Choosing the perfect bauble can seem the most daunting task you have ever been faced with, especially if no preliminary investigation has launched the process.
For instance, if you are one of those lost romantic souls that feel clueless about how much the “right engagement ring” costs, it is time to breathe a sigh of relief.
In this article, we will cover all the bases to get you prepared for the successful selection of the most significant piece of jewelry she will ever wear.
Stay tuned.
“An average engagement ring carries a 3-month-salary worth” is the typical rule of thumb that makes first-time shoppers sweat and sometimes, even postpone their proposal.
This is a general formula, a median spend, and I will explain below other things to consider.
Therefore, if you earn $3,250 per month, the ring that you are looking after should cost $9,750. You may want a 10K diamond ring, and we have some great ideas when it comes to diamond rings under $10,000.
At this price, you can also buy a classic ’60s Mustang with an original engine and accident-free record, or you can go solar and cut your electric bills for up to 40% per month.
Quite challenging, isn’t it?
Clinging to the 3-month-salary belief is not the wisest thing to do, because it makes it even harder to set a balance between your current financial situation and your partner’s expectations. In fact, deciding on how much to spend on a ring is a way more complex decision that includes a range of factors:
- Income
- Expenses
- Savings
- Debts
- Personal preferences
Of course, let’s not forget the inevitable “4Cs of diamond” that also play an important role in determining the cost of the ring.
Protip: Get familiar with carat, color, cut and clarity to ensure a rational decision-making in the quest for the best bang for your buck.
Unless you were born with a silver spoon in your mouth, there is no denying that it is in your best interest to find a budget-friendly ring.
So, where and how you should start from?
You already have the answer– by setting a budget.
Calculate your monthly expenses and the optimal amount of money you can save (from spending). This “reality checkup” will shed a light on your fact-based financial situation and make it easier to determine the maximum amount of money you should spend on a ring.
Although staying within budget could be quite challenging, the majority of ring shoppers manage to stick to their numbers, thus showing that an engagement ring can be both a thoughtful and smart investment.
There is another interesting approach to this matter. It is called “talk to your partner”.
Imagine that you are planning to buy a 1-carat princess diamond ring that will cost you around $4,500 – $6,000, while your significant other dreams of getting engaged with a round brilliant solitaire that sells for $2,000.
Saving a minimum of $2,500 does make a difference, right?
Lesson of the story: If you think that choosing the ring for your proposal could be a mutual decision between you and your partner, go for it!
However, recent studies are showing that only 6% of all couples determine their engagement-ring budget together, which is one of the reasons why 25% of them exceed their spending limit.
If you are having trouble setting a budget or managing your funds, talk to a financial consultant.
Another closely-related survey reveals that the average American credit card debt is $6,028.
This is the price of a head-turning center stone with a superior D-grade color and multi-layered silhouette.
If struggling with debts that exceed these numbers, you should reconsider your proposal plan or at least, make sure that the complexity of your debts is feasible.
Think long term and don’t let a hasty decision affect the prosperity of your couple.
Shopping for an engagement ring online is becoming a common practice among millennial couples.
In fact, they are taking advantage of the many benefits this method offers, out of which lower prices, as the most significant one.
But don’t let the better online pricing lure you into an undesired risk of getting ripped off.
Therefore, it is of the utmost importance to be able to recognize a professional jewelry retailer and steer clear of bogus diamond websites.
Do your research prior to entrusting your money and expectations to any retailer.
For instance, customer reviews are always a good starting point for heading in the right direction.
We also suggest you to read our opinion on the best places to buy diamonds online these days. Check it out.
Needless to say, the cost of an engagement ring pretty much depends on the cost of living in the particular state. In the US, for instance, the lowest engagement-ring spending is measured in Utah ($3,510), whereas the highest numbers are reported in California ($10,240), which is almost three times higher. The national average cost of a 1-carat diamond ring is $6,350 (with the contribution of custom designs).
In addition, check out these interesting details:
- 30% of brides never find out how much their engagement ring costs
- most brides are not satisfied with the cost (60% of them wish their engagement ring was more expensive)
- the average time spent on engagement-ring shopping is 3.5 months
The answer is simple – solitaire. As the name suggests, a solitaire ring features a single diamond that usually comes in the average size of 1 and 0.5 carats.
In the United States, the average cost of a 1-carat solitaire engagement ring is $5,500. Surprisingly, solitaire diamonds tend to be cheaper than side diamonds, whose role is to accentuate the overall look and performance of the ring. Hence, their immense popularity.
You might be interested to know that ever since 2017, moissanite jewelry retailers have doubled their sales thanks to the outstanding characteristics of this alternative gem that outdone diamond’s.
For instance, luster and cost-effectiveness are the top reasons why young couples opt for a moissanite engagement ring, given the fact that a large percent of them are still paying off student loans or are saving for a down payment.
See our comparison guide along with diamond vs. moissanite infographic.
Beyond a doubt, buying an engagement ring starts with a solid financial ground.
Take your time to examine your finances and determine the amount you can realistically afford for this one-of-a-kind purchase.
Stick to both your preferences and possibilities, even if the grass seems greener on the other side of the fence.
Good luck!
When subtlety and elegance can’t be expressed with words, jewelry is here to do the talking. Strongly enthusiastic about fine jewels and their opulent beauty, I enjoy discovering the startling
jewelry world and pour my passion into creativity. My ultimate objective is to deliver high-quality content and provide the very best reading experience.