How Much Should You Spend on Wedding Ring? - Budgeting 101
Buying wedding rings can be overwhelming. You have so many different options and decisions to make. How do you know how much you should spend? Plenty of factors go into this decision, and we’ve gathered all the necessary info to help you decide.
TABLE OF CONTENTS
Traditional Guidelines
Tradition says you should spend “two months’ of your salary” on an engagement ring, but this rule was created as a marketing campaign. The average engagement ring cost in 2023 was $5,500. While some spend more, others spend less.
What about wedding rings? According to the Knot, the average cost for a wedding ring is $550 for men and $1,100 for women. The amount you spend on your wedding rings is a personal decision, and many factors go into it. Don’t worry; we’ll discuss all of them.
Personal Finances
One way to help you plan for a wedding ring is to figure out your budget. See if you can save for your wedding rings in advance. Set aside money from each pay check to help pay for the rings. Determine your income and expenses to see if you have extra money to put toward them.
Prioritize Values
While some men and women place value on jewelry, others prefer to spend their money on travel or their house, and some might choose to put it into savings. You’ll have to figure out what works best for you rather than following traditional rules. If you see the value in having a high-quality wedding ring, then budget for that goal. Your wedding ring is a piece of jewelry that you’ll wear daily for years.
Communication with Partner
You and your partner should have an open discussion about wedding rings to ensure you’re on the same page. You don’t want half of the couple thinking they’ll spend less and the other hoping for a high-end ring. Being unaligned can cause conflict and resentment. Discuss preferences and your finances to see what works best for both of you.
Research and Comparison
Another tool to help you decide how much to spend is browsing wedding ring styles beforehand. You can research and comparison shop to see what types of rings are in your budget. Look at different styles of rings, from metal bands to diamond eternity rings. You’ll see rings with different diamond cuts varying from round to ovals and everything in between. Keep in mind that diamonds, gemstones, and metals will impact the price. Total carat weight and metals like platinum will cost more. It helps to see what rings are out there so you can find one that works for your preferences and financial constraints.
Long-Term Perspective
Another factor to consider is the long-term view of investing in a wedding ring. It’s one of the most sentimental and meaningful pieces that you’ll own, and wear daily for the rest of your life. Getting a quality ring means it’ll stand up to long-term wear and can even become an heirloom piece that’s passed along to the next generation. Your wedding ring is an important symbol of love and commitment, and you want it to last forever.
Customization and Alternatives
If you find a ring you adore, keep in mind that you can sometimes customize it and modify it to fit your budget. For example, if you want platinum but are worried about the price, consider white gold. You can also choose bands with gemstones and diamonds for a unique design that will cost less than an all-diamond ring. Another option is to consider a lab grown diamond wedding ring instead of mined diamonds. Choosing lab diamonds allows you to get higher-quality diamonds and your dream ring without breaking your budget.
Financial Planning
Budgeting and planning your finances can help you get your desired wedding ring. Include your wedding rings in your wedding budget plan so that they’re not overlooked. It’ll help you look at the big picture of your wedding expenses and ensure you’re not surprised or stretched too thin once it comes time to buy your wedding bands. Discussing the wedding budget can help you as a couple think of your future financial goals and dreams. Look at the big picture and your long-term financial goals as a couple. There are plenty of other expenses even after the wedding!
Future Considerations
You might not think of jewelry having maintenance costs, but they do, and it’s best to budget for them. You’ll need jewelry insurance in case your ring is lost or stolen. Having a professional jeweler examine your wedding ring about once a year is also helpful to ensure the stones are safe and secure. They can also fix anything they see, like worn-out prongs. Keep in mind that you can upgrade or replace your wedding ring in the future. Discuss these types of future costs as you shop for rings.
Conclusion
Hopefully, you now have a better idea of all the factors that affect how much you’ll spend on your wedding rings. You have thousands of design options, so you’ll have to determine your budget and see what ring design fits it. Planning and budgeting can help you get a wedding ring you’ll adore. Remember that you have plenty of options, such as selecting lab grown diamonds and different metals, to help keep costs down without compromising quality.
