How Much Money Should I Spend On A Wedding Ring?

Millions of millennials and older couples are talking about these things and choosing to challenge traditional norms in wedding ring purchases. Now, many people hope their engagement rings represent who they truly are instead of looking the same as everyone else’s. For this reason, those looking to buy an engagement ring are doing things differently, starting with their spending habits.

How Much Should an Engagement Ring Cost?

If you’re looking for a ring, these are some factors to keep in mind:

• The funds you must arrange for both your wedding and your honeymoon. 

• Your cost of living can depend a lot on your location. 

The majority of couples still follow the ritual of spending one to three months’ paychecks on an engagement ring.Millennials, who often have a lot of student debt and deal with higher living costs and may wed later in life, are not sticking to the old rule. Just under half of millennials spend their savings on the wedding and honeymoon, letting the rest go into experiences.

Right now, an average engagement ring costs approximately $6,000, but 33% of Americans pay between $1,000 and $4,000. One in every ten buyers of rings is spending under $1,000. The higher national average is due to many reasons such as the Mid-Atlantic couples, who on average, spend about $8,400 on their wedding rings.4 A similar study found that New York City couples’ average wedding rings are big, at 1.45 and 1.29 carats.

Every clinic is different. The cost of your engagement ring is up to you and the person you are proposing to. Think about what you make now and will make in the future, what you spend and what you save and use that to decide on a budget that you follow. Don’t get into debt because you want to match your friends and neighbors. 

It’s important to think about your partner’s views as you decide. Women, for example, consider which style they like most, more than the price, according to 54% of them, but this might not apply to all.

How to Get the Best Engagement Ring for Your Money?

There are some helpful things to remember when shopping for an engagement ring and experts recommend them.

1. You could purchase a good loose diamond online and let a nearby jeweler set it for you. 

2. Choose a diamond that is just a little shorter than what you wanted (.95 instead of 1.0 carat)—you could save approximately a fifth of the price. 

3. Choose different designs and settings since they can make a big impact at little extra cost. 

4. Pay attention to what the ring appears like when exposed directly to the sun. Pay no attention to the jewelry store lighting or jeweler’s loupe. 

5. You should only obtain diamonds graded by the Gemological Institute of America (GIA) or American Gem Society Laboratories (AGSL) to be sure you are not cheated.

Trends Shaping Engagement Ring Spending

Statistics on spending on engagement rings show that both young people entering relationships and older couples who marry again are now changing the market.

Individuals often wait to get married so that they have grown in life and clearly know who they are. Therefore, consumers look for more creative items, unique prices and unusual buying methods. Such personal choices have inspired many designs, showing up in uncommon stones, settings, colors, shapes and styles. Couples are choosing sapphires, emeralds, moissanites or lab-created diamonds because they aren’t overused, are more cost-effective and can be considered socially trustworthy.

Although millennials stick with traditional diamonds less often, older couples seeking engagement rings are making the same choice.

How to Buy an Engagement Ring?

It’s important to learn as much as you can before choosing an engagement ring. No matter where you buy your diamond, you should research the four things that will affect its quality: Cut, Clarity, Color and Carat. On top of that, a fifth “C” could refer to credit. 

If you like to check a product out for yourself before buying, the top option is from a:

• National retailer

• Private jeweler

• Wholesaler

• Trunk show

Your local diamond district. While New York’s may be most famous, many other American cities—like Philadelphia, Los Angeles, Chicago, and Providence—have diamond districts of their own.

Still, many like to purchase engagement rings online since the average cost is around 40% less than from local jewelers.Users are able to use the search on many diamond websites to find stones that suit their combination of the four Cs and there are also features to help design the perfect ring. 

Yet, if the site seems shady, keep in mind that reputable ones will have certifications which can be checked against Report Check from GIA. A good online jeweler will make sure your shipment is insured and will give you a convenient policy for any returns.

Credit Card

A lot of people feel the best way to finance an engagement ring is by paying with cash. Having cash in hand can give you the advantage with certain jewelers and helps you avoid paying interest. Yet, credit can be useful and sometimes you won’t have to pay any interest. If you think you can pay off the balance, choose a credit card with 1 month to 1 year promotion at 0% APR. 

When you use this strategy, you can decide on your monthly payments, you have more time to pay off debt and you have the option to pay extra if you’re able to. As an added benefit, if the terms allow, you could get a rewards card and earn a welcome offer by spending above a short amount in a limited period.

Financial Planning

Managing your money well can make it easier to buy the wedding ring you want. Remember to include your wedding rings in the budget so you don’t forget them. By planning this out, you won’t feel surprised or short of funds when you need to buy your wedding bands. Talking about how much the wedding should cost can guide both of you to think about your future money goals and dreams.Consider where you want to be financially in the coming years as a team. Many other costs come after the wedding itself.

Future Considerations

While you don’t always think of jewelry as something that needs maintenance, in fact, it does and it’s better to keep a budget for it. Jewelry insurance is important in case your ring is taken by someone or something. Regular check-ups by a professional jeweler each year is good for checking that your ring’s stones are firm and safe. They might also replace anything that seems off such as worn-out prongs. Your wedding ring can be switched out or upgraded in the future.Keep these future expenses in your mind when you start looking for rings.

Conclusion

Hope you now realize all the things that shape the price of your wedding rings. With so many choices, it’s important to decide your budget first and then look for the right design. Planning your budget can make it easier to choose a wedding ring you love. When shopping, try something like lab diamonds or different types of metal, since these can lower your costs without changing the quality of your jewelry.