I’m sure you’ve seen it in movies, or maybe even on a friend’s finger. You gaze at the glistening diamond ring and think to yourself: “I want that.”
And then comes the question: how much should I spend on a wedding ring? It’s one of many things couples don’t talk about before they get engaged. But if there’s one thing we know about weddings, it’s that your friends will ask you for an exact figure—and often.
Here are some tips on how much to spend on your perfect ring!
Average Engagement Ring Cost
The average cost of an engagement ring is currently $6,000 in 2021, according to a survey by The Knot. One-third are spending between $1,000 and $4,000 on their engagement rings. Eight percent of ring shoppers are spending under $1,000. The average amount couples spent on an engagement ring in 2020 was $3,756; in 2018 it was $7,829!
The average person spends two months salary on an engagement ring, but some spend more than six months’ salary!
Average Cost of Wedding Bands
The average cost of a wedding band for men is $550, while the average cost of a wedding band for women is $1,100. For both males and females, white gold was the most popular metal choice in terms of both materials and setting styles. Rose gold, yellow gold and sterling silver all followed close behind as top favorites as well.
These prices are based on a recent study by WEDDINGWIRE that asked 2,250 brides about their experiences with shopping for their engagement ring and wedding bands over the past year.
How Much You Should Spend on a Wedding Ring
While there are no hard and fast rules about how much to spend on an engagement ring, it’s a personal decision that should reflect your values.
Traditionally, the average cost of an engagement ring is three months’ salary. But this figure has come down significantly in recent years; according to The Knot 2021 Real Weddings Survey results, couples spent $6,000 on their average diamond engagement ring—a number that represents nearly double what couples spent just five years prior! In fact, many brides are opting for less expensive alternatives like moissanite or lab-created stones because they’re becoming more widely available and valued at similar price points to diamonds.
The best way to know how much money you should spend on a wedding band or engagement ring? Know your budget first!
Most Popular Types of Engagement Rings
When it comes to engagement rings, it seems that tradition hasn’t changed much over time. Couples are overwhelmingly still opting for diamonds with 85% of ring shoppers choosing this as their center gem. While moissanite has seen an increase in popularity over the years, it remains far behind diamonds in terms of overall sales volume.
Moissanite sales have increased by more than 400% when comparing 2011-2017 versus 2016-2021 and roughly 50% of engagement rings have a center stone ranging from 1-2 carats. Round cut center stones were the most popular, accounting for 39% of all engagement rings. Ovals have quickly become the second-most popular center stone shape, making up 19% of all rings; princess cuts—a modified square cut—were third at 12%.
The most popular diamond cut is the classic round brilliant. This shape is synonymous with diamonds and a symbol of timeless elegance. Its popularity has remained steady over time as it’s easy to wear and maintain; however, many couples are opting for more unique cuts as well. Oval cuts are growing in popularity because they can be worn by almost anyone and look good on any finger shape.
Squares, cushions, and emerald cuts are also becoming more popular. These shapes are unique and catch the eye of others when worn; however, they may not be ideal for every finger shape or lifestyle. The most common diamond cut is round brilliant, accounting for about 90% of all diamonds sold; however, other cuts such as princess cuts—a modified square cut—are becoming more popular as well.
54% of rings included a diamond center stone with side accents while 28% had a singular solitaire diamond set on its own. White gold is still the most popular metal setting among ring shoppers with 45%, followed closely by yellow gold at 20%.
The “Rules” of How Much to Spend on An Engagement Ring
When it comes to engagement rings, there are a few “rules” that people think will help them know how much they should spend. It’s always important to check your budget and make sure you’re comfortable with the price tag before making any purchases, but if you’re looking for some guidance on where to start, here are some of the most popular rules-of-thumb:
- The One/Two/Three-Month Salary Rule: This old adage says you should spend one(two/three) month’s salary on an engagement ring. If your salary is $30K annually, that means a $3~10K diamond ring would be appropriate; if it were $100K per year then $10~30k would be more reasonable. The idea behind this rule is that men shouldn’t feel bad about spending money on their partners; after all, women spend quite a bit of time caring for themselves during wedding planning—and even more so during marriage!
- Engagement Ring Calculators: These online tools allow users to input their financial information (salary and income bracket) along with other relevant details (length of relationships) and receive an estimate based upon predetermined values embedded within each calculator program. These numbers aren’t set in stone but can give couples insight into what type of engagement rings might fit into their budgets while still being able to get something they’ll love
Best Ways to Save Money on Engagement Rings
There are several ways to save money on your engagement ring. One is to shop online, where you can find better deals than you would in a brick-and-mortar store. Another is to give up a fraction of carat size and just get a diamond solitaire instead of one with the typical multi-stone setting.
- Ask friends and family for recommendations on jewelers in their area who offer competitive prices.
- Skip the center stone if you don’t want it anyway; this will help keep costs low, especially if you’re getting an eternity band instead or something along those lines.
- Shop around for different stores or compare prices from different jewelers; this will ensure that you get the best deal possible on an engagement ring that fits into your budget!
What to Know Before You Buy
- Your overall wedding budget. While you may want to spend less than your parents did on your ring, keep in mind that the average cost of a diamond engagement ring is $5,000.
- What type of ring you want. If you’re not sure where to begin looking for a wedding band, ask trusted friends or family members what their favorites are—or take a trip to your local jeweler and pick up a few magazines with pictures of different styles to get an idea for what works best for each person’s style.
- How much you can afford to spend on a ring. This depends on how much money is left over from setting aside funds for other wedding expenses (e.g., catering or floral arrangements) and whether or not there are any gift registries involved (e.g., if parents are giving gifts). Once you’ve determined how much cash remains after paying off all other expenses and/or registering with various stores, it’s time to make some decisions about what kind of quality meets both parties’ needs without going overboard financially!
Go With Your Budget, Not the Average
One of the most common pieces of advice you’ll hear when it comes to buying a wedding ring is to go with your budget. “Don’t spend more than what you can afford,” they say. But what does “affordable” mean, exactly? If you’re just getting engaged, have no idea how much rings cost and need some guidance on where to start looking for one, this kind of advice can be helpful; otherwise, it’s not very helpful at all. For example: if someone asks me what my favorite dessert is—and then tells me that I probably shouldn’t spend too much money on it because they want me to be able to eat something else—I don’t feel like they’ve given me any useful information.
The average price of an engagement ring in the United States is between $5K-$6K—but that doesn’t mean that every person who gets married spends that much on their engagement ring (or wedding band). In fact, according to The Knot Wedding Survey conducted in 2017 by Harris Poll®, only 36% of couples spent between $2K-$4K on their rings (not including diamonds), while 24% spent more than $10K total (including diamond purchase). So why do people give advice about going with your budget when only 20% of couples actually stick within those bounds?
Focus on Finding A Ring that is Meaningful and Affordable.
When you are shopping for wedding rings, do not limit yourself to rings that cost at least $3,500. Some people may judge you based on what you spend on your wedding band, but this is not the case. You can still find an affordable option that looks great and means something to you and your partner. Instead of focusing on what others think about the ring or how much it costs, focus on finding a ring that is meaningful and affordable.
FAQS
Where can I shop for a budget-friendly engagement ring?
If you are shopping for an engagement ring on a budget, there are plenty of stores and brands to consider. Etsy is a great place to find unique rings at a range of prices. Other sites such as James Allen, Blue Nile and Brilliant Earth make it easy to shop by price point and create a ring with lab-grown diamonds or diamond alternatives.
How much does it cost to insure an engagement ring?
If you choose to insure your engagement ring, consider factoring this into the overall price of the ring. Generally, insurance will be one percent to two percent of your ring’s value. If you are considering splurging on a ring, this might be an added cost to consider when deciding how much to spend.
What should I not do with my engagement ring?
Do Remove Your Ring During Hands-On Activities. Make sure you’re taking off your ring during all hand-heavy activities (yes yogis, no downward dog in your engagement ring).I advise against gardening, cleaning dishes, moving furniture, and exercising with an engagement ring.
What is most important when buying an engagement ring?
The most important characteristics you should see while buying engagement rings are diamond’s cut, color, weight, and clarity. These characteristics determine the worth of your diamond, both price-wise and appearance-wise.
Should the woman help pick the engagement ring?
Can I Help My Partner Pick the Engagement Ring? Definitely. In fact, 62% of couples now go engagement ring shopping together. If you don’t feel comfortable doing so, be sure to communicate those feelings to your S.O.
Conclusion
As you can see, the world of rings is full of options and there are many factors that go into choosing your engagement ring. Whether you want something traditional or modern and unique, we hope that this article has helped you get started on your search! If you’re still not sure where to start though, we suggest speaking with a professional jeweler who can help guide your decision in person. We always recommend going in-person before purchasing online so they can help find exactly what suits your style best and make sure it’s right for both partners tastes too (which isn’t always easy).
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