Starting to shop for an engagement ring and wondering how much to spend? You're not alone! One of the biggest questions when it comes to proposing - how much should I spend on an engagement ring?
When you're ready to pop the question and take your relationship to the next level, it's time to start ring shopping! One of the biggest questions that comes to mind first – how much should I spend on an engagement ring?
We're here to break down the price tag misconceptions on buying an engagement ring. We'll also include common questions and recommendations to review to help you establish your budget for the engagement ring both you and your partner have always dreamed of.
While there's no one size fits all answer for budget, this guide should definitely help you find that sweet spot!
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Industry Average:
According to The Knot 2019 Jewelry and Engagement Study, the average cost of an engagement ring is currently $5,900.
Of course, you'll find countless couples who spent a lot more, and just as many who spent a lot less. It truly depends on your financial situation and ring preferences. For example, if you're looking for a halo engagement ring that gives off a lot of sparkle or a beautifully simple solitaire engagement – these costs will likely be a lot different!
Busting the Biggest Myths:
"You should spend 3 months' salary on a ring."
Between all the added costs that come with a wedding, there is no reason to go into debt over the engagement ring. It's up to you, but opt for a beautiful engagement ring that fits your budget and financial plan.
"The bigger the better!"
This is a big thing when it comes to diamonds – a larger diamond ring does not necessarily mean it's a better diamond ring. Carat size doesn't always matter. In fact, the other 4 C's — speak volumes to the overall quality of the rock far more than the carat size does.
"Diamonds are the only way to go."
Yes, diamonds are dazzling and are the obvious popular choice when it comes to engagement rings. However, there are many other stone options that might fit your style and budget better! Colored stones make a truly unique engagement ring.
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In addition, lab diamonds are a great option for those wanting to cut down costs without sacrificing the look of a real, dazzling diamond. Lab diamonds are literally made out of the exact same material, and include the same chemical properties as real diamonds. Plus, they're easier on the environment.
Finalizing Your Budget:
Finally, we've listed a few of the most important factors and recommendations to help in finalizing an engagement ring budget that fits you best!
Financial Situation: Did you save for a down payment or the full cost of a ring? Do you plan to finance the engagement ring? Think about your current income, bills, debt and upcoming wedding cost to help figure out how much you can afford to spend.
Ring Style Preference: Hopefully you have an idea of the style you and your partner like, which helps immensely in getting an idea on cost so you can plan ahead. We recommend researching the 4 C's mentioned above which will really guide you to finalizing your budget.
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Meaningfulness of Ring: Thinking of incorporating a family heirloom into the ring? This could bring down your cost of a new diamond. Or interested in a custom design? This might increase your cost!
Our fine jewelry experts are here to break down the misconceptions, myths, and provide guidance about buying an engagement ring! We'll also include the industry average, and common questions to review to help you establish your budget for the engagement ring both you and your partner have always dreamed of.
While there's no one size fits all answer for budget, this guide should definitely help you find the budget that best fits you, your partner and your lifestyle together.
In Conclusion:
If the options are overwhelming you, talk to a jeweler! They're more than happy to break down the different rings and costs. In addition to the price of the engagement ring, don't forget about the cost of insurance. This is a big life purchase, so we always recommend couples insure their beautiful, treasured rings.
Talkto one of our TwoBirch jewelry experts today about cost, ring options,warranties and more.
