Almost two million couples in the U.S get engaged every year, which explains why many of us want to learn how much a ring costs.
Familiarizing yourself with costs
allows you to save and gift your future fiance the ring of their dreams. But
with so much information online, it can be difficult to know where to start
your search. Perhaps that's why you're here; you're new to the world of
engagement rings and want to learn more about the financial side.
Sounds like you? Luckily, we've got
you covered. Here's our guide on the cost of an engagement ring.
What
Is the Average Cost of an Engagement Ring?
"How much is an engagement
ring?"
Know that this depends on multiple
factors, such as the size of the ring and whether you're saving money by
contacting wholesale diamond dealers. Also, location has a huge impact as those in the
Mid-Atlantic spend more on rings compared to those in the Midwest.
But, generally, the engagement ring
cost is around $6,000 in 2022. Don't let this figure scare you, though, because
you can still get an incredible engagement ring for a fraction of the
price.
How
Much Is Too Much?
You don't want to splurge on
sky-high engagement ring prices only to find out that you can't afford it. If
you're worried about the cost, talk to your partner about saving money on the
engagement and funneling savings towards the big day. Or, if you don't want to
ruin the surprise, pass your concern on to your loved one's family or friends,
and they will relay the message.
Learn
How Much to Realistically Spend
Because there's no price cap, you
must create a realistic budget and stick to it. First, figure out how many
months you have to save and calculate how much you can squirrel away each
month. So, if you want a lavish ring, start saving earlier and find ways to
grow your funds, such as getting a side hustle in your
free time.
Also, not every partner wants a
luxurious ring, especially if that doesn't align with their personality. For
instance, your loved one may prefer a ruby, which is far cheaper than a
diamond. And you mustn't forget about heirlooms because this will save you a
fortune while keeping your partner's family happy.
Further, you should abandon the
"three-month salary rule". In the past, there was a myth that
the best engagement ring should cost three months' worth of your salary.
Know, that this started as a marketing tool to boost sales during the '40s and
isn't relevant today.
If you're unsure where to start,
consider using an online engagement calculator to get an idea of how much to
spend.
You'll
Need Insurance for Your Engagement Ring
Before spending hours
comparing engagement ring styles, factor in the cost of insurance.
Generally, this will cost around 2% of the ring's value, so make sure you save
for this in advance. But don't worry, you don't always need insurance as it's a
personal choice.
How
to Slash Engagement Ring Costs
Luckily, there are many ways to
reduce the cost of an engagement ring if you're struggling. Thanks to new
technology and options, you can still get an incredible one without spending a
fortune. For instance, you could:
Swap
Out the Diamond for a Lab-Created One
If your partner is obsessed with
diamonds, choose a lab-created one to minimize costs. Know, these look
identical to regular ones as it has the same chemical makeup. It's also the
more eco-friendly option, making it a win-win.
Check
Out Antique Stores
One of the most underrated places to
get engagement rings is at antique stores. You'll be surprised at the quality
of gemstones, whether you're after diamonds or emeralds. But make sure you
consider your partner's style so that you truly cater to them.
Go
Shopping Online
You can also save a killing by
shopping for rings online. In fact, you can likely spend 30 to 50% of what
you'd buy in a regular store while being spoiled by a huge selection. Plus, you
won't feel the pressure of choosing a gemstone, especially if you're on a tight
budget.
The key is to spend time reading
online reviews and reaching out to past customers to determine whether the site
is reliable. If you notice recurring negative comments, continue your search,
as that's a major red flag.
Choose
a Stone With a Smaller Carat
Heart still set on a dazzling
diamond? Then, go with an under-size diamond as it's cheaper. For instance, a
0.97 diamond is similar to a 1.0, but with a much smaller price
tag.
Skip
the Solitaire Center Stone
Instead of choosing a solitaire
diamond, buy a ring that has several smaller ones as it's a smaller carat. It
also makes the ring appear bigger, which is great if you've got a smaller
budget. For instance, consider giving your partner a halo ring as it's on-trend
and makes even the smallest diamonds look incredible.
Our
Guide on the Cost of an Engagement Ring
Now, because you know about the cost
of an engagement ring, it'll be easier to find one for your true love.
There are many factors to consider
when choosing an engagement ring, such as being realistic about your budget and
whether it aligns with your partner's tastes. You can also minimize costs by
choosing a stone with a smaller carat and shopping online. Good luck!
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