While it used to be believed that a husband should spend three months’ salary on his future wife’s engagement ring, this rule no longer holds the weight it once did. With rising costs of living and plenty of responsibilities, people are becoming more prudent when making financial decisions. It is for this reason that many people are shopping for more affordable options when hunting for a ring.
Brilliant Earth, an online jewelry retailer, ran a survey asking how much should be spent on a wedding ring. Of the male respondents, 75% stated that they think that an engagement ring should cost $5,000 or less. 83% of female respondents agreed, with only 5% of female respondents believing that an engagement ring should cost $10,000 or more. Clearly, living expenses such as houses, cars, and the costs of starting a family are a priority in the eyes of couples nowadays.
The Search For Wedding and Engagement Rings
While spending three months’ salary on an engagement ring may seem overkill, this type of purchase still requires a hearty financial investment nonetheless. This is because an engagement ring is something that your significant other will wear all the time, not to mention that it is an expression of how much that person means to you. Of course, this doesn’t mean that you should clear out your bank account when buying a ring.
While affordability is important, it is still a priority for you to pick out a ring that you know your fiance will like. For this reason, it may be a good idea to shop around with them. While this does ruin the element of surprise, at least you will have the opportunity to pick out a ring that they will be head over heels for.
Thankfully, the process for finding a wedding ring is a little easier than that of engagement rings. Not only do couples typically buy wedding rings together, but the actual wedding bands are normally significantly cheaper than engagement rings. On average, couples spend about $2,000 on both wedding rings. While a plain gold band could cost a couple of hundred dollars, a more upscale eternity ring with a diamond can cost up to $2,000.
Finding An Affordable Wedding Ring
As the above information shows, wedding rings do not necessarily have to cost an exorbitant sum. There are plenty of elegant designs to choose from, some of which are quite a lot cheaper than others. As is the case with any search, the best way to begin is by doing some comparison shopping. This will give you a better idea of what you want to buy, as well as show you where to buy your desired ring.
Before you even step foot in your car, do some online research. There are plenty of jewelry stores that are competing for customers, so you may be able to find some discounts and specials along the way. Once you have an idea of what you’re looking for, you can drive straight to the store and avoid wasting the time and fuel that it takes to travel to stores that don’t have what you’re looking for.
It is important to remember that jewelry stores are not the only places that sell wedding rings. You may be able to find what you’re looking for at big box, department, and online stores. Because big box stores buy their stock in bulk, they may be able to offer more competitive prices than other stores. Department stores, on the other hand, may have a wider range of rings to choose from than big box stores, while still being more affordable than traditional jewelry stores. If you are looking for a classic wedding ring design, chances are that you’ll find one at a department store if you look thoroughly enough. Online stores may also have some affordable deals and will give you the option to compare products within seconds.
Of course, there may also be some family heirlooms that you could consider using. Not only are heirlooms free, but they may also be valuable assets that are meant to be kept in the family. They are also a sentimental way to keep a lost loved one’s memory alive.
If gold or platinum rings seem too costly, you could also check out a ring that’s made out of platinum, aluminum, or stainless steel. While these rings are cheaper, they can still be attractive and of high quality.
Start Your Search!
Now that you have some guidelines to follow during your hunt for the perfect wedding ring, you can get your search underway. A simple online search is a great way to get some ideas of the cost that you’ll be in for. Make sure to speak to your married or engaged friends and family members as well. They might have some valuable advice that will make your search far smoother. By using the same jeweler as them, you may even become eligible for a discount!
Eventually, it will be a good idea to visit some physical stores with your fiance and try some rings on. After all, it is necessary for the ring to have a great look and feel. Most importantly- have patience! It is highly unlikely that the first ring you see will be the best option for you. Congratulations and good luck on your search!