It is important to stay on budget when shopping for an engagement ring. It is important to take the next step of your relationship feeling financially confident, and you want to take this next step with nothing but positive feelings. With countless different options, custom design, and financing options, it is easier than ever to get the most ring for your dollar.
Exactly how much is the right amount to spend on a ring is a loaded question with a different answer for each person. We’re digging into how much you should spend on an engagement ring, some of the factors that will make your ring more or less expensive, and how to stay on budget below!
Before you start shopping, consider not only how much you want to spend but how you will pay for it. If you can save the entire amount, you can pay for a ring in cash, but many people prefer to be able to pay a ring off over time with a credit card or in-store financing. Remember that getting engaged means that soon you’ll be spending money to plan and throw a wedding, so consider these upcoming expenses as you decide how much to budget.
The Two Month Salary Rule
While some people use the rule of thumb that you should spend two months’ salary on an engagement ring, this isn’t a hard and fast rule. This rule came to popularity decades ago, when the people getting married were likely to be younger, living at home, and not carrying student debt. You can use this figure as a guideline to help you start shopping, but do not feel that you must be bound by it.
Diamond Cuts Can Make a Difference
If you know that your future fiancée dreams of a ring that features a cushion or princess cut diamond, you may need to spend a little more than you would on a ring with a round or oval diamond. These cuts take more effort to produce, but they reflect the light beautifully and grab the attention of everyone who sees them.
The National Average
Sales figures show that Americans spend the most on engagement rings, with Australians spending the second most. The average engagement ring in this country costs around $6000 and is about one karat in size. Australian shoppers spend around $5000 and buy around the same size of diamond as their US counterparts. On average, buyers in other countries, like Canada and the United Kingdom, spend two to three thousand dollars less than Americans.
Using an Heirloom Ring
If a family member has given you a ring, but it doesn’t fit your fiancée’s style, you can work with a jeweler to revamp the setting, move the stone to a band made from a different metal, or add extra stones. This lets you keep the family significance while presenting your fiancée with something you know she will love. Taking this approach can end up costing less than purchasing a brand-new ring, and it gives the ring an interesting back story your fiancée can tell for years.
A custom, handcrafted piece of jewelry from Casa D’Oro allows you the opportunity to create and design a one of a kind piece of jewelry that will become a part of you. Oftentimes, the custom design process can be more cost-effective than buying an existing piece.
Our skilled designer gives you the opportunity to create the jewelry piece of your dreams. We show you exactly what your piece of jewelry will look like throughout the process so you can be assured it will be exactly what you are looking for and enjoy for years to come. Learn more here.
If you’re ready to propose to the love of your life, we have the right ring for you, no matter your budget! Explore a selection of engagement rings online, or visit our Mars, Pennsylvania, showroom so we can help you in person!
“If you want to go to a corporate Jeweler because you think you think Casa is going to be overpriced you are gravely mistaken. Firstly, you shouldn’t be using yelp to choose a jeweler. Secondly, family owned Jewelers build themselves on honesty and returning clientele. So there may be a reason they have been around for a long time. Nobody more trustworthy and honest than Reza. Three friend’s of mine have bought engagement rings from Casa and had nothing but praise for the informational and familial walk through of what they were buying, what quality and to their budget. I’d go here 10 times out of 10 and twice on Sunday for any jewelry or watch needs.
Not to mention I purchased my Tissot and Baum from them; An excellent selection of timepieces for the watch connoisseurs.” — Thank you, Rami Q., for your Yelp review!