How Much Should You Spend on an Engagement or Wedding Ring?

As hard as it is to find love in this 21^st century when most people are just wolves in sheep’s clothing. You are lucky to have found it against all odds, and it is about time you put a ring on it. Congratulations! However, buying an engagement ring is the tricky part because it is a grand gesture that symbolizes your love, devotion, and commitment to your beloved.

Are you looking to make a good impression? Or perhaps you just want to come off as thoughtful in the caliber of the ring you buy. Either way, engagement rings are not cheap, neither are wedding rings. In fact, you have probably heard your father, friend, or relative tell tales about the financial constraints of buying a ring and you are left wondering, “How much is too much to spend?”

If you are looking to get the best value for your budget, this article gives helpful insight that gets you making better shopping and financial choices. But first, here are a few myths and outdated theories that people adhered to when buying engagement rings.

The Myths and Old-fashioned Theories on How Much an Engagement Ring Costs

While there is no standard amount someone should spend on an engagement ring, there are certainly many myths surrounding it. Below are a few of them:

• The Two to Three Months’ Salary Rule

This theory began as a marketing initiative by diamond marketers to enhance sales yet most people still follow it blindly. Initially, it entailed spending your one month’s gross income to buy an engagement ring. Overtime, this notion evolved into spending two to three months’ of gross income after the changing economic times.

However, this theory is highly unrealistic especially because it turns a blind eye on the debt load. Not forgetting how it completely ignores that this person could have other expenses and priorities.

It also has no consideration whatsoever on the long-term effects. Imagine spending the first few years of marriage financially unstable, paying off the debt accrued from buying a ring. Sounds frustrating, right? So yes, feel free to ignore this old-fashioned rule and get what works for you.

 

• The Myth that the Bigger the Ring the Better

Traditionally, people measured a man’s love for his woman by the size of the ring he got her. A big ring insinuated a lot of love and vice versa. As a result, most men would break their backs and go to great heights just to prove themselves to their fiancés and society.

This myth is by far misunderstood because some women have no regard for big rings. Some women enjoy the aesthetics and appeal of a smaller ring. Besides, quality is better than quantity, right?

 

The Reality about the Price of a Wedding or Engagement Ring

Whenever someone asks about how much you should spend on an engagement or a wedding ring, the best suited answer is…It depends. It depends on your financial status, type of ring, cut, and so much more. But no one is satisfied by that answer. So here is a breakdown of factors to consider when looking to buy an engagement ring to guide a realistic price.

1. Partner’s Preferences and Expectations

When buying a ring, ensure you get one your bride or groom will love and appreciate. If you thrive in communication, you can outright ask for your partner’s insight on what he or she would like or go window shopping together. Alternatively, if you are looking to surprise your partner ask her friends and family about her wish list.

 

    2. Consider Your Financial Situation

Remember there is life after marriage. Buy a ring that falls within your budget to avoid future financial constraints later on in marriage. Let your finances dictate what you can afford.

 

   3. Thoughtful over Expensive

Take your time and effort to choose the most beautiful ring for your bride. It does not necessarily have to be flashy and expensive. Sure, your beloved may have a spectacular ring but she would not be happy if you are struggling to make ends meet because of it. Instead, you can plan an unforgettable proposal to blow her mind away and make that moment unforgettable, be wise.

Fascinating Hacks to Help You Save Money Buying a Ring

 

While it is considerably easier to pop into the first store you come across and buy a ring, it is not the most ideal move. A good strategy goes a long way. Imagine how amazing it would be getting a good quality ring at an affordable price. Below are a few hacks that can help you save money.

• Do your research, knowledge is power. Familiarize yourself with the different types of rings, their cut, clarity, and setting. Browse through both store and online jeweler prices to have a rough estimate of what to expect. This information will help you negotiate the best deal.
• Do not shop during peak times. Rings tend to be more expensive during new year’s, valentines, and other festive holidays because proposals and weddings are at an all-time-high. Buy your ring during off-peak seasons to get better deals.
• Shop online. Unlike physical stores, online stores offer a wide variety of rings to choose from. You are not pressured into choosing something the store has in their jewelry collection.
• Choose an Ideal Ring Gold and platinum are quite expensive. Silver on the other hand, can give the same glamorous aesthetic effect at a better affordable price. Silver is also neutral, making blends with various stones, and skin tones.

Final Thoughts

At the end of the day, no one can put a price tag on love. It is priceless. It is therefore up to you to decide how much you would like to spend on a ring. Whether you decide to seek your partner’s opinion or not, do not get into debt or put future milestones on hold over getting a ring. There is certainly no ‘set’ amount someone should spend on a ring. So ditch the theories, get shopping today, and make it official. It is about time!