Pros: Extremely simple system. Cons: Most people fall far below or far above the average. Limiting the budget to a national average is a really bad idea.
We strongly recommend picking a budget that is tailored to your personal requirements. Using a number generated based on the entire country is not suggested. For example, a 1. They are both 1. Cons: This system will leave a lot of people dissatisfied with their diamond.
Consumers also care about clarity, cut and color. After a successful proposal, it's now time to think about how much money to spend on the wedding rings. Though both wedding rings and engagement rings are symbols of love, they have different styles and meanings. The engagement ring is presented at the time of the proposal, as a symbol of commitment to the relationship.
It usually has a diamond or other gemstone center, so it's more expensive. Wedding rings are exchanged by both the bride and groom during the wedding ceremony, as a symbol of unity from this day forward. Wedding bands are simpler in design and don't contain a large center diamond, so they usually cost less.
A common rule is to spend 3 months salary on your engagement and wedding ring. But that is an outdated rule. Do this instead. Couples should discuss and shop for the weddings rings together.
So this is usually a joint financial decision. How much money you spend is a personal choice. It's important to pick rings that fit your personal styles and won't put you into debt. Men can choose an expensive gold band with diamonds, which will cost more. Matching or no? If she wants the wedding ring to exactly match her engagement ring, then your options will be limited.
If it doesn't matter as much, you'll have more flexibility to find a complementary wedding ring. Your lifestyle If you're very active, you'll want a more durable ring. Luckily for men, alternative metals like titanium are very strong and budget-friendly. For active women, platinum is the most durable metal, but also more expensive.
Your other expenses You're probably going to be spending more than usual around this time, such as for the wedding itself and the honeymoon. Consider what you value the most. Maybe you'll decide to spend less on rings and more on the honeymoon. As part of our series on engagement rings, CreditDonkey asked a panel of industry experts to answer some of readers' most pressing questions.
Here's what they had to say:. How much you spend on a ring is a very personal choice. To make sure everyone is happy, it's best to get expectations lined up. Have an open and honest conversation about the engagement ring cost. Talk about what she wants and how that works or doesn't with your financial situation. Forget about the "month's salary" rules. Come up with a budget that works for both of you. A reasonable budget shows your beloved that you are making an investment for your future together.
It should also be within what you can reasonably afford. Remember: The ring is the most important piece of jewelry she will ever wear. It is the most important gift you will ever give, so you should both feel happy and comfortable with the decision. Allison Martin is a contributing writer at CreditDonkey, a diamond jeweler comparison and reviews website.
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CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice. Updated December 8, By Allison Martin. Read more about How to Buy Engagement Ring. This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content.
You help support CreditDonkey by reading our website and using our links. One of the first thoughts in your head is probably: "How much should I spend on the ring? You have two major things to consider: Your Lady's Expectations Your Financial Situation The goal is to find a balance between the two.
Search for Diamonds Search for Diamonds. You hear a diamond is forever when shopping for an engagement ring. While it can be interesting to learn about the average amount spent on an engagement ring by others, remember to stick to your own situation and not get caught up in comparing yourself to others.
By shopping around with reputable vendors like James Allen and Blue Nile , you can get a sense of the prices for rings that meet your requirements. A brick and mortar store will always be more expensive than what you can find online.
For help in estimating the cost of the engagement ring, try our Diamond Price Calculator. These diamonds look identical in a ring. You may have heard that in order to determine how much to spend on an engagement ring, you need to look at how much money you make.
The entire campaign and the two-month rule it spawned were based on nothing more than driving sales for diamond manufacturers. Beyond the fact that it was started by marketers, there are lots of problems with the two months rule for buying an engagement ring. So, how many months worth of your salary should you spend on an engagement ring? However much you feel is appropriate.
With this said, there are a few factors that you should look at before you start engagement ring budgeting. An engagement ring represents your love and commitment—and your investment in the future. Many women have dreamed about their proposal and engagement ring since they were a child. Choosing a ring that meets their expectations is important—ensuring your special moment is nothing less than spectacular. If you feel comfortable, have an open and honest conversation together about finances and ring expectations.
When it comes to ring expectations, consider the following:. When in doubt, look at several options and listen to your intuition. Tension - Platinum. Solitaire - Platinum. Think about the following when it comes to your financial situation:.
With these factors in mind, estimate how much you can reasonably spend on an engagement ring. You want to be able to purchase a ring without financing. If you do need to borrow some money or pay with a credit card , be sure you can pay off the amount in a couple of months. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data.
We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Rings Engagement Rings. In this section. Diamond Ring Shopping How Much to Spend on an Engagement Ring. How to Buy an Engagement Ring Online. The Ultimate Engagement Ring Guide. Part of. By Blair Donovan. Blair Donovan. She has a bachelor's degree in professional writing and journalism. Brides's Editorial Guidelines. Fact checked by Cherisse Harris. Cherisse Harris is a fact-checker with a focus on lifestyle, beauty, and parenting.
She's worked in research for nearly two decades. Engagement Ring Cost Myths.
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