There is no “ideal” amount to spend on an engagement or wedding ring. Instead, either directly or indirectly, align expectations with your spouse, focus on a ring with significance rather than a specific price tag, and ensure you understand your budget and means before shopping. How much money should you spend on a wedding ring?
It’s a question that many couples encounter when planning their wedding. The wedding band is a symbolic representation of marriage. You want to get the proper one since it will last a lifetime. You don’t want to go into debt, but you don’t scrimp on it. So, how can you strike the right balance? Here are some suggestions for finding the right wedding ring while keeping within your budget!
How Much Money Should You Spend On A Wedding Ring?
According to The Knot, the average wedding band cost for a female wedding ring is approximately $1,100, while the average wedding ring cost for a male wedding ring is around $550. Wedding ring prices can vary substantially based on the metal used and other jewels.
But how much money should you spend on a wedding ring? The solution is straightforward: choose a wedding band that is both comfortable and within your budget. Some couples spend on their rings, while others prefer more affordable ones. Whatever you decide, remember that the wedding ring represents your love and dedication to each other, not how much money you spend on it.
Furthermore, remember that if you decide to spend more than you have on hand, there are always possibilities for financing or payment plans. Simply keep an eye on interest rates and budget accordingly.
It is critical to select a wedding band that complements your style and relationship rather than one that is too expensive. Wedding ring prices might skyrocket. So only feel obligated to spend what you can easily afford. The essential thing is that you’re making a lifetime commitment to the love of your life. That is what is necessary.
Are Wedding Bands And Wedding Rings The Same Thing?
This question has a somewhat more sophisticated answer. The answer is technically no – wedding bands and rings are different. A wedding band is a ring that is usually broader than a standard wedding ring and contains fewer jewels. Wedding rings are sometimes a complement to a more costly diamond engagement ring.
Regardless of their unique design, many couples prefer both bands as “wedding rings.” As a result, the phrases “wedding band” and “wedding ring” are interchangeable. Let’s get back to how much money you should spend on a wedding ring.
How Much Money Should You Spend On A Wedding Ring?
Simple solution? Purchase the engagement ring that fits your budget, whether it means modifying your lifestyle to save up, borrowing to purchase the ring, or just paying out of pocket with the money you have. Don’t allow people to tell you how much you should spend.
How much you spend on an engagement ring is up to you and maybe your future fiancée (more on that below). Here are some factors to consider when deciding how much money you should spend on a wedding ring:
Set Clear Expectations With Your Relationship
If you already share funds with your soon-to-be-fiancée, it’s a good idea to know how much an engagement ring cost. If your finances need to be in sync rather than waiting for marriage, this is an ideal moment to discuss your financial expectations.
Are you attempting to keep your proposal a secret? You may still start a general conversation about money without mentioning the engagement ring price.
Buy A Meaningful Ring Rather Than A Costly One
There are several options for finding a meaningful engagement ring without spending thousands of dollars. For instance, you could:
- Use an heirloom ring with a family history that is free of charge.
- Find a less costly alternative to a diamond.
- Create a bespoke design with the help of a local jeweler.
- Choose a ring from a website like James Allen or Blue Nile.
Yes, an engagement ring represents love and commitment, and the money you invest in it may add to that significance. But going into debt for years to buy the flashiest ring at the dinner party isn’t a good way to start a lifetime commitment.
Myth Of The “Two-Month” Engagement Ring
You’ve probably heard the adage that an engagement ring should cost two (or more) months’ income. What was the source of that? Of course, there is advertising. The diamond corporation De Beers advertised the “rule throughout the twentieth century.”
The company’s advertisements also established diamonds as the standard for engagement rings – engagement rings previously comprised a variety of jewels.
The idea links to archaic gender norms in relationships and society. We are no longer in the 1950s. Young individuals today graduate with enormous student loan debt and face humiliating entry-level incomes, not to mention exorbitant living expenses. Almost all women work, and even with two salaries, most of us cannot afford to transition from college to married homeowners with children in less than five years.
How Much Do Most People Spend On An Engagement Ring?
Unfortunately, reliable data on how much people spend on weddings is complex. Most data comes from wedding magazine polls, which usually poll a sample of trend-conscious readers. They don’t hear as much from your thrifty relative from the Midwest, who invited 80 people and prepared their cake.
Take these figures with a grain of salt. The typical engagement ring costs $6,000, according to The Knot, with one-third of respondents paying $1,000 to $4,000 and 8% spending less than $1,000. According to Brides 2020 research, the average ring costs $3,756.
How to Determine an Engagement Ring Budget?
Setting a budget for an engagement ring is comparable to creating a personal budget for any significant item you wish to save for or finance. To determine how much you can pay each month, follow these steps:
- List your total earnings.
- List all of your costs.
- Make a list of your monthly debt payments.
You may calculate how much money you have to play with using this budget-based information (if not, make a smaller budget).
- Add up your debt payments and costs to determine how much money you’ll need to satisfy your living expenses and financial commitments.
- Subtract that number from your income to calculate your disposable income.
Your disposable income is the amount of money you have to spend as you want. You could put part of it aside for a few months to save up for a ring, or you could use it to figure out how much you can borrow and repay if you want to finance.
Conclusion: How Much Money Should You Spend On A Wedding Ring?
So, How Much Money Should You Spend On A Wedding Ring? Research before spending money: Purchasing your engagement ring online might result in 40% to 50% savings. It’s also not just about size. A variety of factors influence the cost and appeal of an engagement diamond.
Also read: The Mt.Gox Repayment Scheme: A Few Updates