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Diamond Ring Shopping How Much to Spend on an Engagement Ring. How to Buy an Engagement Ring Online. The Ultimate Engagement Ring Guide. Part of. By Blair Donovan. Blair Donovan. She has a bachelor's degree in professional writing and journalism. Brides's Editorial Guidelines. Fact checked by Cherisse Harris. Cherisse Harris is a fact-checker with a focus on lifestyle, beauty, and parenting. This system also includes the 1 and 3 months salary systems.
This is probably the most popular system for calculating how much to spend for an engagement ring. This system, started by De Beers, has become particularly unpopular after people realized that they owned most of the diamonds. Pros: Extremely simple to calculate. Cons: This budgeting system is too simple for the modern era. Based on www. Your financial means should determine your budget rather than a worldwide average. No one should go into debt in order to pay off their engagement ring.
Pros: Extremely simple system. Also plan ahead for the next step by knowing the best time to buy your wedding rings.
Know before you go Your knowledge of diamonds could play a major role in how much you spend at the jewelry store. So, before you go, research the 4Cs carat, clarity, cut , and color so you'll have the knowledge you need to negotiate the best deal.
Go just under whole and half carats Whole and half carat diamonds will jump significantly in price. And nobody will be able to tell the size difference. Compare 0. Don't get too caught up on quality The diamond color and clarity are not as important as you think.
Don't pay so much for features you can't appreciate. Instead, focus on getting an excellent cut. The excellent cut will make the diamond more brilliant and hide flaws and tints, so you can go cheaper on color and clarity.
For the best balance of price and quality, we recommend H color and VS2 clarity. This will ensure that you get a white diamond that appears eye-clean, yet won't break the bank. For more of these expert tips, see our full article on how to get a diamond for best value. Make the center stone look big with a flashy setting If you can only afford a small diamond, you can still make it look larger with certain settings.
The halo setting is a favorite for making a huge statement with less. Not only is it pretty and trendy, it has serious bling factor and makes the center stone look a lot bigger. Consider an alternative shape or stone Have you considered a cushion or oval shaped diamond? How about a sapphire, emerald, or moissanite gemstone? These options are easy on the eye and much more affordable than your standard round or princess cut diamond ring.
If you truly cannot afford a diamond but want an alternative that looks like a diamond, consider popular diamond alternatives such as moissanite or cubic zirconia. You'll be able to get a much larger diamond-like stone on a much smaller budget.
Just make sure that your sweetie is okay with it. Go for 14k white gold White gold is a much cheaper alternative to platinum , but looks almost identical. For the best value, choose 14k white gold. It has less gold content so it costs less than 18k. But it looks the same and plus, is more durable. Customize the ring online Shopping online for the ring makes customization even easier.
Not only will the engagement ring be unique, but you could possibly save a wad of cash by thinking outside the box. If you're thinking about buying an engagement ring, James Allen is one of our top recommended online retailers and they offer a no interest for six months financing plan.
Check out some estate sales There are hidden treasures to be found at estate sales. But make sure to request a private appraisal before purchasing. Where to get a nice engagement ring for cheap?
Select your state to get started. After a successful proposal, it's now time to think about how much money to spend on the wedding rings. Though both wedding rings and engagement rings are symbols of love, they have different styles and meanings. The engagement ring is presented at the time of the proposal, as a symbol of commitment to the relationship. It usually has a diamond or other gemstone center, so it's more expensive.
Wedding rings are exchanged by both the bride and groom during the wedding ceremony, as a symbol of unity from this day forward. Wedding bands are simpler in design and don't contain a large center diamond, so they usually cost less. A common rule is to spend 3 months salary on your engagement and wedding ring.
But that is an outdated rule. Do this instead. Couples should discuss and shop for the weddings rings together. So this is usually a joint financial decision. How much money you spend is a personal choice. It's important to pick rings that fit your personal styles and won't put you into debt. Men can choose an expensive gold band with diamonds, which will cost more. Matching or no? If she wants the wedding ring to exactly match her engagement ring, then your options will be limited.
If it doesn't matter as much, you'll have more flexibility to find a complementary wedding ring. Your lifestyle If you're very active, you'll want a more durable ring. Luckily for men, alternative metals like titanium are very strong and budget-friendly.
For active women, platinum is the most durable metal, but also more expensive. Your other expenses You're probably going to be spending more than usual around this time, such as for the wedding itself and the honeymoon. Consider what you value the most. Maybe you'll decide to spend less on rings and more on the honeymoon. As part of our series on engagement rings, CreditDonkey asked a panel of industry experts to answer some of readers' most pressing questions.
Here's what they had to say:. How much you spend on a ring is a very personal choice. To make sure everyone is happy, it's best to get expectations lined up. Have an open and honest conversation about the engagement ring cost. There's the outdated "three-month rule," which argues spending one-fourth of your annual salary on a ring for your fiance is the ultimate way to show your love.
But before you go spending three months' worth of your hard-earned income on a diamond, remember that this rule started as a marketing tactic created to drum up diamond sales during tough economic times, reports the wedding website, The Knot.
If a budget of three months' income seems like too big of a stretch for your lifestyle, you've got plenty of company. Like everything to do with love and marriage, there's no one right answer and no right amount to spend on an engagement ring. The answer, in simple terms, is that you should spend exactly how much you can afford and want to spend. It might be more romantic to buy a modest ring this year and use the extra cash to build a joint savings account that puts you on-track toward the shared future you want.
It might sound more practical than romantic, but a shared nest egg could help you kick-start the life of your dreams, which could be more important in the long run.
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