If you’re thinking about popping the big question, you’re probably also wondering how much you should spend on an engagement ring. Between balancing your significant other’s expectations and your financial situation, deciding how much to spend on an engagement ring can be challenging. But every person’s situation is different—and it’s important to know where you stand before proposing. If you’re not sure where to start, here are some things to consider when deciding how much to spend.
How Much Does The Average Engagement Ring Cost?
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If you’re thinking about taking the traditional route, jewelry experts recommend spending two month’s salary on an engagement ring. So, if you earn $60,000, you’re looking at spending around $5,000.
Additionally, it’s good to have a basis for comparison. In the United States, the average cost of an engagement ring is $5,500, and the average carat size is 1.0.
Although the two-month salary rule is a general guideline, it’s important to invest in a high-quality ring. According to jewelry expert Don Gillet, prospective buyers should focus on the three hardiest precious stones: diamonds, rubies, and sapphires. Because engagement rings experience constant wear and use, purchasing a cheaper or softer stone increases the risk of scratching, chipping, and cracking. While opal, pearl, and topaz make beautiful dress rings, they aren’t designed for constant wear.
How Do You Choose The Right Engagement Ring?
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If the national average or two months’ salary rule isn’t within your budget, don’t feel pressured to spend more. After you get married, your finances will merge, so don’t put yourself into debt when buying an engagement ring. Instead, focus on buying an engagement ring that symbolizes your love and commitment to each other. Your engagement ring should show that you’re invested in a shared future together.
Many women dream about their perfect engagement ring, including the style, shape, and stone. Since your significant other will wear the ring every day, it’s important to find a piece that makes them happy. If you’re not sure what kind of ring your significant other wants, ask them.
Your significant other isn’t interested in bankrupting you with unrealistic requirements, and with most people getting married in their late 20s, not everyone can afford an engagement ring. If you’re currently saving for a down payment on a house or paying off student debt, talk to your significant other about your financial situation and alternative options.
For example, in place of a pricy engagement ring, consider proposing with a beautiful custom handwriting necklace. Your significant other will appreciate the effort, and a custom necklace is a thoughtful way to symbolize your future. Capsul Jewelry creates custom signature necklaces that are 3D-printed, cast, plated, and hand-finished using high-quality materials. And with ready-to-shop gifts under $100, you won’t have to worry about shopping outside your budget.
What Else Should You Consider?
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If you have a general idea for a budget, make sure to consider other important factors before buying an engagement ring. For example, when setting a budget you should treat your significant other as seriously as you treat yourself. In other words, if you tend to spend a lot on your own hobbies, then you should be willing to put down just as much on an engagement ring.
Additionally, take your time when shopping for a ring. Significant purchases shouldn’t be taken lightly, and it’s imperative to take factors like cut, clarity, and style into consideration along with the price. Sometimes, salespeople will pressure you into buying a more expensive ring, so make sure not to rush your decision or give in to the pressure.
Finally, consider insuring the ring. If you own a home or other contents of value, home and contents insurance can cover your property and belongings in the event of unforeseen circumstances. Contents insurance can help you cover the replacement value of the engagement ring in the event of damage or loss from a fire, flood, or burglary. For peace of mind, always get insurance on an engagement ring. Compare home and content insurance with iSelect, and use the home and contents insurance calculator to find the replacement cost of your home contents.
Figuring out how much to spend on an engagement ring can be tricky. When deciding how much to spend, keep in mind that an engagement ring is more than just a shiny piece of jewelry—it symbolizes your fidelity and commitment to your significant other.