When you are ready to pop the question, one of the most important decisions you will make is how much to spend on an engagement ring. This can be a difficult decision, especially since there is no right or wrong answer.
You want to find the perfect ring that shows your loved one how much you care, but you don’t want to go into debt in the process. So, what’s the best way to find the happy medium? Keep reading for our tips!
What is the Average Spend for an Engagement Ring?
There is no definitive answer to this question since everyone’s budget will be different. However, according to a survey by The Knot, the average spend on an engagement ring in 2019 was $5000.
Of course, you don’t have to spend this much if it doesn’t fit into your budget. There are plenty of beautiful rings available for less. It’s all about finding the perfect one for your loved one – no matter the price tag.
In addition, when it comes to how many months’ salary for an engagement ring, you might have heard of the “3 Month Salary Rule.” This outdated rule of thumb stated that a man should spend three months’ salary on an engagement ring.
Thankfully, this is no longer the case. There is no set amount you have to spend on an engagement ring. It’s all about what you can afford and what your partner will love.
So, how much should you spend on an engagement ring? The answer is simple: whatever you can afford.
Factors to Consider When Buying an Engagement Ring
When you’re ready to start shopping for an engagement ring, there are a few factors to keep in mind.
#1 – Think about Your Budget
How much can you comfortably spend on a ring? Keep in mind that you may need to finance the ring, so you’ll want to factor in interest and monthly payments when considering your budget.
So, how to determine your budget? Here are a few tips for your reference:
First, think about your overall financial situation. If you’re already tight on cash, you may want to set a lower budget for the ring.
You’ll also want to think about your future plans. Are you planning on buying a house or starting a family soon? If so, you may want to set a lower budget for the ring so you can put that money towards those goals.
At the end of the day, it’s up to you how much you want to spend on an engagement ring. Just make sure you’re comfortable with your budget.
#2 – Your Partner’s Preference
After you’ve considered your own financial situation, it’s time to think about what your partner would prefer. Some people place a high importance on the ring, while others couldn’t care less.
If your partner is someone who loves jewelry and has always dreamed of a large, sparkly engagement ring, then you may want to consider spending a little more. On the other hand, if your partner is someone who prefers simple things and wouldn’t be happy with a flashy ring, then you may want to stick to a smaller budget.
The key here is to think about what would make your partner happy. After all, that’s what this is all about!
#3 – The Type of Ring
Another factor to consider when deciding how much to spend on an engagement ring is the type of ring. If you’re set on a diamond solitaire, then you may need to budget a bit more than if you were open to other types of stones or settings.
Diamonds are always going to be the most expensive option, but that doesn’t mean they’re the only option. There are plenty of beautiful engagement rings out there that don’t feature diamonds at all. If you’re open to other stones, then you may be able to find a ring that fits your budget a bit better.
The same goes for the setting. A simple solitaire setting will be less expensive than a ring with a more elaborate setting. If you’re willing to sacrifice some of the sparkle, then you may be able to find a ring that better fits your budget.
How to Save on Your Engagement Ring Spend?
You’re nearly an expert on all things engagement rings, but we couldn’t send you off on a ring shopping trip without equipping you with a few more tools. Once you’re ready to spend and make the ultimate commitment, here are some useful tips to help you maximize your budget:
#1 – Shop Online
The best way to find a great deal on an engagement ring is to shop online. You can browse through hundreds of options and filter your search by price, style, and more. Plus, you’ll have access to expert advice and reviews from other shoppers.
When shopping online, be sure to do your research and compare prices. You can also find great deals on discontinued styles or clearance items. If you’re not sure about a particular ring, ask the jeweler if you can see it in person before making your purchase.
#2 – Give up Some Carat Size
If you’re on a tight budget, you may have to give up some carat size. A one-carat diamond is the most popular choice for an engagement ring, but it’s also the most expensive. If you can’t afford a one-carat diamond, consider a smaller size. You can always upgrade to a larger stone later.
If you’re not set on a diamond, there are other options to consider. Sapphires, rubies, and emeralds are all beautiful choices for an engagement ring. You can find these stones in a variety of colors, so you’re sure to find one that your fiancée will love.
No matter what stone you choose, make sure it’s a quality stone. It should be free of blemishes and inclusions, and it should have good color. If you’re not sure about a stone, ask a jeweler for help. They can tell you if a stone is of good quality.
#3 – Explore an Antique or Heirloom Ring
If you’re looking for a truly unique ring, consider an antique or heirloom ring. You can often find these rings at estate sales or antique stores. Heirloom rings are especially meaningful because they can be passed down from generation to generation.
When shopping for an antique or heirloom ring, it’s important to have a qualified jeweler take a look at the ring. They can tell you if the ring is in good condition and if it’s worth the asking price.
Don’t be afraid to negotiate when shopping for an antique or heirloom ring. Many sellers are willing to negotiate on price, especially if they think you’re genuinely interested in the ring.
If you have your heart set on a specific style of ring, be prepared to spend more. Custom-made rings typically cost more than mass-produced rings. But if you find the perfect ring, it will be worth every penny.
#4 – Shop During the Off-season
You can also try shopping for engagement rings during the off-season. Engagement season is typically between Thanksgiving and Valentine’s Day. So, if you shop for your ring outside of this time period, you may be able to get a better deal.
And, remember that the most important thing is that you are spending on a ring that you and your partner love. As long as the ring has meaning to you, the cost will be worth it in the end.
You may be wondering how much you should spend on an engagement ring. The answer to this question is not a simple one, as there are many factors to consider when making such a purchase.
However, we hope that the information in this article has helped you better understand the costs associated with purchasing an engagement ring and given you some guidance as to how much you might want to spend. Have any questions about buying an engagement ring? Leave us a comment below!