the Gemstone Separately 

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“I spent about $15,000 on my wife's ring, but I bought the stone online and the setting locally, so I saved a ton on what the retail cost would be,” one man said. Purchasing the gemstone and ring setting separately allows you to choose a high-quality stone without paying the pre-made ring price.

5. Six-Figure Salary

Photo Credit: Deposit Photos.

Those lucky enough to have a six-figure salary are in a great place to afford to invest in a five-figure engagement ring. “I waited until I was in my early 30s with a $100,000 salary before buying the ring and had already bought a house. As an aside, the ring has appreciated significantly since I bought it, which is pretty nice,” one husband commented.

6. Saved Three Months' Salary

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“I saved up 3 months' salary, like every other guy. Bought a lab-created diamond, which is a better quality diamond,” another man shared. With careful budgeting and planning, saving up three months' salary is doable to purchase an engagement ring.

7. Monthly Payments Over a Year

Photo Credit: Deposit Photos.

“I bought a 10k engagement ring. I was making 60k? Here is how I did it: I bought and paid for a $3000 ring. It came with a lifetime guarantee that if I ever traded it in and bought something double in value, so 6k, they would give me 3k store credit. Traded in the ring, and the 6k covered the diamond. Spent 4k on a gorgeous band. With some money down, I paid $500 a month for a year, and it was paid off before I gave it to her,” one man shared. Trading unused jewelry and making payments on the balance over a year is an intelligent way to pay off the cost of an engagement ring.

8. Savings

By diligently putting away money over an extended time, anyone can save money toward a five-figure engagement ring. “I paid $3000 for my engagement ring. However, I told her the catch was a 5 year wait period, which she obliged. So, 6 years later, I got her a $14,000 ring, and I make less than a McDonald's employee. I just save my money and keep my bills in check,” one man said.

9. Skip the Wedding

Photo Credit: Deposit Photos.

“Our household income is about $600k, so I spent $30k on a wedding ring. We also decided not to have a wedding and just do vacations instead,” one husband commented. For couples more focused on the marriage than the ceremony, skipping the big ceremony is a fantastic way to save money for the ring.

10. Work Overtime

Photo Credit: Deposit Photos.

Extra work hours can be a great way to earn extra cash for an engagement ring. “My wife's was $12k, and she's happy with it. I worked a few extra hours for a few months and put the money away for it,” remarked one man.


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She started her blog, The Money Dreamer, when she realized the 9-5 job was not the lifestyle she wanted anymore. After designing for a while, she wanted a more meaningful life, which was freedom, so she decided to venture out. She took action so that she can live her dream life and decided to help people to live theirs by helping them how to save, budget, and invest.

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