You’ve found the one for you and you’re ready to dive into your future life together. All you need to do now is find the perfect engagement ring, but first you need to figure out your budget! Which can be hard when there are so many opinions and “rules” out there about budgeting for such a life-altering purchase. This makes it pretty difficult to decide which suggestion to follow when making your engagement decision.
Many people will swear by the old “rule-of-thumb,” which recommends spending about three-month worth of your annual salary on an engagement ring. However, this “rule” is rarely followed in modern days. In fact, if your annual income is about $150K and you follow this rule, you would be spending about $37,500 on the ring!
We recommend ditching this old school, out-dated engagement ring “rule” and instead, walk yourself through the follow steps to help you identify and purchase the ring that you’ll be proud to give to your future spouse and truly represents your love for them.
- Do Your Research – One of the best ways to figure out how much to budget is to see what other people have spent recently on their own engagement rings. While it helps to ask friends, there are plenty of surveys on the subject. According to one study done by The Knot in 2018 featuring 14,000 couples, the average amount of money spent on engagement rings was $5,680! Based on the history of the study, this amount fluctuates up and down each year. However, we believe that the ring you choose should be the right one, which is why we recommend that our customers spend an amount that they are comfortable with.
- Know What You Want – There are a ton of elements that affect the price of an engagement ring more than just the size of the center diamond. What type of metal? What shape do you want the diamond to be? Are you wanting any side stones or unique features? Possibly the most important question to your budget is whether you want a mined or created diamond. There are pros and cons to each, but Lab Grown Diamonds almost always come at a lower cost and thus more carats for your budget.
- Ask About Financing – Most jewelers can offer a variety of financial options that will allow you to save money today and pay for the of it later in smaller payments! Many people use these programs to lower the initial financial burden of purchasing the perfect engagement ring, allowing many of them to buy an even larger ring!
- Talk To An Experienced Custom Jeweler – The best thing you can do is schedule an appointment with an experienced jeweler who will honestly talk through your options with you and make recommendations based on what you want and your budget. The appointment should be free and many times they can find creative ways to get what you want or close to it within your budget.
When it comes to purchasing the ideal engagement ring, there is no single “rule” that applies to everyone and their individual needs. At the end of the day feeling comfortable and confident in your decision will be what you remember and cherish, not the cost or deal you got.