Jade Warshaw, personal finance expert and co-host of 'The Ramsey Show, joined Cheddar News to provide tips on how to save on engagement rings and to look at cheaper alternatives.

<div class="block">Jade Warshaw, personal finance expert and co-host of &#39;The Ramsey Show, joined Cheddar News to provide tips on how to save on engagement rings and to look at cheaper alternatives.</div>

Stretching Your Dollar

Stretching Your Dollar: How to Save on Engagement Rings

Jennifer Lopez may have called her Song Love. Don't cost a thing, but when it comes to the price of a ring to showcase your love, they can be expensive. So here to help us learn everything we should know about engagement rings is Jade Warshaw who's a finance expert and co host of the Ramsey show at J. It's great to have you on. Hey, thanks for having me. Ok, this is a fun topic. So my first question is on average, how much do people typically spend on engagement rings? Yeah. You know, for the engagement ring, most Americans are shelling out $6000 just for the engagement ring and don't forget about that wedding band for the wedding band. That's an additional $2200. So we're looking at over $8000 once it's all said and done, which is a lot of money. Ok. Love does cost a thing, I guess. Um, absolutely diamonds typically are the most expensive. Is that still what people, you know, at the end of the day, a lot of people do like that classic Mind diamond approach, but we're seeing a lot more people that are looking into trendier options like these lab grown diamonds, which is really, really great. It's a great option. On average. They're somewhere around 30 to 50% less expensive than their mind counterparts. So it's a really cool option to look into. Ok, that's good to know. So you've taught us a little bit here about the mind uh fake option. What about the mind real option? The mind diamond? What do people need to know if that's what they want to go with? Yeah, the Mind Diamond, the classic option. Look, you need to understand that. Although the classic it's, you know, that's what we all know, it is the most expensive option. And to be honest, a lot of people, they have their, you know, their qualms about it because when we look at these mined diamonds, a lot of people have concerns about uh how their wages are paid whether or not it's fair, the working conditions and a lot of people are concerned about how the money in those businesses is used. So that's why we're looking to some other options. Uh you know, the the the lab grown uh type of diamonds. Do you think that the lab grown diamond is a good value for what it is? I think so, you know, at the end of the day, it's really preference. You know, at the end of the day, you've got to buy what you think your fiance will enjoy. And honestly, the biggest factor in all of this is your budget. So as we can see, the mine diamonds are more expensive and those lab options, if you have a smaller budget, those are really great because they're a lot less expensive. Ok, let's talk about antique diamonds, uh where you might find something like that and whether or not it is an affordable option. Yeah. So a lot of people look at antique diamonds, but the thing that I want people to remember is just because it's older doesn't necessarily mean it's less expensive. So now might be the time to reach out to grandma and say, hey, grandma, can I have that ring that's been passed down for generations and generations? Or if that's not an option for you a great place to look are um gym shops. You can look at pawn shops, you can even go to estate sales to look for antique rings. Again, it doesn't necessarily mean that they're going to be cheaper. Ok, good to know. So there is a growing trend. Um it's called Moon Night, I think I got that right. Uh Moon Night Rings. What can you tell us about those? So, Mois and again, it's a lab grown option, but it's not a lab grown diamond. It's another type of lab grown option. The lab grown diamonds actually do have the same chemical makeup as a diamond but moisten. It is a lot different. It's not as clear, it has a lot more of a rainbow. When the light shines through it, you see that rainbow spectrum in it and it's not quite as durable as a lab grown diamond or it's a mine diamond. Ok. So it's a little bit less durable. However, Kristen, this is about as inexpensive as it gets. You can find half a carrot for about $1000 which is great. 1000 perhaps you. That's pretty great. And in general it's about 1/10 of the cost of a mind diamond, which is amazing. OK? That is really good to know Jade. Anything else that people should know when it comes to finding engagement rings, even maybe kind of price shopping, right? How to make sure that whatever option you're going with that, the person who's selling it to you, the operation, selling it to you is of high value. That's so good. Yeah, a lot of people are buying diamonds online now. So you really want to do your research and make sure it's a reputable seller, find out what the return policy is, right? And then as always, we're always looking for those four cds. We're looking for the cut color, the clarity and of course, the carrot which has to do with the size and the weight of the diamond that's so so important. But at the end of the day, Kristen, we are talking about a ring, OK? The ring is not the same as the marriage. And although a lot of people are using to that old time saying that you have to spend a th you know, three months pay in order to get your ring. You know, I say at the end of the day, what your budget can afford is really what we're looking for a month's salary honestly ought to do it. And there are so many great options out there. And at the end of the day also don't forget to insure your ring. Right. This is a very valuable purchase. We wanna make sure it's protected. So make sure to opt in for the insurance. What's the best way to get that insurance? You know, I would do it through my homeowners or if you have renters insurance, it's great to just bundle it in there and then it's very simple and inexpensive to insure your ring. Ok, great Jade Warshaw. Thank you. As always. It's great to see you.