How much should you spend on an engagement ring?
Each year, around the country, people fall in love and decide to get married. With that decision comes the need for an engagement ring. While falling in love is great, figuring out what to spend on an engagement ring can be an anxiety-inducing experience. Everyone has heard the rules, but what should your engagement ring really cost?
The “Rules”
You’ve probably heard the income rule that is often attached to engagement ring shopping. Depending on where you get your information you may have heard you should spend 1 month, 2 months, or 3 months of your gross salary on an engagement ring. If you go with the middle of the road rule of 2 months of salary, that means an individual making 50k per year should spend about $8,300 on an engagement ring.
These “rules” were created as a marketing ploy by DeBeers. The diamond company started a highly successful marketing campaign with the hopes of getting men shopping for engagement rings to spend more money. The marketing campaign was so successful that almost 90 years after the original campaign ran (with a revamp in the 1980s) the “rules” still persist.
What Should You Actually Spend
The simple answer is, there is no simple answer. Unfortunately, what you spend on an engagement ring will have a lot to do with your personal finances, the tastes of both you and the intended recipient, and your current financial output. There is no need to put yourself into further debt for an engagement ring.
Experts suggest sitting down and figuring out your finances before you ever walk into a jewelry store. Figure out what you can part with each month in the way of payments, and if there is anything within your budget that you can cut out to afford a nice ring. If you eat out multiple times a week, cutting back might give you several hundred dollars extra each month that can be set aside for a ring.
With that being said, the average couple spends between $4,000 and $6,000 on an engagement ring. While this is the average, it is important to remember that big spenders can significantly throw off that average. Anywhere from $1,500 - $10,000 falls within the normal range for an engagement ring featuring a diamond.
Getting the Most for your Money
There are ways to get a great deal when shopping for engagement rings without sacrificing quality or style. Diamonds, in an engagement ring, is a fairly new concept, and, again was part of a marketing campaign. Prior to the popularity of diamonds, other gemstones were used in engagement rings. If you are looking to buy a beautiful ring on a budget, you might consider forgoing a diamond in favor of another gemstone, like a topaz or sapphire.
When shopping for engagement rings, consider purchasing a diamond slightly off size. Experts suggest looking at a diamond that is just short of a traditional benchmark. For example, a diamond that is .97 of a carat will be significantly cheaper than a diamond that is 1 full carat, and the difference is invisible to the naked eye.
Don’t skimp on the cut, but you can skimp on clarity and inclusions. A slightly discolored diamond won’t look different than a perfectly clear one to the naked eye, but the cut of the diamond does matter. Experts suggest purchasing the best cut available in your price range and letting inclusions or clarity go if you are looking for a ring that will simply impress.
Remember, when shopping for engagement rings, your love's style and your personal finances both need to be main considerations. The ring, while a symbol of your love, shouldn't put you in financial ruin, either.
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