Engagement rings often come with a hefty price tag. This has often been the trend of rings, but many people don’t know how much they should spend on one. We are here to answer the question of how much you should really pay for an engagement ring.
The average cost of an engagement ring is about $5,000.00 USD. This price is fairly high and seems to be rising each year. However, you don’t need to feel pressured into purchasing a ring that is worth several years of your salary. Millennials are actually spending less on average for engagement rings, coming in at $3,000.00 USD.
Rules for Spending
Traditional rules quote that an engagement ring should be worth one month of your salary. However, this is silly and sometimes impossible to match. By following this rule, those with higher annual incomes would pay an absurd amount of money for engagement rings and even more for wedding rings.
The more sensible rule to spend what is reasonable for you. If you build up a savings account for the ring, look for the perfect engagement ring while you save so that you have an idea of what you will need to have saved up for it.
Consider Your Partner
You must also consider your partner when you make the purchase of engagement rings. If you choose a cheaper option, they may not be happy with the quality of their ring. Get to know the type of ring your loved one would prefer and look for rings that match their specifications. The ring is not only dependent on your money – it depends on the type of cut and gem your partner would want.
Look for a Cheaper Option
If money is a big worry, there are some shortcuts you can take.
- Buy a ring online. This is not always recommended, as it is easy to make false claims over the internet, but it is a good alternative to find unique rings that may cost less than they do in stores.
- Get your ring a carat size smaller. Simply lessening the size of the carat by .1 carats can significantly reduce the price you would pay for a diamond. Look into fractionated carat sizes that look very similar in size but cost much less.
- Get something original. Not every engagement has to be sealed with a ring. A diamond tennis bracelet can also be used to symbolize your love. If your loved one loves to exercise, this could be a good alternative to a traditional ring.
If you are looking for a ring for your loved one, you don’t have to worry about paying an insane amount for an engagement ring. The price of your ring should depend on your financial situation, what your partner would like, and the type of statement you want to make with the ring. There is no pressure to spend $5,000 or even $3,000 USD on an engagement ring because it represents so much more than money.