Getting married is a big change in any couple's life. Planning a future together is an exciting time. One symbol of a couple's future is the engagement ring. It represents commitment and love. It can also represent a big financial commitment. The average cost of an engagement ring sits somewhere around $4,758! And that's just the average, plenty of rings cost even more than that. Choosing an engagement ring that doesn't break the bank is possible. Here are 3 ways to save on an engagement ring.

Diamond Quality

When searching for an engagement ring, many go straight to diamonds. Diamonds are the traditional stone for engagement rings due to their hardness and sparkle. A high quality diamond easily commands a high price, however there are ways to save. Diamond price is determined by the stone's clarity, color, cut, and carat weight. Colorless diamonds are the most rare and the most expensive. Stones that are slightly yellow are a more budget friendly option. Clarity is determined by whether or not a stone has inclusions under 10-power magnification. Inclusions are small flaws that are not often visible to the naked eye. Purchasing a stone with a few small inclusions can save hundreds, if not thousands of dollars. When it comes to cut, the higher the cut grade, the more brilliant a diamond appears. This can increase the cost of the stone but a higher cut grade can also make a stone appear larger and brighter than it actually is. Carat weight is also something to be considered. The higher the carat, the higher the price. Purchasing a smaller diamond is a great way to save money on an engagement ring.

Forgo Diamonds Altogether

Diamonds are beautiful but there are plenty of other gemstones to choose from. Stones such as pearls, sapphires, moissanite, aquamarine, and many more can be purchased for a fraction of the cost of diamonds. Stones such as moissanite are also colorless and frequently confused with diamonds. Choosing one of these stones over a diamond can greatly decrease the cost of an engagement ring.

Consider Vintage Or Resale

If a diamond is a must for an engagement ring, there are other ways to save on a stone other than sacrificing cut, color, carat, or clarity. A very high quality diamond can be purchased resale for much less than a new diamond ring. Older diamonds can cost 30% less than new diamonds and in some cases that number is even higher. Vintage rings also can be purchased for less than the cost of a new diamond ring of similar quality. 

Engagement rings are a great way to celebrate a couple's future. They can also put a big dent in someone's wallet. A few ways to save include purchasing a lower quality diamond, forgoing diamonds altogether, or purchasing a vintage or resale diamond ring.