Are you ready to make the big leap and propose? You’re probably wondering how much your engagement ring will cost. The answer is different for every couple.
The average engagement ring costs about $5,900. But celebrities are known to spend millions on engagement rings.
An ideal budget for an engagement ring is between $3,000 and $5,000. But your income, savings goals, and preferred ring style determine how much money you spend on an engagement ring. Some people choose to put their entire savings account into it while others prefer not to exceed one to three month’s salary.
It would help if you didn’t get carried away with enthusiasm during the proposal period and forget everything else.
This article will discuss multiple strategies and tips that will allow you to discover your ideal budget for an engagement ring.
Let’s find out.
1. Use an engagement ring calculator to get a realistic estimate
The engagement ring cost calculator is a great tool to help you figure out how much your ring should be worth, based on the size and quality of the gemstone. It will analyze your budget and give you the best options based on what’s realistic. However, it won’t account for the emotional aspect attached to your decision-making process.
Generally, engagement calculators ask about your lifestyle (whether it’s lavish or low-key), credit card debts, savings, honeymoon plans, etc.
Some engagement ring calculators consider other factors like income tax rate and monthly expenses to determine the average price range of affordable options.
This way, you can avoid any irrational moves and make a calculated decision!
In addition, this tool can also help you determine what type of setting or band style would suit your needs best. It can even tell you if a jeweler is trying to rip you off!
However, engagement calculators will fail to measure what that ring means to you and your partner as they can’t understand feelings.
Thus, they are only suitable for estimating possible budget ranges and available options in the market – nothing more personal than that.
2. Take help from friends or coworkers
If you know a friend you trust who got engaged before you did, they may tell you how much their ring cost. You can also inquire indirectly by asking what type of rings are available in your budget range. Then, you can make an educated guess.
3. Discuss with your fiance
Before researching different rings or browsing for prices, it’s essential to know what your fiancée wants. They may have many specific needs, so you should discuss your budget and their desired style, favorite stone, material, and size.
Every couple has their definition of the perfect engagement ring.
Some people want a diamond that will be an investment and not just something to hold onto for sentimental reasons. Others may prefer stones that are rare, such as rubies or emeralds.
Some want something different like opal or amethyst on their left hand instead of a traditional diamond engagement ring.
It is essential to know these things to determine which type of setting will work best.
Most importantly, discussing your budget and choosing an engagement ring together can bring you two closer.
You may learn something about her that you didn’t know before and it will certainly show her your effort in making this decision together.
Moreover, if your fiance doesn’t like the ring you buy, it can ruin your mood for the big day. After all, your engagement ring is not just a piece of jewelry; it’s also an emotional investment.
But the downside of taking your fiance’s input is that you will be bound to act according to their preference. Once you ask what they like, it’s almost impossible to consider anything else.
On top of that, if your fiance’s choice exceeds your budget, you will be in for a rough ride. So if you’re not in a position to spend a lot on an engagement ring, let your partner know! Both of you can decide to contribute to the engagement ring’s cost.
But before you discuss your budget, give this serious consideration first.
Not all women want to know what their ring cost you before you propose, and some of them are even indifferent about knowing.
Is your fiance going to want you less without the big shiny rock? Probably not!
So don’t pressurize yourself into spending more than you can comfortably afford. But also buy her something that she will love to wear.
4. Evaluate if the three-month salary rule is right for you
The three-month salary rule helps people determine how much they can afford to spend on an engagement ring.
According to this rule, you will spend about three months worth of salary on the engagement ring you choose. This method has been criticized for being quite elitist and not taking into account the financial realities of everyone.
A survey suggests that higher salaried individuals don’t spend more than 1.6 weeks of their salary on an engagement ring. So it roughly accounts for 3.1% of their total pay.
Contrarily, lower-salaried people earning less than $2000 a month may spend up to 2.2 months of their salary for an engagement ring, which is more than 16% of their monthly income.
The idea to spend three-month savings on an engagement ring came up around the second world war when diamond companies introduced it as a gimmick to sell their products.
However, it’s no longer a viable option for most people due to the inflation rates.
You can customize the rule according to your monthly income. For instance, if your monthly salary is higher than $8000, you may not need to save more than a month’s salary to buy a high-quality ring.
The three-month salary rule might help you know exactly how much to invest in an engagement ring. But you can start saving earlier and buy the ring at the right time.
5. Make a list of all options
First, make a list of everything you want in an engagement ring. Next, narrow down essential things you can afford and keep the extras in a loop. Then, you can include them if your budget allows. This strategy will give you both some clues about what things are mandatory in an engagement ring.
How much is too much to spend on an engagement ring
There is no set rule for how much you should spend on an engagement ring. But you could figure out what you can responsibly afford, consider your partner’s taste, and decide together what you both want. If money is not an issue, then go ahead and splurge! But if you have budget constraints, take some time to assess what’s right for you.
You could just go with a small token of your love, or you could spend a substantial amount, whatever works for you both! Just make sure you aren’t going into debt for an engagement ring.
Figure out what you can responsibly afford to spend and make a mutual decision.
You may end up celebrating the fact that you don’t have to follow the engagement ring industry’s rulebook of saving three month’s worth of salary.
A final tip: If you’re unsure how much you should pay for an engagement ring, ask your jeweler for a rough estimate before committing to anything.
The average engagement ring prices
A 14k rose gold engagement ring with two pear-shaped diamonds costs about $4,600, while a 14k white gold ring with 76 diamonds and a sapphire goes for about $8,500. A three-stone diamond ring in platinum goes for about $1,990.
According to a 2019 survey, the average engagement ring cost is somewhere around $5,900. However, 10% of proposers spent less than $1000 on an engagement ring.
A 2020 study found that couples spent around $3,756 on engagement rings, which is much lower than the average price. Couples spent less on engagement rings than they were in 2019.
Nevertheless, these surveys give an insight into how the engagement ring shopping trends are changing.
Engagement rings are generally expensive, and the prices vary depending on what type of metal, cut, size, style, and clarity grade you prefer.
Although many people suffered financial setbacks during the COVID-19 pandemic, the recent shopping trends suggest that high-cost engagement rings are still in fashion. But most people chose to minimize their wedding and honeymoon expenditures.
If your budget is tight, you could ask your parents/family and friends for help. They may have some spare cash they want to spend on your love. Or get a second job to fund the ring; you’d be surprised what you can accomplish with some effort.
Conclusion
The average engagement ring with a precious stone costs around $4,000. So anything around $3000 to $5000 is a reasonable budget for an engagement ring. However, you should spend whatever you can comfortably afford after discussing it with your partner.
Engagement rings symbolize love and commitment, but they don’t have to break the bank. So don’t let the diamond industry tell you what you should be spending!
In addition, it’s essential to buy from stores that value your money and give the best available options specific to your budget.
You can create a custom engagement ring based on what your fiance loves without leaving your home. Find the best jewelers within your budget on Jewelers Connect.
Upload a picture of what you want, describe it, and design a custom engagement ring for your partner. From a clean and simple diamond solitaire to an intricate piece featuring drapes, you can find it all at Jewelers Connect!
Dreams deserve the best, and you don’t have to settle for anything less. Jewelers Connect will help you find the perfect engagement ring with various options perfect for every household budget.