How Much Should You Spend on an Engagement Ring?
We will answer your questions
If you are planning to get down on one knee and propose, then you are probably thinking about a number of things, such as what the carat weight is, how the setting will be chosen and how you will go about doing this. And none of this can be done without money. But how much should you really spend on your engagement ring? We understand that tackling this question can be incredibly stressful, but take a deep breath because we’ve got your back. In this guide, we’ll lay out all the financial issues you’ll need to face to become a fiancé, covering everything from who pays for what, to how to get the best and most affordable engagement ring that your future spouse will love.
Where most people spend their money
Now let’s look at some averages to get an idea of where your budget stands. According to a recent study by The Knot, the average price of an engagement ring is about $5,500, though the average price varies by region, ranging from more than $7,500 in the Mid-Atlantic to $5,200 in the Southeast. That said, the study shows that there are plenty of people who spend less — about a quarter of respondents spent between $1,000 and $3,000, and another 11 percent spent less than $1,000. So clearly, you don’t have to spend a ton of money to get down on one knee and propose, although plenty of people do.
No, you don't have to spend that much
For example, in 1930 the average annual salary was only about $2,000, while the average cost of a new house was about $3,800 and the average cost of a new car was $600. Today, the average annual salary is about $50,000, but the average cost of a new home is about $266,000 and the average cost of a new car is about $37,000.
But here’s the thing: finances used to be relatively easy. Since 1930, the cost of living has risen dramatically. The cost of housing, tuition, transportation, and the necessities of life have risen far beyond what the average person used to earn. In other words, prices have been set in such a way that people can easily fall into a situation where they cannot make ends meet.
Imagine being able to buy a new car and a new house with about two years’ salary. Unfortunately, for many Americans today, this is far from reality, which is why the idea of spending two or three months’ salary on an engagement ring seems so ridiculous. In fact, for many people, spending a few months’ salary on a ring isn’t even the best financial decision. So the short answer is: no, you don’t have to – and probably shouldn’t – spend three months’ salary on an engagement ring.
Setting a budget for your engagement ring is an extremely personal matter, and no one but you can make the decision for you. Fortunately, you can find numerous engagement rings that are both stylish and affordable. Thanks to the rise of synthetic and imitation diamonds, you are able to get down on one knee and wear a stunning proposal ring that costs less than $100. Synthetic diamonds are so similar to real diamonds in terms of appearance and shine that it’s hard to tell the two apart most of the time! So, no matter what your budget is, finding a beautiful ring should not be a challenge.
So how much should you spend?
Ultimately, what you’re willing to pay is entirely up to you. According to personal finance advisor Dave Ramsey, if you have a full-time job, a good rule of thumb is to spend no more than a month’s salary on an engagement ring. “A lot of people get married with inexpensive rings, but they wear them for a long time and they’re good quality.” He said this on his radio program recently.
You need to carefully consider your unique situation, personal preferences, and finances before determining your budget. Some of the questions to ask yourself when budgeting for an engagement ring are as follows:
- Are you willing to go into debt to pay for your engagement ring?
- Are you willing to give up certain things, such as giving up vacations or not eating out for months on end, as a way to pay for your engagement ring?
- Can you free up some of your entire wedding budget to pay for the ring, such as canceling your honeymoon arrangements or cutting back on certain extra expenses?
- Will paying for the engagement ring stress you out so much that you can’t focus on the more important aspects of the wedding and marriage?
- Would you be willing to share the cost of the ring with your spouse-to-be if they agreed?
- Have you considered insurance, shipping, and sizing when purchasing a traditional engagement ring? Note: Most of the above will be taken care of for you when you shop with KASHNO.
Who pays for the engagement ring?
Traditionally, it was usually the proposer (historically a man) who purchased the ring for the proposed (historically a woman). However, as we all know, the norms surrounding weddings today are much more flexible and casual than they used to be – after all, we’ve witnessed a huge increase in same-sex engagements and women proposing to men. So, frankly, the stereotype of men buying rings for women is long gone.
Most importantly, studies show that more and more couples are buying engagement rings together and sharing the cost. In fact, about 20% of brides buy their own rings, and many more share the cost of the ring with their partner. Ultimately, it’s up to you to decide whether you want to follow the traditional pattern of the man buying the ring and creating a surprise, or change the practice altogether.
Talk to your spouse
One important thing to remember before deciding to spend any amount on the ring is that you should discuss the budget situation with your partner first. Your spouse-to-be may have very strong views on the matter. Maybe he or she wants an expensive ring with a big, expensive gemstone on it; but on the other hand, he or she may feel that spending a large amount of money on a ring is a waste. Regardless of your own views, both ideas are valid opinions that you need to consider.
Getting an affordable engagement ring
We look forward to providing you with the “license” you need to save money and keep your ring budget more modest. If you decide to go this route, there are some key points to keep in mind when purchasing a ring that is both stylish and affordable. Here’s what you need to know:
Affordable doesn't mean cheap
As with everything else in life, there are many layers to consider when shopping for a more affordable engagement ring. You have a variety of choices: from flimsy gumball machine giveaway rings to beautiful rings made of precious metals and set with gorgeous (but more affordable) faux gemstones rather than high-priced diamonds. Here are some aspects to keep in mind when choosing a high-quality and affordable engagement ring:
Simulated Diamonds – Simulated diamonds are actually man-made diamonds that have the same brilliance as “natural” diamonds and are similar in size. However, they offer several key advantages. For one thing, simulated diamonds are not as ethically controversial as traditionally mined diamonds, and more importantly, they cost a fraction of the cost of natural diamonds.
Sterling Silver – Sterling silver is a high-quality and durable material that will keep well for many years. Given that it costs significantly less than standard gold or platinum, it is one of the best options when considering a cost-effective engagement ring.
Titanium or Tungsten – Titanium and tungsten are two materials that are often used as alternatives to precious metals when making men’s wedding bands because they are very strong and relatively inexpensive. Because of this, they are becoming increasingly popular in the design of engagement rings.
Rhodium Plated – It is important to choose a ring that is rhodium plated to prevent the ring from losing its luster and to ensure that the ring maintains its gorgeous appearance throughout its lifetime. Rhodium-plated sterling silver is nickel-free and won’t cause your finger to turn green when you wear it.
How to Buy Affordable Wedding Rings?
Start small and affordable
It’s important to remember that the ring you wear when you get down on one knee to propose may not be the ring your partner will always wear. So, don’t feel like you’re “tied” to one particular choice, so to speak. Consider opting for a more affordable proposal ring as a temporary but still special solution. Once your partner agrees to the proposal, or you’ve saved up enough money to buy their dream ring, it’s time to replace the previous ring with something more special.
Buy a set and save cash
If you are looking for affordable engagement rings, then you may also want to consider wedding bands for the big ceremony. If you are looking to reduce your wedding band expenses, you may be able to get some extra flex room in your engagement ring budget. You may also want to consider purchasing an affordable set of wedding bands in advance so that you can have both rings without having to spend any extra money.
Set an overall wedding budget
When determining how much to spend on the rings, it is crucial to look at the average cost of other wedding necessities. This will help you set a budget for the entire wedding and consider the cost of the ring. Before determining the amount you will spend on the engagement ring, it is important to determine things related to the size of the wedding (guest list), venue rental costs, clothing budget, and honeymoon budget. Additionally, when you choose to save money on engagement rings and wedding bands, the money saved can be used for other things you want to save for. Perhaps you can use that money for your honeymoon or as a down payment on a new car or home! Whatever your finalized ring budget is, you have beautiful rings to choose from, no matter the price.
Remember all of this
Ultimately, the most important thing to remember when buying an engagement ring and setting a budget is to always keep in mind what’s at the heart of the process: your deep love for your partner. At KASHNO, our goal is to help you wear your ring in a way that best suits your situation and allows your love to shine. Be sure to browse all of our engagement ring styles to find the one that speaks to you and is effortless.