An engagement ring is traditionally seen as a once-in-a-lifetime purchase that a man (or the couple) is supposed to save up for. But just because you might be spending a lot of money doesn't mean you can't still save at least some money on this important purchase if you do your homework and play your cards right. To that end, here are some tips on how to save money when buying an engagement ring for your significant other. 

It Can Help If Your Future Spouse Doesn't Care About a Perfect Round Cut or Other Super Popular Shape

Round-cut diamonds are by far the most popular choice, but this is also historically the most expensive type of cut. That's because more raw diamond is wasted in order to achieve a round cut. The jewelry seller will account for this and you'll get charged a premium for the extra amount of raw materials it took to get the perfect cut. There are other types of cuts that look just as nice, but you should also pay attention to what's in vogue at any given time. The current or hot choice (if not round-cut) will likely also have a premium added to it.

Figure Out How Many Carats You Want But Then Go Down Just a Smidge

The more carats a diamond has, the more valuable it is. But with that said, you can save a bit of money on your diamond ring by using the same mentality as every retail store on the planet. That large coffee doesn't cost 5 dollars, it costs $4.99, right? Well, let's say you want a diamond with three carats in it. As soon as you get to 3.0 instead of 2.99, there is likely to be a bigger jump in price. Figure out how many carats you want and then go down just a tad and you will likely receive some significant savings without really losing that much in the way of quality.

Don't Obsess Over the Exact Color of the Diamond

A perfect diamond in the minds of many is one that is "colorless" and the amount of color the diamond shows is rated on a scale. But an "F" rating which indicates that the diamond is essentially colorless comes at a high cost. Go down just one level to "G" and you'll save some money and the average person likely won't be able to tell the difference. Your spouse will want to show off the ring to people of course, but it's not like anyone is going to take a microscope to the thing to try and see the exact tint of the diamond.