When you’re ready to start looking for an engagement ring, you want everything to be perfect. It’s a special moment in a couples life, but where to start? Just find a jewelry store and bring your wallet, right? But once you get there, you may be overwhelmed with the plethora of options and price points that making a decision before doing any research will be difficult. We’ll take you through the average cost of an engagement ring and help break the myths surrounding the cost of an engagement ring as well as highlight the factors to consider when choosing the best ring for your budget. One thing is for sure, diamonds are a serious investment. The average cost of an engagement ring in the US is between $5,000-$10,000. Such a wide range of prices makes it difficult to determine how much you should spend on yours. There is no one-size-fits-all rule and no one right answer, but don’t worry, we’ll help you figure out what works best for you.
Many people will have heard that the amount you have to spend on an engagement ring is one month’s salary. Few people actually know that this rule started as a marketing initiative used by diamond dealers to improve sales at the beginning of World War II. Over time, this strange idea grew from one months salary to two months and sometimes even three! This is very unrealistic for many people. Of course, if you have the savings to spend one, two, or three months salary on a ring and that is what you wish to do, you will be able to purchase a very impressive ring.
There are also price calculators online. These calculators help you decide how much you should spend on an engagement ring by gathering information about your income and lifestyle. If you want to use an engagement ring calculator to set your budget (can check out our 3 engagement rings for every budget), go for it, but keep in mind that what the calculator says, doesn’t have to be the exact amount. They are just there to help you get an idea if you don’t know where to start and have no idea how much to spend.
The most important factor to consider when purchasing a ring is your financial situation. Do you have savings to pay for the ring upfront or a good credit score in order to finance the ring and make monthly payments? The more savings you have and the higher your income, the more you will be able to spend. It’s not necessary to have to go in to debt over an engagement ring especially when you will have many other expenses when planning a wedding. Take in to account the finances you currently have and go from there. If you cannot afford the ring of your dreams but are set on purchasing exactly what you want regardless of income, you can always make a downpayment and finance the rest if you feel this is the best choice for you or upgrade your ring later on when you have the funds. You may also be able to afford a really expensive ring, but may want to spend less on a ring and put the rest of the money towards something else. At the end of the day, the main thing is to make sure you’re not putting yourself in an uncomfortable position financially while still having realistic expectations on how much a diamond ring costs. If you’re still unsure of how much to spend, we’re happy to help. Send us an email at [email protected] and our diamond experts will be able to find you the perfect ring for your budget.