When it comes to wedding rings, most couples have no idea how much money they should be spending.
How much money should you spend on a wedding ring? It depends on your budget, of course, but there are some general guidelines that you can follow.
In this blog post, we will discuss the different factors that you need to consider when shopping for a wedding ring.
We will also provide some tips on how to save money without compromising quality!
How much money do people usually spend on wedding rings?
The average spend on a wedding or engagement ring in 2020 was $3,756. This is significantly less than the average of $7,829 in 2018. Learn more about the average engagement ring cost.
However, these are just averages. Some couples spend less money, while others spend more. You need to decide how much money you want to spend by talking with your partner.
These rings show your love and commitment to each other. The type of ring doesn’t matter as much as the meaning behind it. A simple gold band may be more meaningful to you than a band with diamonds.
Also Read: How Soon is Too Soon to Propose
How Much Should You Spend on a Wedding Ring?
How much you spend on an engagement ring or wedding ring is a personal decision.
You should think about what is important to you when making this choice. It can be helpful to consider the average cost of an engagement ring. This number has traditionally been three months salary, but it has decreased significantly in recent years.
The best method to figure out how much to spend on a wedding ring or engagement ring is to know your budget.
There’s no need to get into debt when there are so many size, style, and complexity choices available to fit everyone’s budget.
Creating a Budget
After you shop around and determine how much you want to spend, setting a budget will help you find the perfect ring for your financial situation. Know your ring budget, but also know your options! Shop around, and you will get a good feel for how much to spend on a diamond engagement ring or wedding band.
When it comes to the overall cost, it is not only the size of the center stone that plays a significant role. Also, the quality of the diamond, detailing around the gem (like a halo or other smaller stones included in the design).
Additionally, consider the type of metal you choose for the band of the ring. Even considerations such as the brand of the ring can all play a role in the overall wedding ring or engagement ring cost.
Spending Myths
There are a lot of myths around buying an engagement ring or wedding band. For example, the old “3-month salary rule” is no longer true.
This myth was created by the diamond industry to encourage people to spend more money on a ring!
In reality, you should only spend as much money as you are comfortable with. If you are not comfortable spending a lot of money on a ring, then don’t!
It is also important to remember that an engagement ring is not an investment.
The resale value of an engagement ring is usually only a fraction of the original purchase price.
So, don’t spend more money than you can afford just because you think the ring will appreciate in value.
The Rule: ‘One, Two, or Three Months of Salaries’
One of the most popular myths about wedding or engagement rings is the X number of months salary rule.
People often think that the best way to calculate how much to spend on a ring is by multiplying their monthly salary by X number of months.
But this could lead to spending a lot of money on a ring. If you want to follow this rule, use two months of salary as your guide.
This rule is a great starting point if you’re not sure how much to spend. But remember, it’s just a guideline!
You should ultimately spend whatever you feel comfortable spending.
How to Save Money on an Engagement Ring or Wedding Band
There are a few ways to save money when shopping for an engagement ring or wedding band.
One way to save money is to choose a less expensive metal for the band, such as silver, platinum, or palladium.
Gold is often the most expensive metal. Another way to save money is to choose a less popular gemstone, such as sapphires, emeralds, or rubies.
Diamonds are often the most expensive gemstone. And lastly, you can save money by choosing a less complex ring design.
A simple band with a solitaire diamond is often less expensive than a ring with multiple diamonds or other gemstones.
Where did this rule that we need to save our salary for several months come from?
The one-month rule is a way to make more money when selling jewelry. It is said that this rule came about in the early 1940s, when diamond sellers wanted to make more profit.
Another name for this rule is the De Beers myth, which refers to the company that started this rule.
It was eventually expanded to two and three-month pay scales. However, there is no definitive answer on how much you should spend on a wedding ring. Feel free to disregard this out-of-date tradition and follow your own budget instead.
The Average Diamond Size for Engagement Rings Myth
Another popular ring budgeting misconception is that the diamond’s size matters.
They believe that calculating their budget based on the desired carat diamond will help them get a higher-quality engagement ring for less money.
This approach, on the other hand, lacks consideration for color, cut, and clarity.
These neglected elements have a big impact on the diamond’s quality. Many consumers are unhappy if their purchase is limited to only the diamond’s size.
You might want to consider various metals for your wedding rings
So, make certain to include all of these variables in your budget so you don’t get caught off guard.
You’ll also want to think about what sort of metal you want for your wedding bands.
Yellow and white gold are popular choices, while rose gold has been gaining popularity in recent years.
If you’re considering platinum engagement rings, keep in mind that they’re more durable but costlier.
Shopping for your wedding ring online can help you save money.
The cost of an engagement ring or wedding band can also vary depending on where you shop.
Local jewelry stores often charge more because they have overhead costs, such as rent and employee salaries.
On the other hand, online jewelers don’t have these same expenses, so they can offer lower prices.
You can also find great deals on sites like eBay and Amazon.
When it comes to purchasing an engagement ring or wedding band, there’s no right or wrong answer.
It’s important to do what feels best for you and your fiance. Consider your budget, style preferences, and the type of metal you want.
Don’t let anyone else tell you how much to spend on your rings!
What to Consider When Buying a Ring: Things to Look For
The technical factors to consider when purchasing a ring—clarity, size, cut, color, metal type, and brand—have been discussed.
What about the fundamental elements to think about when buying a ring?
Assessing your expectations and priorities will help you budget in a more logical way while remaining on the same page as your soon-to-be spouse.
Finances Are Essential
Before getting started, it’s critical to understand your financial condition. Determine what you can afford before discussing a price range that’s comfortable for you.
Setting a budget requires careful consideration of many factors, such as student debt, money for daily expenses, and savings.
Working together to determine how much is spend on wedding bands is crucial throughout your married life. You’ll get the ideal ring spending plan if you collaborate.
What Are Your Partner’s Expectations?
Finding the ideal ring is nearly difficult if you don’t know what your partner wants!
Do they want a basic design? How many stones would they prefer on the band?
What sort of metal do they want the band to be made of? And, what color should it be?
The ideal approach to answer these questions and figure out what your partner wants for an engagement ring or wedding band is to window-shop together.
If you want to get them something special, consider their style and speak with family and friends to get some ideas.
The Importance of the Ring Over Its Size
The meaning of the ring is more significant than its size.
This may sound like a contradiction to what was discussed earlier about getting the best quality for your money, but it’s not.
It’s still essential to find something that meets your expectations and budget while making sure you don’t overspend.
The value of an engagement ring or wedding band has more to do with its sentimental value than anything else.
Remember, the ring is a symbol of your love and commitment, not a reflection of your finances.
What Is the Best Way to Save Money on a Wedding Band?
Sticking to a spending plan is critical, but don’t let that dash your expectations of finding the perfect engagement ring for your significant other!
There are numerous alternatives for every budget. Here are three money-saving suggestions for weddings or engagements.
Save by Buying a Used Ring
If you have your heart set on a particular style that’s beyond your budget, try looking for a used ring.
You can usually find great deals on sites like eBay and Craigslist. Just be sure to have the ring inspected by a professional before making the purchase.
Shop Online
As mentioned earlier, online jewelers don’t have the same overhead costs as traditional brick-and-mortar stores.
You can often find better deals and a wider selection of rings online. Just be sure to do your research before making a purchase.
Buy a Less Expensive Metal
If you’re on a tight budget, consider buying a ring made of silver, titanium, or stainless steel.
These metals are much less expensive than gold and platinum but can still be fashioned into beautiful rings.
Find the Right Budget Setting for You
Budgeting for your wedding bands can help you save money on an engagement ring or wedding ring.
The style of setting you choose for the gems on your ring can affect how much it costs. If your fiancé loves a specific setting, it’s important to know how much it will cost.
In case you’re unsure, go with a solitaire.
A timeless and classic choice, this setting is always a hit and never goes out of style!
Choosing the solitaire option (see how to pick the best setting option here) while concentrating most of your budget on the diamond or center stone of your choice may help you save money.
A smaller mounting may allow you to purchase a larger diamond engagement ring if you go for a less complicated design.
Using Color and Clarity to Your Advantage
Our final advice is one of the most efficient methods to decrease ring expenditures—go for lower clarity and color while maintaining an excellent cut.
Shopping around on color and clarity is a wonderful way to save money on your engagement ring.
Shopping around helps you stay within a budget without sacrificing quality, especially if you want a big center stone.
Final Thoughts
Your wedding ring is a symbol of your love and commitment, so it’s important to find something that meets your expectations.
Don’t let the cost of an engagement ring or wedding band discourage you from finding the perfect ring for your partner.
There are plenty of ways to save money without sacrificing quality or style. Just be sure to do your research and shop around before making a purchase. Thanks for reading! We hope this was helpful!
Frequently Asked Questions
Below are some frequently asked questions that may help you as you budget and shop for your wedding ring.
How much should I spend on an engagement ring?
This is a difficult question to answer because it varies based on each couple’s individual circumstances.
Your best bet is to set a budget that you’re comfortable with and then start shopping around.
How much should I spend on a wedding band?
Again, this is a tough question to answer because it varies from couple to couple.
The best thing to do is set a budget and then start shopping for rings.
What’s the best way to save money on an engagement ring or wedding band?
There are a few different ways to save money on engagement rings and wedding bands.
You can buy a used ring, shop online, or buy a less expensive metal.
You can also save money by choosing the right budget setting for you and using color and clarity to your advantage.
I’m on a tight budget. What are some of the best ways to save money on an engagement ring or wedding band?
There are a few different ways to save money on engagement rings and wedding bands.
You can buy a used ring, shop online, or buy a less expensive metal.
You can also save money by choosing the right budget setting for you and using color and clarity to your advantage.
Where can I buy an engagement ring or wedding band on a budget?
There are a few different places to buy engagement rings and wedding bands on a budget.
You can shop online, at a pawn shop, or at a jewelry store that specializes in discount jewelry.
What are some free online resources for shopping for an engagement ring or wedding band?
There are a few different free online resources for shopping for engagement rings and wedding bands.
Some good places to start your search are on websites like Craigslist, eBay, or Overstock.com.
Another great resource is a local jeweler who specializes in discount jewelry.
Are there any non-profits or organizations that help with the cost of an engagement ring or wedding band?
Yes, there are a few non-profits and organizations that help with the cost of engagement rings and wedding bands.
One organization is The Knot’s “Ring Finder” program which helps couples find discounts on engagement rings and wedding bands.
Another great resource is the “I Do, Now I Don’t” website which helps couples sell their used engagement rings and wedding bands.