The tough economy has everyone tightening their belts. And with the average cost of an engagement ring hovering around $4,200, many couples are putting off getting hitched for a while. If you’re planning to pop the big question but are short on money, don’t fret. With some careful planning and savvy know-how, you can buy your bride-to-be a beautiful engagement ring she will cherish forever.

Precious Metals

Gold and platinum are the most popular metals for engagement rings. The price of gold has slipped in recent years; however, it is still expensive. Platinum is the most durable and striking of the precious metals. But that durability and beauty comes with a hefty price tag. Palladium is rapidly becoming a highly sought-after precious metal since it provides the look and feel of gold at a fraction of the cost. White gold is an excellent choice when you want the look of platinum at a more affordable price.

Solitaire Diamonds are a Girl’s Best Friend

Society’s “bling” obsession has led to increased demand for three-stone, halo and micro-pave engagement rings. Though striking, the aforementioned styles are exceedingly overpriced. Solitaire diamonds are an exceptional alternative that is more affordable than embellished options. The single-diamond rings are also less likely to become dated. Consider a solitaire ring with a traditional prong set to add aesthetic beauty at a more reasonable cost.

Versatile Rings

A versatile ring is a great option when you are on a tight budget since it can serve as an engagement and wedding ring. Split-shank rings are a top choice. The rings feature intricate bands, which are often studded with diamonds or other gemstones. Split shank rings are characterized by a wide band that opens near the center diamond. The wide band appears to be a double ring, which will render a wedding band obsolete. Another option is an eternity band. Though generally used for wedding and anniversary rings, an eternity band offers the symbolism of your everlasting love, and an intricate design that is simple, with an eye-catching allure.

Colored Gemstones

Loose diamonds are the most expensive part of an engagement ring. Sidestep that added expense by using sapphires, emeralds and rubies instead. The gem stones have distinct meanings and they come in a range of colors that will add striking beauty to the ring. Yellow sapphires will give the engagement ring the look of a fancy yellow diamond. And a vibrant stone such as tourmaline is a cost-effective substitute for fancy pink diamonds. Since colored gemstones are far more affordable than diamonds, you can splurge on an oversized stone. Or you have the option of surrounding the colored center gemstone with small, loose diamonds to add a layer of sophistication to the piece.