Introduction
An engagement ring symbolizes the relationship you share with your significant other; hence, every step taken to acquire one should be worth it. From choosing the center stone to the setting and style and how much you spend on it should be intentional. So, now that you’ve found ‘the one’ and are ready to pop the big question, let’s see how much you should spend on buying the engagement ring. Let us know about “How Much Money To Spend On Engagement Ring?”
How Much Money To Spend On Engagement Ring?
The old rule says that you should spend at least a two-month salary to buy an engagement ring. Let’s say you earn $10,000/month, you can spend about $20,000 or more on an engagement ring; however, it’s not a one-size-fits-all rule; spend what you can afford but make it meaningful.
Average Cost Of An Engagement Ring
The rule of spending at least two months’ salary for your engagement ring is quickly becoming obsolete because we live in a generation that is learning to create a new path rather than follow the old ones set before it.
According to a 2021 study, the average cost of an engagement ring is around $6,000 for a diamond center stone of average size between 0.8 and 1.5 carats; nonetheless, the cost of an engagement ring depends on different factors, which include;
Center Stone
While diamonds remain the most popular center stone, most brides will prefer to opt for other ‘uncommon’ stones to personalize their engagement ring and make it special. Emerald and sapphire are also popular center stones, but when it comes to diamonds, the trending debate is whether to opt for a naturally mined diamond or a lab-created diamond.
Natural Diamonds
Are expensive and choosing one as a center stone for your engagement ring means that you may spend at least $5,000 for one carat. Remember, the clearer and bigger the diamond, the more you get to pay for it.
Lab-Created Diamond
Are a budget-friendly and sustainable option to natural diamonds, especially since only a few experts in the industry can identify a lab-created diamond from a natural diamond. A one-carat lab diamond costs around $2,000 and comes in various cuts, shapes, and sizes like natural diamonds.
Ring Band
Platinum remains the most expensive ring band material because of its durability, costing about 40% to 50% more than a gold band. Tungsten is another strong metal that is becoming popular because it is scratch-resistant and even four times harder than titanium; however, its hardness makes it susceptible to breakage if it falls on a hard surface. In general, Gold remains the most popular wedding ring band while sterling silver is the cheapest.
Ring Setting
Ring setting or style refers to how the center stone is placed on the metal band. A solitaire ring setting remains the most common and affordable ring setting, with Halo and Pave settings right behind it. Other ring settings include Bezel, Cathedral, Basket, Tension, Channel, Tiffany, Gypsy, and Bar settings.
The 4Cs
Cut, clarity, carat, and color make up the 4Cs of diamond.
Tips For Buying An Affordable Engagement Ring
Work with a budget as this will help you stay within your means and even if you need to exceed the budget, don’t go overboard. If you don’t want to finance the ring by yourself, you can discuss it with your partner and come up with a budget plan that works for both of you.
Ditch diamonds for other gemstones (her birthstone will be perfect) but of you must go for diamonds, consider lab-grown options
Platinum is expensive and white gold is not.
Vintage or pre-loved engagement rings aren’t a bad idea
Buy online to get more budget-friendly deals from authorized jewelers like James Allen, Brilliant earth, and SunnyEden.
Should I Propose With A Generational Ring?
Say your mum gave you a ring that was passed down from her great-grandmother to her grand-mother and now it has found a way to your hands as well, you can cut the cost of buying an engagement ring altogether by popping the big question with this ‘vintage’ ring; which of course will be rare and special than what you may have bought with your money.
However, it is important to put the preference of your spouse-to-be into consideration. If she doesn’t have an interest in vintage items, you might as well buy an engagement ring that you can afford for her. Otherwise, proposing with a generational ring is just perfect as it will keep the heirloom in the family and preserve a tradition.
Conclusion
Now we have learnt “How Much Money To Spend On Engagement Ring?”, Engagement rings have to do more with personal preference and making individual statements. So, whether you spend less than what you earn per month or more than half of your yearly earnings, the choice is yours to make. Now that you are thinking about taking the big step, it’s important to stay within your means when buying an engagement ring. Remember, just because it is expensive doesn’t mean it is thoughtful.
FAQs
Are lab-grown diamonds expensive?
No, if compared to natural diamonds, and yes if compared to moissanite gems engagement rings.
Which engagement ring setting is the best?
The ‘best’ engagement ring style or setting depends on the personal preference of your partner. However, if you are looking for a classic and timeless piece, the solitaire setting is ideal.
Must my engagement ring have a gold band?
No, it must not. Engagement rings are highly customizable. If you don’t want a gold band, you can settle for silver, platinum, tungsten, titanium, etc.
What if I can’t afford a diamond?
Diamonds aren’t the only option for a center stone on an engagement ring. Other affordable options include aquamarine, amethyst, Peridot, topaz, garnet, and various birthstones.
