Did you know that the average wedding costs over $30,000?
These days, celebrating the happiest day of the rest of your life can come along with some pretty big financial obligations. And, for many couples, that means that hosting the wedding of their dreams will land them in serious debt. But, that doesn’t have to be the case!
Traditionally, wedding and engagement rings are one of the larger expenses associated with getting married. But are they worth it?
In this article, we’ll take a closer look at the cost of wedding rings to help you decide. And, we’ll even offer some low-cost solutions to help you score the sentimental jewelry you want without digging deep into your savings.
Keep reading to learn more!
How Much Do Engagement Rings Cost?
In the US, the average engagement ring cost is now over $7,000.
Depending on your income, that might sound like a lot or a little. But, no matter what your household earnings look like, there’s no doubt that an engagement ring is a major investment.
In the past, traditional rules have dictated that a man should spend three months of his gross salary on engagement jewelry. But it’s time for an update! After all, average household incomes and traditional values have changed quite a bit since these rules were put into place.
Depending on your personal finances, there might be much better ways to spend your money. This is especially true for young working couples!
So, how much should you really be spending?
How Much to Spend on a Wedding Ring – the New Rules
When it comes to the cost of wedding rings, there’s no magic formula to determine how much you should be spending.
Instead, you should take a hard look at your household finances, determine a budget, and stick to it! And, you should factor the price of wedding jewelry into the overall budget for your wedding. After all, an extra $7,000 can easily push you way beyond your initial spending limits.
While most couples prefer to keep their intended proposal clandestine until the big day, it’s still possible to communicate about how much you plan to spend on these purchases in advance. That way, you won’t start your marriage with any nasty financial setbacks or secrets.
It might seem awkward at first, but discussing a major purchase like engagement jewelry is good practice for all the financial decisions you’ll be making as a team in the future. And, if you’ve been dating for a while, you and your partner will likely have very similar ideas about how much to spend.
Rather than going into debt, most modern couples would rather buy what they can afford and upgrade later. That way, they’ll have the financial freedom to enjoy an incredible honeymoon, make a downpayment on their first home, or start saving for the kiddos college fund.
And, it’s important to remember that the price of an engagement ring doesn’t determine how good it looks or what it means to you as a couple. The symbol of commitment doesn’t change with the price tag!
Every couple hopes to start their engagement with a breathtaking piece of jewelry. But, that doesn’t necessarily mean that you have to spend thousands on it. There are plenty of options that look incredible but won’t land you in debt.
One popular option is to start off with elegant gold rings that can be easily updated later. Many of these styles will look great next to a second, or even third band, so you won’t want to discard them later when you can afford something more high-end.
These affordable designs also make great promise rings for couples who are planning on long engagements. Why not wear a beautiful gold band for a few months while your partner saves up for a diamond?
Promise rings are also good investments, as they can be passed down to your children and grandchildren when they are old enough for serious romantic relationships.
Another good option is purchasing the band and setting of your dreams, without a diamond. Moissanite, Cubic zirconia, and white sapphire, are all good alternatives that cost far less but look just as good! Plus, they are easy to exchange for a diamond or other gemstone later on.
Another big perk of forgoing a diamond, for the time being, is that you won’t need to spend as much on insuring the ring. Instead, you’ll have the option of saving that money for other elements of the upcoming wedding.
Popping the Question
If you’re reading this article because you’re ready to propose, congratulations!
Now that you know a bit more about the cost of wedding rings, how much to spend, and what options are available depending on your budget, you’re probably feeling ready to start shopping. But don’t run out and make a purchase just yet.
Instead, take the time to discuss the purchase with your partner and decide how much you want to spend as a team. While the chat might feel awkward at first, you’ll be happy you had it!
This is one of the first major decisions you’re making as a couple getting married, and it’s good practice for the future. Once you have an idea of how much to budget, you’ll be able to shop with confidence.
If you enjoyed this article, spend some time browsing through our other blog posts. They’re packed with helpful tips and advice for couples on a budget!