Consider Your Lifestyle And Style Of Your Engagement Ring
How much you should spend on a wedding ring will also depend on your lifestyle and the type of work you do. If youre a personal trainer, for example, and youre used to lifting heavy weights, youll want a flatter wedding ring, as opposed to a raised one that could easily get scratched or dented. Your lifestyle will help you determine what type of material you need, too: Gold is more malleable, whereas platinum is more durable.
For people who also wear engagement rings, you want your wedding ring to match, or at least compliment its style. Some people opt to have their wedding ring made by the same jeweler who designed their engagement ring so that they are the same material and aesthetic. This is also a popular option for people who have uniquely shaped diamond engagement rings, and who want their wedding band to fit within its curvesalso known as enhancers.
Engagement Rings & Wedding Rings: How Much Should You Spend
Asking your partner for their hand in marriage is a big step. How could plans to spend your life with someone not be? And with that commitment may come pressure to buy the perfect rings for the proposal and ceremony.
But does how muchâor how littleâyou spend on wedding and engagement rings matter?
Key Takeaways
- Thereâs no official rule about wedding or engagement ringsâeven that theyâre necessary. Your and your partnerâs taste and budget should come first.
- If you choose to buy a ring, how much you might spend is based on the type of ring you buy, including which stones are used, which settings and more.
- Comparison shopping and making sure youâre getting the best deal can help alleviate some of the high costs of wedding rings.
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Consider Your Financial Situation Before Buying The Ring
Before buying a ring, carefully consider your financial situation. Everyones financial position differs based on personal circumstances. Income, existing commitments and credit status all vary.
As a result, you might decide to look above or below the average cost. Most importantly, you should feel happy with your engagement ring and the price you paid.
How Much Is Too Much To Spend On An Engagement Ring
The answer to this question varies from person to personthats why its so important to set a budget before starting to shop and be upfront with your jeweler right off the bat. While its okay to give yourself some wiggle room when it comes to how much your engagement ring will cost, dont consider rings that are way over budget. There are so many rings to choose from, that blowing your budget by thousands or dollars is usually totally unnecessary.
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Average Diamond Size For Engagement Rings
Another common ring budgeting myth centers around the size of the diamond. Some believe when buying an engagement ring that calculates their budget based on the desired carat diamond. They think this will get them better quality for the money they spend on an engagement ring.
Although this approach might make it easier to stick to a budget, it falls short in its lack of consideration for color, cut, and clarity. These neglected factors play a significant role in the quality of a diamond. Many customers are dissatisfied if their budget is based on the diamonds size alone.
Picking Engagement Rings Together
Do you plan to go engagement ring shopping together?
More and more couples are choosing to shop for the engagement ring together. Over 40% of women want to be involved in the ring selection process. Shopping together is a great way to be certain that she gets a ring that she’ll love.
If you really have no clue what kind of style she likes, then it’s even a good idea to let your girlfriend pick out her own engagement ring. This way, she has a say in what she likes instead of you taking a blind guess.
In fact, you can shop together and still keep the element of surprise. You can talk about stone and metal preferences and have your girlfriend pick out a few setting styles she likes. You can then choose the final design on your own and plan the surprise proposal.
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Average Cost Of Engagement Ring By State
The national average engagement ring cost in 2019 is just over $6,000. People in South Dakota spend the least with an average of $3,005. Washington spends the most on engagement rings with an average of $10,109, while California comes in second at $9,482.
Here is the average spend on engagement rings per state:
State2019 engagement ring sales data courtesy of Ritani.
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Have A Budget In Mind
First, lets clear up the misnomer that an engagement ring should cost the equivalent of three months salary. That was a marketing ploy created by De Beers in the 30s, and shouldnt impact your plans to buy a ring at all. In 2018, the average couple spent $7,829, but rest assured, you can find a nearly-one-carat solitaire for as little as $1,500. What you buy will come down to how you prioritize the budgetbe it the quality of the stone, the intricacy of the setting, or add-ons like baguettes or engravings. If you cant afford any major bling now, go with a simple platinum or pavé band that offers room to grow.
Popular Types Of Rings
Another big decision in your wedding ring search is the shape of the gemstone. This affects the general aesthetic of the ring, along with its shape and diameter. Take a look at these most popular shapes:
Round This is the classic cone-shaped diamond silhouette and the most popular option for engagement rings. They allow for a really dazzling cut thanks to the way light travels through its shape. Its also typically the priciest option, though you can find round diamonds at an array of price points.
Princess Princess cut diamonds are also a popular choice. These are square-cut diamonds with pointed corners. The cost could be less than a round shape, but you may want to get a higher-graded color, as warm tones can come through in the corners.
Emerald This is different from a green emerald gemstone. An emerald-cut diamond has a rectangular shape and a vintage-glam look. This shape really highlights a diamonds clarity, so it could become costly if youre upgrading to a nearly flawless stone.
Oval Oval is somewhat similar to a round cut, but its got an elongating effect thats flattering on a hand. Your diamond would be pressed a little flatter to make it longer across the finger but not stand up as high in its setting.
Pear This teardrop-shaped cut can help low-carat diamonds look larger. Its not the most popular 2022 wedding ring choice, but it could be time for it to make a comeback soon.
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How Much Should You Spend On A Wedding Ring
How much you spend on a wedding ring depends on factors including your budget, wedding ring material, and design. Heres what you should know about wedding ring costs.
Getting married is one of the biggest moments of your and your partners lives. You want the moment to be special and memorable for the both of you. But before saying I do, youll need to buy a wedding ring. So, how much should you spend?
The Two Months Engagement Ring Myth
Youve probably heard the famous rule that you should spend two months salary on an engagement ring. Where did that come from?
Advertising, of course.
The rule was established through ads by the diamond company De Beers throughout the 20th century. The companys ads also established diamonds as the norm for engagement rings for the first half of the century, engagement rings contained all sorts of gems.
The concept is also tied to outdated notions of gender roles in relationships and society. One De Beers ad from around the 1980s reads:
Two months salary showed the future Mrs. Smith what the future would be like, suggesting the husbands role as breadwinner .
Were not in the 1950s anymore.
Todays young adults aregraduating with significant student loan debt and facing humbling entry-level salaries, not to mention high living costs.
Almost all women are working, and even with two incomes, most of us cant afford to go from college to married homeowners with kids in less than five years.
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Average Cost Of An Engagement Ring By State
Overall, the average cost of an engagement ring is roughly $6,500. However, the cost of living across the US varies a lot by state.
For example, Utah has the lowest spending on engagement rings at an average cost of $3,518. Californias average spending cost of engagement rings is roughly three times higher at $10,241.
If youre trying to come up with a a financially disciplined way to pay for an engagement ring, here is my new rule for engagement ring buying. Its a fu and rational way to engagement ring shop.
Types Of Engagement Rings
Diamond engagement rings are still by far the most popular type of engagement rings. Demand drives up the price, even though white diamonds arenât that rare. Once again, we have De Beers to thank: After miners discovered a large white diamond mine in South Africa, De Beers used their control over the mines to limit the supply and keep their prices high.
Emeralds, rubies, sapphires, and colored diamonds obviously make lovely engagement rings. The âdiamonds are foreverâ slogan is just that â a slogan. Plenty of other stones will keep their sparkle for many generations.
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Ring Resizing Cost Factors
Ring Thickness
This one’s simple. The thicker the ring, the higher the price of the resize. More ring = more material.
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Pro Tip: “See a jeweler with the exact ring you want in order to size it correctly, because a wide band will fit tighter than a thinner band.” – Kim, Dream Jewelers |
The width of the band isn’t the only thing that can contribute to its thickness, though.
Does your ring have a flat bottom? This is called a european – or euro – shank. Many people like it because it reduces the ability of your ring to spin on your finger. In the case of resizing, a euro shank does add to the cost because the corners add more metal weight.
Additional Stones
The number, type and location of the stones in a ring will all affect the cost to resize.
More stones, more problems – or at least the potential for more problems. The more stones a ring features, the more likely some will need to be moved or adjusted to accommodate the increase or decrease in band.
If diamonds, or other gemstones, are set along the side of a ring that needs to be sized smaller, they will need to be retightened, or even reset, because of the change in curvature.
Some types of gems are temperature sensitive, and those will need to be removed and reset.
If one or more of these conditions applies to your ring, your ring resizing cost will increase.
Where People Are Buying Rings
While consumers enjoy shopping online for clothes, food and home goods, our study shows that to-be-weds prefer a brick-and-mortar experience when it comes to wedding rings. Our study found that 67% of proposers bought their engagement ring in a store. Of those respondents, 40% said they opted for a local or independent retailer, while 26% reported going to a national or regional jewelry chain.
Twenty-eight percent of those who opted for a chain store shopped at Kay Jewelers. Zales was second-most popular, as 17% of respondents reported heading to the chain to get their engagement ring. Close behind in popularity was Jared, with 13% of the pool choosing to buy with the brand. Of those who purchased a ring from an online-only retailer, 22% chose Brilliant Earth, while 17% went to James Allen and 16% opted for for Blue Nile.
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Which Are The Most Expensive And Which Are The Least Expensive Metal Options
Out of all these metals, Platinum is the most expensive metal. White gold and Silver are also among other expensive options, while Steel is the most affordable metal for wedding bands. Its important to choose a durable metal like gold or platinum for a wedding band or engagement ring as it will be worn on a regular and daily basis.
How Much Should You Spend On An Engagement Ring
There are already a few payment systems that people use that determine the traditional amount that couples should spend on their engagement ring. These systems have been made public by the big bloggers and websites that talk about budgeting for your engagement ring.
Our calculator incorporates the positive parts of the famous budgeting schemes and rejects the parts that we feel are archaic. We have also added a lot more factors to make the calculations more accurate and personal.
General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring. See below on how we debunk this theory.
Our hope is to eliminate this current out-dated budgeting systems and instead to create a tailor-fitted budget scheme that better fits each couple and their lifestyle.
Our calculator reinvents the answer to the famous budgeting questions. Hopefully, after using our calculator, there wont be anyone still asking, How much am I supposed to spend on my engagement ring?
to read our research on the engagement ring statistics for the USA in 2020.
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Where To Get A Ring Resized
If your ring needs resizing, it’s best to get that taken care of by a jeweler, even if it costs you a pretty penny.
No matter how it costs to get a ring resized, it will be cheaper than having to replace the entire piece if it falls off from being too loose or has to get cut off from being too tight.
Unsure if your ring fits properly? Take it to your jeweler. They want you to feel secure wearing your rings and will be glad to evaluate your fit. Find out what size you really are with this printable ring sizer!
Still don’t have your rings or other important jewelry insured? No worries. Get a quote in minutes by clicking the button below. No personal information required.
There are so many benefits of a insurance policy through Jewelers Mutual, but don’t just take it from us! Check out what our policyholders have to say.
How Much Should A Guy Spend On A Wedding Ring
According to the rule of thumb, a man will spend his two months pay on a ring. Now if the pay is meager, then it makes sense. But in the reverse, that may be an extravagance he cant deal with. So, we dump that idea.
Base your spending on two factors which are your financial capacity and the expectation of your girl.
Now, considering your financial strength, you must put your income into consideration.
- How much do you earn?
- Then how many basic expenses do you make per month?
- After that, how much can you afford to save after cutting out frivolity?
This is how you should see it because it doesnt make sense to get into debt over a ring.
Secondly, your girl dreamed all her life about when youd pop the question and how her ring would look. Itd be disappointing to see something way below expectations. Again, shes wearing that ring for most of her life, so it should be something she can show off.
Lastly, the ring is a proclamation of your love, it must be worth something. Create a balance between your cash and her expectations. Dont get into debt or ruin your future for rings.
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How Much To Spend On A Wedding Ring
A common rule is to spend 3 months salary on your engagement and wedding ring. But that is an outdated rule. Do this instead.
Couples should discuss and shop for the weddings rings together. So this is usually a joint financial decision. How much money you spend is a personal choice. It’s important to pick rings that fit your personal styles and won’t put you into debt.
Some factors to consider include:
- Your personal preferencesA plain gold wedding band can only cost a couple hundred bucks, but an eternity ring with diamonds could cost over $2,000.
Men can choose an expensive gold band with diamonds, which will cost more. Or there are tons of unique, affordable options in alternative metals and materials .
