How Much Should You Spend on an Engagement Ring?

Money is one of the biggest things we stress over. With everything we need to pay for (e.g. mortgage, car payments, food, etc), thinking about adding another expense might seem overwhelming. And the reality is that buying an engagement ring is a big monetary commitment. But it doesn’t need to be a commitment that breaks the bank.

With all major jewelry stores offering financing, and many promoting interest-free financing for 6 to 12 months, purchasing an engagement ring becomes easier to do. But please note that if you miss a payment or fail to pay off the balance before the 12-month mark, you’ll end up paying a lot more. So keep that in mind as you’re shopping for engagement rings.

Shopping for an engagement ring is a milestone moment in life. The ring is a symbol of the love and commitment you’re promising to give your partner forever. But how much should you spend on this symbol? Keep reading to find out!

What Are You Willing to Spend?

The average cost of a 1-carat diamond engagement ring is $5,500 (not including the bridal set). Obviously, the prices vary from there based on carat, the cut of the diamond, the setting, etc. Traditionally, the rule with purchasing an engagement ring has been to spend two months of your income on the ring. So following that rule, if you’re making $2,000 a month then the ring should be $4,000. But rules are meant to be broken and this is one rule you can definitely break.

Why? Because statistically people are getting married in their late 20’s, an age where we’re either finishing up degrees, pursuing new ones, or starting our new careers. And with student loan debt looming over us, it’s hard to imagine putting a lot of money into a ring.

So the biggest question you need to ask yourself is- How much am I willing to spend on an engagement ring? If the thought of spending more than $5,500 on a ring gives you an anxiety attack, then I wouldn’t recommend spending that much on a ring. If spending $5,500 feels more comfortable, then go with that price. But keep your expectations realistic with your price point.

Know What Your Partner Wants

Having a set price point in mind helps you know what you’re willing to spend, but that’s only half of the equation. The other half is knowing what your partner’s style and taste in jewelry are. If your partner isn’t a fan of yellow gold or princess cut diamonds, then you know to avoid those ring styles. If your partner has pointed out several rings in white gold with color diamonds, then that’s what you should look for.

Sometimes your partner’s taste and your price point might not be compatible, but there are ways to work with that. Instead of a real diamond, you can look into a synthetic diamond. Synthetic diamonds can be 20-40% less expensive than the real thing. And the only remarkable difference between the two is how they’re made!

Keep in mind the financing option mentioned above because it could really help with any issues that might occur. And make sure to communicate clearly with your partner. Sometimes it’s not just about the ring, but the thought that goes into the ring. Sometimes it’s just about knowing your partner took the time to listen to you, and took your thoughts and feelings into consideration.

Educate Yourself

So you know your price range and what your partner wants. The next step is to educate yourself on diamond engagement rings. Understand every possible diamond characteristic. Learn how things like the ring setting, the size of the center diamond, and how the precious metal used affects the cost of the ring. If your partner doesn’t have a shape preference, find out the differences between a halo engagement ring and a solitaire engagement ring.

If you want to be more unique with your choice, look into uniquely shaped engagement rings. Think about the possibility of going with a colored diamond. But keep in mind how each of these choices will affect the price of the ring. Custom rings tend to be pricier as they are a one-of-a-kind piece made for your beloved.

Knowing all this information will help you choose the diamond ring you want that fits your financial range. This can also help you decide how much you really want to invest into the ring. And remember this- Rings can always be upgraded as time goes by. So if you can’t afford your partner’s dream ring now, make it a goal to give them that ring one day.

That’s what my father did for my mother when they were first married. My mother wanted a heart-shaped diamond ring and my father promised to get her one eventually. When that day came, the ring meant even more to my mother. It became a symbol of the love my father felt for my mother and the promise he made, which he kept. Sometimes waiting makes the ring even more special.

Choosing the right engagement ring is important. Here at Diamond Consultation, we have all the resources you need to aid you in the buying process. We want to make sure you’re confident in your decision so both you and your partner will be with the ring. If you have any questions or concerns, please contact us and we will aid you however you need. We are here to help.