Average Engagement Ring Cost - How Much Should You Spend?
You’re ready to take your relationship to the next level and purchase an engagement ring. But how much should you spend? According to The Knot’s 2018 Wedding Study, the average engagement ring cost is $5,580; however, many couples spend more while many others spend less. Deciding on a budget prior to purchase will help you find the perfect engagement ring for the one you love.
The New Engagement Ring Spending Rule – There Are NO RULES!
You may have read, heard or been told that spending three months’ salary on an engagement ring is standard. There’s no doubt that three months’ salary would buy a gorgeous ring – and that’s fine if you can afford it.
However, this old adage doesn’t account for inflation, the cost of smartphones, or other modern variables which affect budgeting. The new “rule” on engagement ring affordability is this: there is no rule.
Simply decide on what you can afford and spend that amount. Here are some ways to establish the best budget for an engagement ring.
Living Solo? Work Within Your Monthly Budget.
Let’s consider your best engagement ring budget. If you are not currently living together and are using only one income to purchase the ring, consider your monthly budget. After deducting rent or mortgage, utilities and other bills from your income, how much is left over? This is the first step to discovering what you can budget for an engagement ring.
Set part of what’s left over aside for six to twelve months or until you feel you have a good amount saved. Alternatively, you can investigate financing the engagement ring on your credit card or store credit card. Make sure you can comfortably make the payments, especially if you don’t want to depend on another person for financial help.
Living Together? Discuss a Budget with Your Fiancé(e)-To-Be.
You may already be living together and have combined your finances. In this instance, it’s probably best to discuss how much you feel you can budget toward an engagement ring together. Be practical about it: remember that rent or mortgage, utilities and bills come first. After those expenses have been taken care of, decide on an amount you can easily pay each month toward the purchase of a ring.
Consider an amount you can pay each month to finance your engagement ring. Take this time to feel each other out. An engagement ring can be a significant purchase. Yes, it’s important that you get an engagement ring your partner likes. But it’s just as important that you both are comfortable spending that amount of money on an engagement ring.
Should You Finance an Engagement Ring?
Here is a question you should ask yourself before heading into a jewelry store: do you want to pay cash and perhaps get a ring that is more affordable? Or, do you finance an engagement ring and make a monthly payment?
If you have examined your budget and feel you can safely make a payment every month, you may want to finance your engagement ring. Many jewelry stores offer different types of financing, including:
Often, store credit cards can finance your engagement ring purchase interest-free for a limited amount of time. Speak to your jewelry consultant to find out what financing options may be available to you.
So How Much Should I Spend?
When it comes to buying an engagement ring, the answer is this: spend what you can afford. There are many ways to maximize your engagement ring dollars. Once you’ve established your budget, speak to a jewelry consultant. They can help you identify the best ways to get more out of your budget.
At Zales, our knowledgeable jewelry consultants are trained to find the perfect ring for you within the budget parameters you’ve established. Stop by your local Zales retail store and talk with a jewelry consultant today. They will show you different engagement ring options and discuss financing options to help you find the ring of her dreams.