Trying to find the perfect ring to propose with is a big deal. You want to find a ring that symbolizes your love, and that your spouse-to-be will love forever. But do you really have to spend thousands of dollars, or go into debt over one piece of jewelry? Is the 3 months’ salary rule still a thing? What do real people spend on engagement rings today?
In this article, we’re going to cover all the details on budgeting for buying an engagement ring. You’ll learn:
The average cost of an engagement ring in 2019
How to decide on your engagement ring budget
And some easy ways to save money on engagement rings
So take a deep breath, and remember: you’re doing this because you want to spend the rest of your life with your partner. Keep your focus on that, and the rest becomes a little less overwhelming.
What’s the Average Engagement Ring Cost?
While there are engagement rings across a huge range of prices, the average cost of an engagement ring has been trending up over the past few years. According to The Knot’s 2017 Real Weddings Study, people in America spend an average of $6,315 on engagement rings. Here in Pennsylvania, the average is slightly higher, with folks spending more than $6,600 on average to find the perfect ring.
How to Decide How Much to Spend on an Engagement Ring
The most important thing to remember about buying a ring is that it’s your choice, and your choice alone. Everyone has an opinion on how much you “should” spend, or what is too much, or too little to spend on an engagement ring. And by the way, the rule about spending “3 months” of your salary on a ring? Totally outdated. When you’re looking at rings, your focus needs to be on the style you want, and getting the best “bang” for your “buck,” not about how many zeroes are going to be on your credit card after purchasing.
If You’re the One Buying:
Your ideas for a budget should start with a maximum that’s reasonable for you. Do you have savings? How much do you make a year? Will you also be paying for the wedding? It’s important to take your financial situation into account. One thing most jewelers agree on is that you never need to go into debt just to get a high quality ring. There are gorgeous diamond rings for $1,000, and also beautiful ones for more than $20,000.
Once you have a maximum set, it’s time to look at rings styles. Grab your girl’s best friend and get all the details you can. What she wants in a style is going to set up a solid range in prices for you. Is she looking for white gold, or platinum? Does she want a diamond, or is she open to other gemstones? Is she dreaming of an infinity band with gems all around, or a simple, stunning solitaire?
The last step is to visit a jewelry store and talk with an engagement ring expert. At South Hills Jewelers, our associates are highly trained, with years of experience helping people find gorgeous rings that fit their budget. We’ll be able to help you weed through the thousands of options out there to find a ring that’s just right.
If You’re the One Being Asked:
Yes, budget should be on your mind, even if you’re not the one buying the ring. There are two important aspects to thinking about ring prices from the side that’s going to say, “Yes!” First, like your S.O., consider your finances, especially if you’ve combined your money, or will be funding your own wedding. Is having the ring of your dreams the priority? Or would you rather spend more money on your DJ or venue, or your first home together after the wedding?
The second aspect has more to do with your personality. Some women love fine jewelry, and are really comfortable wearing high-end pieces. Other women feel might feel uncomfortable with a “rock” of a diamond, fearing they might lose it, or simply feeling awkward having it on their person. If you are someone who specifically doesn’t want a super-expensive ring, make it known to your friends, family, and your significant other!
If You’re Deciding Together:
You can discuss ring prices and styles without ruining the surprise of a proposal, we promise. When talking with your significant other about engagement rings, be sure to mention price. Even if you don’t have an explicit conversation about it, you can always comment on a celebrity’s new ring, or something you pass in a store. Simply say, “Wow, this ring cost $$$. I think I’d be happy with a ring that was more around $$$.” It can take some of the pressure off your partner make a price decision alone, and ensures you won’t have any “You spent HOW MUCH?” conversations later.
Buying an Engagement Ring
The average cost of a wedding ring might be $6,000, but that doesn’t mean you have to spend the same amount as everyone else. Start with a budget that works for you, and find ways to maximize what you can spend to create your loved one’s dream engagement ring. Don’t go into debt, and remember that if your budget right now is low, you can always reset a diamond, or get a gorgeous anniversary band from your local jewelry store down the road.
Now, go find your perfect ring, so you can hear the “Yes!” that will start the rest of your life!