If you are looking for engagement rings to propose to your partner, you will probably ponder how much should one spend on engagement rings? There are so many myths and misconceptions about the price of engagement rings that it's hard to provide a solid answer to this question. However, the price of the ring varies depending upon the preferences of your partner and as well as your financial condition.
What's The Average Cost Of Engagement Rings?
During recent studies, it was found that average couples will spend almost $3,756 on their engagement rings in 2021. This figure is lower than the $7,829, which are the statistics of 2018. However, some weds-to-be spend a lot more, while on the contrary, some couples don't spend too much on the rings. It all depends upon the preferences of both partners and the partner's financial status who is going to propose. But you should take the ring within your budget. There is no need to go in debt over an engagement ring. Moreover, the prices of the rings vary depending on the size and quality of the center stone or other details and the type of metal chosen.
There is a myth that you should spend your three months wage on an engagement ring. But this myth is 100% false. Spending 3 months wage on an engagement ring is ridiculous, and by doing so, you can end up in a huge debt. The three months wage myth is known to be spread by the diamond businessman as their marketing campaign. You should not listen to this myth and spend the money with which you are comfortable.
How Much Is Too Much to Spend?
There is no rule for how much one should spend on the engagement rings. Some people go overboard with engagement rings, while some just spend a little on the rings. You should communicate with your partner when you know the proposal is coming. Know about your significant other preferences and tell them about yours. How much is too much to waste is the thing which varies from person to person.
How to cut engagement ring costs?
If you are a person with a fixed monthly salary, you may not want to spend too much on the engagement ring. Here are some suggestions by which you can cut the engagement rings cost without compromising the quality of the ring.
Leave the diamond out
Diamonds are the most expensive part of the rings, and you can save your major money portion by cutting off the diamonds. Consider using sapphires, rubies, or emeralds as their cost will be slightly less than a diamond.
Give up a fraction of carat size
You can buy a ring with an under-sized diamond. Although 0.97 carats and 1-carat diamond will look the same with a naked eye, its price will be much lesser.
Ditch the solitaire center stone
Look for a ring with several smaller diamonds rather than a solitaire center stone. Multiple stones will give a large size impression at a relatively lesser price. A multi-stone ring presents as a stunning ring without going overboard with the budget.
How much do an average couple would spend on an engagement ring depends on their mutual understanding; if your significant other wants a large stunning ring, you probably have to spend more to get one, although it looks sweet. On the other hand, if your partner is understanding, you can spend less on the engagement ring. Read our guide to know how to purchase a stunning ring without spending too much money.