An engagement ring may be one of the most important pieces of jewelry you will ever buy or own—and one of the most expensive purchases you will ever make. Cheap engagement rings can be had, however, if you are willing to shop around. Prices will vary depending on the type of setting you choose and the quality of the diamond or other gemstone in the ring. The more you search, the more likely it is that you'll come across a great deal! It also helps if you plan ahead and don't have an immediate deadline for owning a ring. If you can wait for special sales and clearout events, you'll likely get a better price.

Keep in mind when you are shopping for an inexpensive engagement ring that prices will depend on what kind of material is used in the ring, including a diamond. Diamonds are judged based on the so-called four C's: carat, cut, clarity and color. The larger the diamond, the more expensive it may be—depending on the color and clarity of the gem. A platinum ring may cost significantly more than one made of yellow or white gold.TheKnot.com: Engagement Rings: 8 Insider Shopping Tips