How Much Should You Spend on an Engagement Ring?
When you decide to pop the big question, there are a lot of questions that come to mind when thinking about the engagement ring. How much you are going to spend on an engagement ring often is one of the most popular questions to ask.
This is also one of the most important items for your jeweler to know, in order to present the perfect option for your budget. Monti Jewelers can help you work within your budget, but the question still remains, “how much should you spend on an engagement ring?”
There are lots of myths out there about the expectations of the spending for an engagement ring. Below are items you should consider - and not consider - when determining your budget for this very special moment.
Average Engagement Ring Cost
One of the first items you may want to consider is the average cost of an engagement ring. According to a 2019 survey by The Knot, the national average engagement ring cost was $5,900.
It is important to consider that for most wedding-oriented rings, the diamond makes the bulk of your financial responsibilities. If that number is causing sticker-shock, there are ways to reduce costs and still provide the look and style of ring you had in mind. There are even certain settings that can make your diamond look larger than it actually measures.
Remember to also consider that your diamond purchase is an investment not only in your future marriage, but your wallet as well. Natural diamonds are rare and often considered inflation proof. This means that they should always retain their value or even appreciate over time.
Should You Really Spend Three Months Salary?
There is an old rule that is known as a guide for purchasing an engagement ring. This rule is that you plan on spending three months net salary on an engagement ring. That means that if you were employed making $60,000 per year, you would be expected to pay $15,000 for an engagement ring.
This rule is out of touch with reality!
There also are other rules adopted that make no financial sense at all. One of these is the one-month’s salary, which is a little bit more realistic. There also is the age rule that suggest that the carat size of the ring should match the decade age of the person purchasing the engagement ring.
A thirty-year old should expect to purchase a 3.0 carat ring. No thank you!
What is the right amount to spend on an engagement ring?
So if it is not three months worth of salary or relying on your age to justify a carat size, how much should you actually spend on an engagement ring?
The answer is up to you, but here are some guidelines:
Consider your financial situation: you and your future husband or wife are going to have a lifetime of expenditures. You may also be looking for a new house, need a new car or planning on children. While this ring is a symbol of your love and commitment, it does not make or break your marriage. Make sure you discuss your budget with your jeweler so they work within those parameters to find you a perfect engagement ring.
Meaningfulness of the ring: Another point to consider is how much you and your future spouse feel about the symbolic significance of an engagement ring. The more emphasis placed on the importance of the ring, the more of your budget you may want to put towards this purchase. Everyone has different opinions.
Your Fiancée Expectations: Knowing your fiancée expectations of a ring could be a big part of how much you are willing to spend. Some people will be expecting a large diamond that they can showcase to all. Other may want a more modest looking ring that they can wear every day. Having conversations about these types of decisions will allow you to relay that information to your jeweler and work within your budget.
Should you shop online?
Shopping online for an engagement ring can be fine to first glance at jewelry options and learn more about products online. In fact, this is highly recommended so that you and your significant other have an idea of the style and metals preferred for your jewelry.
But, purchasing an engagement ring is a huge emotional and financial investment. The online marketplace is also unregulated with both reputable and some not so reputable vendors selling diamonds. If you don’t know how to tell the difference between a good and bad diamond, you could be making a very expensive mistake.
Remember that each diamond is unique, so reading online reviews won’t help much either when purchasing a specific diamond. Even when looking at an online store's overall rating, most people do not know what to look for, and they won’t know if they received a good value on their ring and diamond until it is independently appraised.
Finally, one of the biggest disadvantages when shopping online is that you will not have your own jeweler to help you. When working with a jeweler like Monti Jewelers, they will be able to help you make the right decision for you. You can provide them with an example of the ring of your fiancée dreams and provide them with your budget. They can help you then make decisions on your ring that will turn that dream into a reality.
Call Monti Jewelers today to walk through the engagement ring process.