You might not be surprised to learn that the groom’s wedding band costs significantly less than an engagement ring for the bride, but how much less? The average groom’s band costs 87% less than the bride’s engagement band.
Buying an engagement ring is the first step towards marriage and a life together forever. When shopping for your soon-to-be-bride, be prepared to spend a pretty penny on the engagement ring.
How much should you spend on an engagement ring exactly? Keep reading to find out.
How Much Should You Spend on an Engagement Ring?
The answer to, “how much should you spend on an engagement ring?” depends on your budget and needs. However, it’s beneficial to know the average engagement ring cost.
Diamonds are always going to be a huge investment. Currently, the average engagement ring cost is around $6,000. Although the average is high, some couples get away with spending much less on a ring.
Popular Engagement Ring Types
Engagement ring styles indicate how much a ring will cost. Most couples opt for diamonds as their center gem, but some choose something with historical significance like sapphires or emeralds.
Although diamonds are the most popular option to this day, moissanite and lab created diamonds are increasing in popularity. They are a much cheaper option than other gems and can work as a good placeholder until your budget is up.
Engagement Ring Budget
Engagement ring prices will vary depending on your gem, ring setting, band color, etc. Selecting a budget you are comfortable with is an important step but it is going to come down to subjectivity.
Not only will you need to consider the ring itself, but ring insurance is recommended for an additional fee. Insuring a high-value purchase is a no-brainer.
One/Two/Three-Month Salary Rule
The one months’ salary rule began as the norm that states you should spend one months’ gross income on an engagement ring. The notion grew up to two than three months which isn’t realistic for a lot of people.
What most jewelers don’t factor in with this rule is the debt load of a person and inflation. The salary rule you choose will depend on your personal finances. As a general rule of thumb, you won’t want to spend your first few months or years of marriage paying off an engagement ring.
Engagement Ring Calculator
You can find engagement ring calculators online or ask a professional jewelry company for estimates. Calculators will help you decide how much you can afford by gaining information about your income and debt to asset ratio.
When working with a jewelry company, they’ll want information on the following to help you with an accurate budget:
- Financial situation
- Partner’s expectations
- Meaningfulness of a ring
Consider giving up a fraction of a carat size to save money on an engagement ring.
Just Say Yes! The Perfect Ring Is Waiting
So, how much should you spend on an engagement ring? There is no one size fits all answer to the question. What you choose to spend will depend on your financial situation and what your partner wants.
With so many different options out there, the perfect engagement ring won’t be difficult to find. Create a budget that can help you stay within a safe and affordable range.