Let’s face it — engagement rings have a bit of a reputation for being expensive. Between the big-name jewellers, the “three months’ salary” rule (which, let’s be honest, feels pretty outdated), and the pressure to impress, it’s easy to assume you need to spend a small fortune to do it “properly”.
But here’s the truth: a beautiful, meaningful engagement ring doesn’t have to break the bank. Whether you're saving for a wedding, a house, or just want to make a smart financial decision, there are plenty of ways to find or design a ring that’s perfect — and perfectly affordable.
Set a Budget — and Stick to It
Before you start browsing or booking appointments, it’s really important to figure out how much you’re comfortable spending. Setting a clear budget from the outset gives you direction and stops you from falling in love with a ring that’s way out of your price range.
Think of it as the foundation for every decision that follows — from the type of metal you choose to whether you go for a custom design or not. A good jeweller (especially an independent one) will be happy to work within your budget and suggest ideas that make the most of it.
It’s also worth remembering that spending less doesn’t mean caring less. A thoughtful, well-chosen ring will always mean more than one that simply cost a lot.
Triple Raw Herkimer Diamond Ring by Jo Cooper Jewellery | £145
Choose a Simpler Design
One of the easiest ways to keep costs down is by opting for a simpler design. While intricate details and ornate settings can be beautiful, they often add quite a bit to the overall price — not just in materials, but in craftsmanship too.
A classic solitaire, for example, is timeless, elegant, and typically much more affordable than a halo or vintage-style ring with lots of small stones. Plus, simpler designs tend to suit a wider range of styles, so you’re more likely to choose something your partner will love for years to come.
Treasure - Tidepool by Rockpool Jewellery | £635
Rethink the Centre Stone
The centre stone is usually the most expensive part of the ring — but it’s also where you’ve got the most flexibility to save. Choosing a slightly smaller stone, for instance, can make a big difference in price without being noticeable to the eye.
Lab-grown diamonds are another fantastic option. They’re chemically identical to mined diamonds, just created in a lab — and they usually cost 30–50% less. You can also explore beautiful alternatives like moissanite, which has plenty of sparkle and is incredibly durable, or coloured stones like sapphires and spinels if your partner’s style leans more unique.
There’s no right or wrong here — it’s all about finding something that fits your budget and feels right for you both.
OOAK Skinny London Plane by Issy White | £545
Save with Smart Metal Choices
The type of metal you choose for the band can have a big impact on price. Platinum, while strong and luxurious, is also one of the most expensive options out there. If you’re trying to stick to a budget, consider 9ct gold instead — it’s still beautiful, durable, and comes in yellow, white or rose tones to suit different tastes.
Silver is another affordable option, though it’s slightly softer and might not be ideal for someone with a very hands-on lifestyle. You can also look into mixed metal designs, which can be both stylish and budget-friendly, especially if you're working with an independent jeweller who can tailor the look to your preferences.
The key thing to remember is this: a ring’s worth isn’t measured in carats or price per gram. It’s about how it looks, how it feels, and how well it suits the person wearing it.
9ct Gold and Sapphire Twig Ring by Caroline Brook Jewellery | £560
Go for an Independent Jeweller
It’s easy to assume that going to a big-name high street shop is your safest bet — but you might be surprised by how much more value you can get from working with an independent jeweller.
Not only are prices often more competitive (because you’re not paying for fancy branding or storefront overheads), but you also get a far more personal experience. Many independent jewellers can help you create a one-of-a-kind ring within your budget, suggesting clever design tweaks or material swaps to make your money go further.
You’re also supporting a small business — often a real person with a passion for their craft — which makes the whole thing feel that bit more special.
Constellation' Ring - Small by The Lane Fine Jewellery | £600
Custom Doesn’t Have to Mean Expensive
The word “bespoke” tends to bring luxury price tags to mind — but custom rings can actually be a really smart choice when you're working with a limited budget.
Why? Because you're in control. You can prioritise what matters most (a certain stone, a specific style, a meaningful detail) and simplify the rest. For example, choosing a lab-grown stone with a minimal 4-claw setting in 9ct gold can cost far less than a similar ring off the shelf at a chain jeweller.
Working with the right jeweller means you can create something unique and personal, without going over budget — and often for the same price (or less) than a mass-produced piece.
Selection of rings, all from Booblinka Jewellery
Prioritise What Matters Most
At the end of the day, buying an engagement ring is a personal decision — and the most important thing is that it feels right for you and your partner.
For some people, that might mean spending a little more on a diamond they’ve had their eye on. For others, it could be creating something meaningful with a coloured stone or a simple design that reflects their partner’s style. There’s no one-size-fits-all approach — and that’s a good thing.
When you prioritise what matters most, you free yourself from the pressure to “keep up” or overspend. And in doing so, you end up with a ring that feels genuinely thoughtful — and totally yours.
Cornflower Blue Oval Sapphire Ring by Sarah Hickey Jewellery | £1000
FAQs
What is a decent budget for an engagement ring?
A decent budget is whatever feels right for you and your financial situation — many people spend between £500 and £2,500, but there’s no “correct” amount.
Is it okay to buy a cheap engagement ring?
Yes, absolutely — the value of a ring comes from the thought and meaning behind it, not the price tag.
What is the 3 month rule for ring?
The “3 month rule” is an old marketing idea suggesting you should spend three months’ salary on a ring — but it’s outdated and unnecessary. Spend what feels comfortable for you.
Is it OK to propose with a cheap ring?
Definitely — proposing with a ring that suits your budget is completely fine, and many couples upgrade or redesign the ring later if they want to.
