One of the most important things to consider when preparing to get engaged is your budget. A common rule is that you should spend two months’ worth of salary on an engagement ring.
But is this an accurate estimate? We turned to industry experts to find out. Here are their thoughts.
How much do you make?
There are many different factors to consider when you’re shopping for an engagement ring. One of the most important is your budget. A popular rule of thumb is that you should spend three months’ salary on the ring. While this may seem like a good guideline, it’s important to understand how much you really make and what your lifestyle is like before making a purchase.
Let’s take a look at some of the most common questions people have about how much they should spend on their ring and how to determine your budget.
Traditionally, the three-month rule was meant to be a guideline for how much to spend on an engagement ring. But this rule is becoming less and less relevant, especially as the financial world becomes more fluid. For most young professionals, who are still in their early stages of careers, a three-month salary isn’t enough to live comfortably. In fact, many are up to their necks in student loan debt already. And with the rest of their lives to consider, they don’t need another significant expense piled on top.
The average cost of an engagement ring is around $5,000, according to The Knot and other industry sources. However, this number is based on natural diamonds, which are more expensive than lab grown ones. If you want to keep your ring cost under control, try searching for a lab grown diamond instead.
While you’re shopping for a ring, it’s also a great time to talk to your partner about your financial goals. This will help you get on the same page about what is important to both of you. If you aren’t on the same page, you might find it difficult to set a budget or discuss other financial aspects of marriage.
Getting engaged is a milestone that should be celebrated with excitement, not stress. So when it comes to setting your ring budget, remember that there are many variables to consider, including your lifestyle, current debt, and savings. With some careful planning, you can find an engagement ring that fits your budget without breaking the bank.
What’s your lifestyle?
There are a lot of traditions that couples are pressured to follow when it comes to proposals and rings. But it’s important to remember that the ring is just one aspect of your relationship. You also have your future and finances to think about. And while it’s nice to show your love with a grand gesture, going into debt to do so is not ideal.
A good rule of thumb is to figure out how much you can comfortably spend. Start by totaling your expenses, debt payments and other financial obligations. Then subtract that amount from your income to find out how much disposable income you have. You can then use that number to figure out how much you can realistically spend on a ring.
This can be tricky, especially for young people who are just starting out in their careers. But try to remember that the average engagement ring cost in 2022 was just over $5,900. And that’s actually lower than the previous year’s average of $7,750. There are plenty of beautiful and affordable options out there for engaged couples who want to show their love with a thoughtful gift that doesn’t put them in financial hardship.
You should also factor in any other financial goals that you have, such as paying off your debt or saving for a house. And don’t forget about other expenses, such as the cost of wedding bands. You should also consider the quality of the ring itself, which can vary significantly from one designer to another. For instance, a plain gold band might only cost a few hundred dollars, while a fully customized and ethically-sourced diamond ring might cost thousands.
Once you’ve figured out how much you can afford to spend on an engagement ring, it’s time to start shopping! Keep in mind that you can often find better prices online than at a local jewelry store. And by taking your time and being patient, you can find a gorgeous ring that fits within your budget. Just be sure to talk about it with your fiancée before making any decisions. That way, she won’t be surprised by any surprise costs down the road.
What’s your budget?
There are a lot of factors to take into consideration when you’re shopping for an engagement ring. From carat size to the Four Cs to cut and color, you have a lot of choices to make. However, one of the most important factors is your budget. Traditionally, people have been told that they should spend two or three months’ salary on an engagement ring. While this might have worked in the past, it’s not necessarily the case today.
A lot of people have student debt and other expenses that need to be paid, such as rent, bills, food, and transportation. Additionally, many people don’t want to get married with financial stress weighing on them from the beginning. With this in mind, it’s more likely that people are settling for a more affordable option when it comes to their engagement ring than they were in the past.
This new perspective on ring budgeting means that you’ll need to figure out how much you can realistically afford to spend. Start by totaling your monthly income and debt payments to get a clear picture of your current situation. Then, subtract that number from your net income to find out how much disposable income you have left over. This is the amount that you can safely spend on a ring, without going into debt or straining your finances.
The next step is to do your research to find out how much the average ring costs. You can do this by checking out the prices of different rings at online retailers, like James Allen or Blue Nile. In addition, you can look up ring costs in your area by checking out the prices at local jewelry stores. Remember, though, that brick and mortar jewelry stores will be more expensive than online retailers.
Once you’ve narrowed down your price range, you can start searching for the perfect ring. Be sure to consider your fiance-to-be’s preference for the Four Cs, metal type, and style before making a final decision. And don’t forget to factor in any other major purchases you may be saving for, such as a house or kids.
What kind of ring do you want?
If you’re thinking about proposing to your fiance-to-be, one of the most common questions is how much money to spend on the engagement ring. Some people follow certain rules, like the two or three month’s salary rule, to determine how much to budget. While these rules can be helpful, they’re not always accurate. Instead, you should consider your financial situation and your fiance-to-be’s preferences when it comes to the Four C’s and ring styles.
While it might be tempting to keep up with the Joneses and demand a 1 carat diamond, that’s not what you should do. Money consistently ranks as the number one reason couples fight, and you don’t want to start your marriage off on a bad note. Plus, most people graduate with student debt and have other financial obligations, so spending thousands of dollars on a ring might not be feasible.
If you’re looking for a unique and affordable option, consider a non-traditional engagement ring. For example, a stunning moissanite center stone paired with a glow and the dark ring band could create a truly one-of-a-kind piece. Glow in the dark rings are not only eye-catching and fun, but they’re also a great conversation starter. Plus, they’re often more budget-friendly than traditional diamond rings, allowing you to allocate more of your budget towards the center stone or other wedding expenses.
That’s why it’s important to know how to calculate your ring budget before you start shopping. To get a better idea of what you should budget, take into account your current savings and expenses as well as your income and debts. You should also factor in ring-related costs, such as taxes, insurance, and resizing.
The good news is, the average American spent about $5,225 on an engagement ring in 2022. That’s still a significant amount, but it’s not nearly as high as what some celebrities have been paying for their rings.
The best way to determine your ring budget is by considering your overall financial health. It’s not a good idea to put yourself in debt just to buy a ring, and it’s also a bad idea to stretch your budget too thinly. To avoid this, we recommend looking at other options for your ring, such as a lab-grown or ethically sourced diamond. While these diamonds may not be as flawless as a traditional natural diamond, they are more affordable and just as beautiful. In fact, we’ve found that most couples end up spending less on their engagement ring by going with a lab-grown option than they would have if they had gone the traditional route.