If you’re thinking about getting engaged in the near future, you’ve probably wondered how much the ring should cost. We wouldn’t be surprised if you heard the age-old rule that your partner is supposed to spend three months’ salary on your ring. But, this rule is a thing of the past, as couples are now being more economically savvy and considering their financial situation and what they can truly afford to spend on a ring.
Things like houses, cars, weddings, and saving up for when you decide to start a family have become priorities. In a survey conducted by the online jewelry retailer Brilliant Earth, men and women were asked how much they think they should spend on an engagement ring and 75% of men and 83% of women thought engagement rings should cost $5,000 or less. Only 9% of men and 5% of women believe that a ring should cost $10,000 or more.
It’s not just engagement rings that will take a toll on your bank account. Once you get engaged, you also have to get wedding rings for you and your partner. Don’t worry, these are significantly cheaper, as a simple gold ring can cost a couple of hundred dollars and an eternity band with diamonds starts around $2000. Wedding rings are something you buy as a couple, so ideally you can help each other pay for the rings.
Finding affordable rings at your price point has become easier than ever as there are so many choices available, which means you no longer have to choose between buying the perfect ring and prioritizing your finances. It doesn’t matter if you’re looking to get a simple band or an antique, elegant ring. There are so many options available for far less than you’d expect.
Finding the Perfect Ring Comes at a Price
An engagement ring is something you wear all the time, so it’s important that you love it. It’s a symbol of your love and you want to make sure the ring portrays to your partner just how important they are to you. With that said, you don’t want to go broke buying an engagement ring. We suggest telling your partner to shop around for engagement rings, so you both can get an idea of what you like. We understand this takes the element of surprise out of the equation, but if you’re going to spend that much money on something, at least make sure your partner is as thrilled about the ring as you are.
Wedding rings are a bit easier to choose because it’s something you’ll pick out with your partner. The average amount for a couple to spend on wedding rings is around $2000 for both rings. This seems like a lot when you consider how much you’ve already spent on the engagement ring. So, how can you afford to spend another couple thousand dollars?
Affordable Wedding Rings
Finding the perfect ring doesn’t have to set you back financially; there are many affordable options available, that you probably haven’t considered. Our first suggestion is to do your research and comparison shop. Start off by knowing what you want; never begin shopping without an idea of what you’d like to buy. Jewelry stores are competing for your purchase, so use this to your advantage and check prices online before you step foot into the store. The store wants your business so they’re prepared to offer you lower prices to make the sale.
Another option is to go beyond just jewelry stores and to check out big box, department, and online stores. Big box stores by in bulk, so they can offer competitive prices and if you’re looking for classic designs we’re sure you’ll be able to find them. Department stores are slightly more luxurious options and they’ll have more styles to choose from than big box stores. Lastly, online stores allow you to compare multiple prices within minutes.
The next idea is to consider something that has sentimental value, that probably didn’t cross your mind – family heirlooms. Not only are they free, but many family members want to keep heirlooms within the family. Also, perhaps a grandparent or parent has passed, there’s no better way to keep their memory alive than to wear their wedding ring.
You can also think outside the box and opt for titanium, aluminum, or stainless steel. There’s no rule that says you have to wear a gold or platinum band.
How to Start
Hopefully, you’re less stressed about trying to afford wedding rings. Now that you know your options, start your search online. This will give you an idea of when a deal is too good to pass up. Also, make use of your friends who’ve gotten married or engaged recently and ask them what their experience was like when buying rings. They may have a jeweler that they loved and the connection gets you a discount!
Once you’ve done this we suggest actually going to some stores and trying rings on to get a feel of what you like and how it looks with your engagement ring. Remember to shop around at a couple of stores and never buy the first ring you fall in love with. Good luck and congratulations!