Buying an Engagement Ring: How Much Should You Spend?

Engagement Ring

When you find a person you don’t want to let go of, you need to take the steps to have them by your side in good times and bad. 

The average couple spends more than $3,500 on engagement rings, which is often equivalent to 2 months of their salary. No matter your budget, you can find engagement rings that are impressive and unique. 

If you need help buying an engagement ring, there are a few things to keep in mind. Read below to discover how you can find the best engagement ring prices and prepare for popping the question! 

Create Your Budget 

If you’re thinking about buying an engagement ring, you need to limit yourself from the start.

Going over your budget can put you into serious debt and cause problems in the relationship. Starting a marriage with money issues can put a strain on you and your partner, especially if you’ve got a wedding to plan and pay for. 

Although it’s become a custom to spend 2 months of your salary on a ring, you don’t have to. Think about how much you can truly afford because, at the end of the day, your love is more valuable than a ring.

It helps to start putting money aside when you get paid in the months leading up to the proposal. 

Start Searching 

Not only will searching online and in stores help you find the best engagement rings, but it also gives you a chance to discover prices. 

Whether you’re looking for custom jewelry or already know what your partner wants, it doesn’t hurt to look. Online shopping at the start of your search is recommended, but you’ll want to head to the stores to see them in person. 

Pay attention to the types of metal and styles your partner is drawn to. If you’re looking for rare rings, antique shops typically have beautiful selections. 

Think Outside of the Box

Diamond rings are traditional for proposals, but it’s becoming more common to buy alternative stones. 

You can save money buying a ring with different gemstones and your partner may love how rare their ring is. Different colored stones are great for engagement rings since they don’t look the same as everyone else’s. 

By thinking outside of the box, you can find a ring that’s as special as your love, without going over budget. Sapphires, rubies, and emeralds are great options that will make a bold statement. Although opals are beautiful, you should avoid them since the stones are softer and can easily crack. 

Buy at the Right Time 

Proposing typically includes a well-thought-out plan that takes months to coordinate. 

Knowing you want to propose in advance can help you save money and get more within your budget. March, April, and May are the best months to invest in a ring. You may even come across sales during September and October. 

Buying a ring around the holidays can cost you more since they won’t be offering as many sales or discounts. Certain stores promote sales just before the holidays, but they are rare since this is a popular time for proposals. 

Consider the Metal 

Gemstones account for the majority of engagement ring expenses, but the material of the band can also influence the price. 

Depending on the types of engagement rings you look at, the prices may fluctuate. Sterling silver is one of the most affordable metals, this is perfect for people that love silver and have sensitive skin. Gold and platinum are the most expensive, but they last longer and are made with pure materials. 

You can also get your loved one rose gold, which is slightly cheaper than gold. Make sure you talk to your significant other and identify if they have any skin allergies. A common mistake people make is buying a ring that irritates the skin. 

Although you’ll have to pay more for sensitive materials, they last longer and don’t need as many repairs. 

Select the Right Stone Size 

The size of the stones will influence your engagement ring costs.

It’s becoming more common for people to invest in rings with multiple stones that are smaller. They create unique patterns and cost much less than one large rock. Most couples get 1.10-carat diamonds when they propose, but this can cost thousands of dollars. 

You don’t have to buy the largest and most extravagant ring to show your love. Instead of buying rings based on the diamond’s size, you should pay more attention to the designs and quality of the ring. 

What if Buying an Engagement Ring Isn’t an Option?

If your budget is too tight and you can’t afford to buy a ring, you shouldn’t feel the pressure to do so.

Instead of putting yourself in debt, there are other solutions to consider. If you don’t want to pass up on a great opportunity to propose you can buy a cheaper ring to hold the place until your finances change. 

You can also talk to family members to see if there is a special heirloom that can get passed down. No matter what you decide, your love for each other is the most important factor. 

Are You Ready to Pop the Question?

If you started the search for buying an engagement ring, you may be wondering how you can save some money. 

Although you want to buy the biggest and best ring for your loved one, it might not be an option with your budget. Fortunately, sales, heirlooms, and ring placeholders can resolve the issue until your wallet grows. Don’t forget that alternative stones are a great way to cut back on costs, without sacrificing beauty.  Make sure you check out our blog for more info about engagement ring prices and preparing for the big day!

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