How Much Does The Average Person Spend On A Wedding Ring
In 2020, the average spend a couple made on a wedding or engagement ring was $3,756. Compared to the average of $7,829 in 2018, there has been a significant decrease in the average spend on wedding rings and engagement rings. Learn more about the average engagement ring cost.
However, these are simply averages. Some couples tend to spend a lot less, while others spend quite a bit more. You need to decide how much you want to spend by conferring with your partner.
Remember this is the start of your life together, and these rings should show your love and commitment. A simple gold band may be more meaningful to you than a band encrusted with diamonds at a higher price tag.
What Type Of Metal Are You Looking To Get
Considering lifestyle and expected ring maintenance, you may still have a few different metals in mind for your ring based on the look you want. Some men like the black wedding band look while others would like a traditional yellow gold ring. Some women want the ring metal to match that of their engagement ring and others want to choose one that purposely will look different than the engagement ring.
Should You Borrow Money To Purchase An Engagement Ring
If you can’t afford a ring right now, the best thing would be to wait. Put money aside each month until you can buy the ring in cash. But that might not be possible, especially when you have other loans to deal with. Saving up what you need could take a year or more.
We get it that you might not want to wait to propose. In that case, you could consider getting a cheaper ring, financing the ring or putting it on a credit card. But be careful: financing doesn’t mean you should pick the largest diamond you can charge. You still need to choose one that fits within your budget.
- The more cash you can bring to the table upfront, the better. If you must borrow the rest, develop a pay-off plan .
Shop now:Visit James Allen, our recommended online jeweler> >
What about borrowing the money from a family member?
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When In Doubt Go With A Solitaire
This classic setting is always a hit, and never goes out of style!
A great way to cut costs with the setting is to choose the solitaire option and concentrate most of your budget on the rings diamond or center stone of choice. Going for a simpler setting may allow you to afford a larger diamond engagement ring.
Looking At The Market
When analysing the market, we can see that a wedding band can range anywhere from a cheap $200 to a more high end of $2,000 and beyond. When choosing a ring for both male or female, it all comes down to the metal, the setting of the design and the number of diamonds featured in the ring.
Looking at an American study , we saw in 2019, the average wedding ring for a male was $510USD, and the average was $1,100USD for women. Although this is a study from Brides American Wedding Study, it is interesting to see the price difference between the two rings. The research also found that three percent of the wedding budget was put aside for wedding rings, whereas 14 percent of the budget was for the engagement ring.
So now we know the basic figures, how much should you budget for a ring? What other factors need to be considered?
Well, of course, you need to look at the type of design you want to purchase before you know what sort of money you will need to put aside.
Looking at all the factors
Choosing the rings you want
As mentioned, the price of the ring really does come down to the type of design you want. The options range from plain, diamonds, and then custom designs, which of course add to the cost.
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The Four Cs Of Diamonds
These are the four elements that an appraiser looks at when determining a diamondâs quality.
Color
The more expensive the diamond, the less color shines through it. According to the Gemological Institute of America, âA chemically pure and structurally perfect diamond has no hue, like a drop of pure water.â Cheaper diamonds throw off a yellowish tint, while a lookalike like cubic zirconia will give off an array of different colors.
Clarity
Clarity refers to the presence of natural flaws within the diamond that affect its brilliance. These flaws are a natural part of the diamondâs formation. Sometimes flaws are visible to the naked eye, but often they are too small to see without a 10x microscope.
Cut
The diamondâs cut affects its ability to reflect light. This factor depends on the skill of the craftsman who cut the diamond.
Carat
What Types Of Genres Of Music Do Wedding Bands Play
Some wedding bands are considered dance bands which means they play a wide variety of music in all genres. However, there are many bands that specialize in a specific type of music, from Latin to big band, country to Motown, rock, funk, and more. Some bands only will play a specific musical genre, but even those that specialize in a genre may be willing to play other types of music.
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The One Two Or Three Months Of Salary Rule
The most popular wedding or engagement ring myth is the X number of months salary rule. It has become common to calculate the best cost for a ring based on one, two, or even three months worth of salary!
Nowadays, this could lead to quite an expensive ring. If you intend to follow this tradition and are in the market for a lab-grown diamond, you will get an impressive diamond.
For example, say you make $5,000 per month. According to the months salary rule, the best price of a ring for your sweetheart is $5,000 by the one-month standard, $10,000 by the two-month standard, and so on.
Wedding Band Vs Engagement Ring: Budgeting Wedding Bands
Wedding bands are typically the less expensive of the two rings. Frequently, they feature no gemstones, but are merely a plain metal band. Often, the brides wedding ring is designed to match and fit with the engagement ring.
Since both the bride and groom wear a wedding band, they also frequently match each other. Wedding bands should be selected by couples together as a perfect pair, just like the marriage itself rather than matching each other or an engagement ring, its most important they reflect the two individuals wearing them.
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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 calculating 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.
Factors That Determine Average Cost Of A Wedding Band/ring
Countless factors determine the price tag on your wedding band. It depends on who made your ring, of course, and where you purchased it. Most importantly though, it depends on what your wedding band is made out of.
A plain wedding band made of white gold will cost 40%-50% less than the same style band made of platinum. Add diamonds or other stones to the design, and you can expect the cost to rise accordingly as both the stones are an additional expense, along with the craftsmanship and time to create the ring. The rarity and clarity of the stones, plus the intricacy of a design, all add to the cost of a wedding band. The width of the band matters too, as a wider band uses more material and naturally costs more.Alternative wedding band materials, like wood and leather, are typically on the less expensive end of the spectrum, though depending on the quality, the uniqueness of the material and additional design elements, they can compete with gold in some cases.
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Searching For The Perfect Ring
Most people purchase their wedding bands in traditional jewelry stores, but you have a few alternatives to this expensive option. You can order it online from the renowned brands official sites.
Some surveys show that 35% of couples buy wedding bands at the same store as their engagement rings. The probable reason is a wish to find jewelry that matches each other as much as possible.
One of my favorite options is to look for an extraordinary ring in your moms or grandmas jewelry box. Such a vintage or even antique rings are highly romantic and need only a quick polish to become perfect.
Think of this option on time in a case that your bride needs to get the band resized. If you dont have such an alternative, you can use the gem from a useless or broken ring and insert it into a new wedding band.
Vintage stores are an excellent place to look for the ring if you are romantic and prefer a retro look. It is a sustainable approach to purchasing the perfect wedding band that no one else has.
How Much Should A Wedding Ring Cost
Wedding ring prices range from $180 to $2,000 and higher. The cost of wedding rings depends on the precious metal, the setting design, the number of diamonds and where you buy the ring. For example, this classic 14K white gold ring from James Allen is $240 while this micro pave diamond ring also from James Allen costs $1,080.
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How Can You Save Money On Your Live Wedding Band
Wedding bands are typically thought of as expensive, but there are several ways to save money on your wedding band. Here are a few:
- Be conscious of time: Try to keep the number of hours your band will be performing to a minimum. A four-hour package is usually sufficient for most weddings.
- Fewer pieces: A huge band with lots of instruments will cost more. Work with your music agency or bandleader to figure out a number of instruments that will provide the sound you desire, but also fall within your budget.
How Much Should You Spend On Your Wedding Bands
The hardest expenses are over. Youve made the wedding plans, bought an engagement ring, and spend waaaaay too much on flowers by now. Its not over though you still need the wedding bands. The bands that will stay on your fingers until the day you dieor are divorced, or are doing the dishes and remove them so they dont fall down the drain.
While these wont cost as much as her engagement ring, they still can be expensive, and knowing whats worth the money can be tricky. Some tips to help you get where you need to go.
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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 engagement rings, and who want their wedding band to fit within its curvesalso known as enhancers.
How Much Is A Mans Wedding Ring
As a general rule, a mans wedding ring is often cheaper as it has fewer diamonds and less bling. However, the price of a mans wedding ring comes down mostly to the metal used to make the ring.
So, you can generally get a simple ring for a cheaper price, which could be cheaper than a simple womans wedding ring.
Final thoughts
Choosing the perfect wedding ring at the perfect price comes down to a few factors. These need to be determined and a budget needs to be set before going to purchase a ring.
The budget can be a small portion of the overall wedding budget and plays into account the designs the couple wants for their special day and of course, eternity.
At Kalfin Jewellery, we offer a variety of wedding rings for Him & Her. An assortment of fitted, matching, or even a band to compliment your existing engagement ring, can be custom-designed. Our obligation-free consultation with an expert jeweller will help you customise a wedding band design that suits your requirements.
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Resell And Reuse Clothing
If you want to hold onto your wedding attire for sentimental reasons, we totally get it. That being said, you definitely don’t have to. Use Nearly Newlywed to resell your wedding dress, or consider sourcing a tuxedo from Rent the Runway. The same goes for all your wedding-related event outfits: there’s nothing wrong with borrowing or repurposing your piecesâsharing is caring, after all.
Engagement Ring Price Brackets
Once you determine how much to spend on an engagement ring, you will need to understand the pricing brackets. Although there are many formats, below is the price bracket that weve categorized.
Click here for engagement rings between $1,000 and $8,000.
For engagement rings between $8,000 and $11,000, click here.
Click here for engagement rings between $11,000 and $15,000.
For engagement rings between $15,000 and $20,000, click here.
Click here for engagement rings above $20,000.
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