Purchasing an engagement ring is a big deal, but it shouldn’t stress you out. There are some outdated ideas regarding how much to spend on an engagement ring. The salary rule—the marketing strategy started around WWI advising that a ring should equate to roughly one month’s salary—has morphed over the years to three months salary, which doesn’t work for a number of couples. The truth is, the answer to how much to spend on an engagement ring is much more subjective and very much dependent upon multiple factors.
Why You Should Know How Much To Spend On An Engagement Ring
There’s no one size fits all rule when it comes to how much money you should plunk down for a ring. The average cost in 2018 ranged between roughly $5k–$7k, depending on which survey you refer to. If you have a more robust budget, Henri Daussi’s collections are legitimate works of art. But while there’s no hard-set answer to how much you should spend, there are some very good reasons why you should think about a budget before heading to a jewelry store.
Do Consider Your Financial Situation
Do you already have a down payment or are you planning on financing all of the cost? If you’re considering financing a ring, review your current bills against your income. What else might be changing soon? Make sure your priorities are covered.
Your Partner’s Expectations
Obviously you want to find a ring that your partner will love and be proud to wear regardless of the ring’s price tag. Do you know they’ve been dreaming of a romantic halo ring for years? Or maybe you’ll be perusing options together. If you’re planning a surprise, you’ll want to do some investigating. Consider the jewelry she already wears, her hobbies, and profession. If you’re still feeling unsure, ask her friends to help probe.
Tips for Staying Within Your Budget
Once you’ve determined how much to spend on an engagement ring, you need to plan your approach. There are a handful of strategies to help you stay within a price point that makes you feel confident you found the perfect ring, no matter your budget.
Look at So. Many. Rings.
At first glance, you might think every ring is exquisite. But the more you shop, the more discerning you’ll become. You’ll learn to pick out what’s extra unique and special about a ring and ultimately, which one will reflect your partner’s personality and style the best.
Start Low, Aim High
More money doesn’t always mean better, especially when there are so many options out there. Start at the lower end of what you want to spend, and anticipate being able to find the one before you hit your max budget.
Choose Cut Over Size, Color, or Clarity
First off, a money-saving tip is to consider “just-under” carat sizes. A .97 carat will be less than a rounded off 1 carat stone, which can mean more savings for you. Also, remember that cut is paramount. A well-cut solitaire ring will be more radiant and look more brilliant than a larger option with a lesser cut. Plus, they’re totally on trend right now.
Consider a Cluster...
Cluster rings feature smaller diamonds rather than one single solitaire stone. There are endless cluster options available today and smaller diamonds tend to cost less money than a single larger one.
...Or Ditch the Diamond
Many brides-to-be are favoring less traditional engagement rings. Hop on that bandwagon and check out alternate stones like white sapphires, a gemstone still strong enough for everyday wear that has a similar color to a diamond. Or, lean away from the diamond look altogether and opt for blue sapphire (hello, royal family!), ruby, or an emerald.
Sentiment Over Size, Always
Hands down, the more thoughtful and meaningful an engagement ring is, the better that choice will be, no matter the size of the stone(s). Sometimes it’s helpful to think of an engagement ring as an investment piece. But other times, it’s more important to think of the ring’s inherent value instead. Ideally, it will be worn for a lifetime and maybe even passed down to family. The sum of the whole is substantially larger than the parts, and its value stems from what it represents, not how big the carat is.
Find the Perfect Engagement Ring at Albert’s Diamond Jewelers
When you’re ready to start shopping, stop into one of Albert’s Diamonds Jewelers’ Merrillville or Schererville locations. For over 100 years, we’ve prided ourselves on helping couples find their engagement and wedding day jewelry. We will work with you within your price point and will help you find just the right ring to represent your love.