So you are ready to propose - you have a great proposal idea in your head, you know exactly what you are going to say and you can't wait to put a ring on her finger. There's just one problem - you don't have the ring! Money's tight though, so you want to find a cheap engagement ring - is it possible?

First off, I never like to use the word "cheap" when describing a diamond ring. So instead of saying "cheap engagement ring", I'm going to say "affordable engagement ring". Just sounds nicer doesn't it?:)

Ok, step one is to set a budget. Decide how much you want to spend on your engagement ring. And please be realistic - don't say $56. Not gonna happen.

An engagement ring is going to set you back a few bucks. You will probably have to save up for a bit or tap into existing savings. It's a big purchase - and an extremely important one.

So set a budget that you can afford. Many people try to spend about two months salary, but that isn't always possible. You might have a lot of other bills that you are responsible for - it simply isn't possible for everyone to fork out that much.

That's fine - don't worry about it. You can find gorgeous rings at affordable prices. It's all about getting the most for your money.

My suggestion is to have at least $1000 to spend though. Remember that this is a ring she will wear forever. It is a sign of your committment and love for her - buying it should involve some form of sacrifice. Obviously $1000 is well below the average amount spent, but it can actually take a long ways if you know what to look for.

Go to my site and grab the Diamond Buying Guide - it will show you a ton of tricks on saving money on engagement rings. It's amazing how many people waste money on this purchase. I'll make sure get every last bit of your money's worth.

First off, go for a very simple setting. And stick with 14K white or yellow gold. There is no need to spend the extra on 18K or platinum. You want the majority of your budget to go towards the diamond.

For the diamond, the key is getting the biggest size rock for your pricerange. Diamonds are graded in a number of different categories - the diamond guide I put together shows you exactly what combination to go for when you're on a budget. Without this information you will either waste a bunch of cash or get a low quality diamond.