Weddings are one of the most exciting events to look forward to in your entire lifetime. But while the prospect of planning can be fun and entertaining, there are also matters of budget that you have to consider. That said, one of the most common questions you’ll find yourself asking is: how much money should you spend on a wedding ring? When is something too much, and when is it enough?
Couples often take great care in shopping for wedding or engagement rings for their significant others, especially since it represents their sacred union, a binding of love. But while this is true, splurging too much cash on a wedding ring alone may prove to be impractical. With so many conceptions and myths about purchasing engagement rings, it can be difficult to determine how much you should spend on one.
This article will serve as a guide that tells you all you need to know about buying wedding rings, their average cost, and how you can choose one according to your budget. It also includes essential tips when purchasing wedding rings, spending myths, and more.
Average Cost of Wedding Rings
According to Brides’ American Wedding Study, the average cost that couples spend on wedding rings was $3 756 in 2020. Compared to recent years, this amount was lesser than the average cost that couples spent back in 2018, which was $7 829. Nonetheless, these remain averages since some to-be-wed couples tend to spend more while some spend significantly less.
The choice entirely depends on your personal preferences and financial situation. In this case, it’s best to only spend with whatever you feel comfortable with since you won’t want to go into debt over a wedding ring. Moreover, if your partner prefers something minimalistic, then you may have to spend lesser since minimal-looking rings don’t cost much. On the other hand, if your partner has an inclination to wedding rings with big stones, it can be manageable, though more expensive than the former.
It’s worth noting that there are plenty of rings you can choose from that fits your budget without compromising on style. RareCarat, for example, makes for an efficient tool for you to shop smartly for wedding rings. The site asks you a series of questions about your preferences in a wedding ring and the budget you can pitch in for it. Afterward, you will be provided a list of potential wedding rings to choose from, where you can also view what it looks like from your hand.
At any rate, keep in mind that prices will vary extensively when purchasing a wedding ring, especially because of a wide array of factors. These include the quality and size of the center stone, type of metal, details, as well as mark-ups that come with popular brand names.
Myths about Wedding Ring Costs
Shell out three months’ worth of salary
It has been a popular wedding ring rule that one should spend at least three months’ worth of their own salary when purchasing a ring. This is actually not true and is the most common wedding ring myth there is. The truth is that there’s no specific rule on how much you should spend on your wedding ring. Work and spend with what’s within your budget only.
Find Cheaper Diamonds
Diamonds are a girl’s best friend, but is it still worth it even if they’re counterfeit? Most people tend to look to online stores in hopes of buying cheaper diamonds. The problem with this is that most of the stones in online stores are low-quality, and these are usually the ones that aren’t obvious to buyers. It’s more recommended to buy in person and go straight to the source. Personally, talking to a diamond consultant will help assist you in determining which cut and style of the wedding ring fit your preferences and budget at the same time.
How much is considered excessive spending?
While there isn’t any price cap for buying wedding rings, you may still have lingering worries that your significant other will go overboard. If you feel like a proposal’s coming, you can try and hint to your partner subtly about your preferences in a ring and your personal opinions about costs. Besides, cutting down costs on wedding rings doesn’t necessarily mean that you compromise on quality since many rings offer both at the same time. You also get to use the remaining budget to spend on your wedding plans.