There are so many options when it comes to selecting the perfect ring for your beloved, but of course, one important thing you have to consider is your budget for engagement ring.
You may have already heard of the “three-month rule” when it comes to determining how much money should you spend on an engagement ring. It is said to have originated from a 1930s marketing campaign by the De Beers diamond company — it promoted the idea that true love and commitment could only be demonstrated by a man spending a month’s salary on his wife’s ring. This expectation for a budget for engagement ring later evolved to two months’ pay, and much later on to three months’ pay.
Although there are societal pressures that have come attached when it comes to the budget for engagement ring, you really do not have to spend so much. You can get a beautiful ring, with lasting emotional and financial value, by being smart in your ring selection. Check your budget, how much you can and want to spend, and how important the engagement ring is to you and your partner.
Sure, diamonds are forever, and true enough, your engagement ring will symbolize your love and your commitment to building a life together. But realistically, the budget for engagement ring remains a primary consideration. Therefore, how much should you pay for an engagement ring?
Budget for engagement ring in the old days
Since the late 1940s, a lot has changed for couples that different engagement rings appeal to. Most of the things that were true back then are not applicable these days. For example, people used to get married earlier in life and go from living with their parents to living with their new spouses. Women viewed marriage as a time to stop working. Men had jobs and were the breadwinners.
These days, the average age at marriage is higher. A lot of people live alone before getting married. A lot of people in relationships live together before they decide to get married and could already be dividing household expenses. So never think that you need to follow anyone else’s idea on how much should you pay for an engagement ring. It is your choice.
Setting your own budget: How much should you pay for an engagement ring
It is smart to set a budget before you go to the jewelry store. You can also look for an engagement ring online first to see the costs so that you won’t get too surprised. If you and your bride would rather serve good food and wine at your wedding reception or spend more on a house or your honeymoon, then adjust your budget down a little.
Take note that the engagement ring is the first step toward your wedding and marriage. You need to know what your priorities should be.
If you have enough to go huge without any concern, then good on you! Your job is easier. You can find a diamond as big as you and your bride-to-be would like. You can choose any style and design she would want without worrying. Go all out and have fun!
Factors to consider when you set a budget for engagement ring
How much should you pay for an engagement ring? There is a beautiful ring out there for you, one that will have lasting emotional and financial value, by making easy trade-offs: in diamond size, style, color, the type of metal it is made of, and the shapes of engagement ring. With the right combinations, she will definitely be surprised. Here are some tips:
The Halo Effect
If smaller diamonds are set around a larger diamond or colored stone, it’s called a halo. This is one way to get big, beautiful sparkle around a smaller diamond. This also gives the ring a more vintage feel.
All in The Family
Try to see if there is a family heirloom on your side or hers. You might have a diamond that you can use to put into a new and more modern setting, or you might have a gorgeous ring with a poorly cut diamond that you can use. Whatever it is, you can spend so much less than buying a brand-new ring, making it special and unique, while linking you both back to the past and connecting to a future together as a couple.
Diamonds with natural colors are expensive and are a crowd favorite. You can get the same look with a color gemstone or enhanced color diamond, which is a diamond treated in a lab to bring out its gorgeous color. This is an option that some women make just because it is unique and makes a statement.
Simple and Gorgeous
A prong setting lifts the diamond above the ring. This classic engagement ring look and how simple it is puts all the attention on the diamond.
The Metal Is Important Too
Gold is measured in karat. Pure gold, or 24 karats, is too soft for use in jewelry, so it is alloyed or combined with other metals to make it stronger and harder. As the percentage of gold in jewelry go down, the price generally goes down as well. You will see that 18k or 3/4 pure gold is normally the most expensive. The usual mark you will find in gold jewelry is 14K, and 10K. Because of the other metals combined with gold, it comes in many different colors, but yellow and white are the most commonly used in bridal jewelry.
Budget for Engagement Ring in the US
How much should you pay for an engagement ring in the United States? According to The Knot’s 2020 Jewelry and Engagement Study, the average budget for engagement ring in the US is currently at $5,500. And while this may be the average price, the research further revealed that one-fourth of all respondents spend between $1,000 and $3,000 on an engagement ring. Furthermore, 11% of ring shoppers spend less than $1,000.
Engagement Ring Budget in the UK
Meanwhile, the British website Wedding Ideas report that the average person in the UK spends a whopping £1865 on an engagement ring. While this is still a sizable sum, this tells you how much money should you spend on an engagement ring in the UK. The good thing is, it’s significantly less than the average three-month salary in the United Kingdom – £7650.
Budget for Engagement Ring in Australia
If you’re in Australia, and wondering how much should you pay for an engagement ring, here it is. Australian website Easy Weddings state that an average couple spends $5,367 on their engagement ring This data comes from the 2020 Australian Wedding Industry Report.
Engagement Ring Budget in Singapore
For your budget for engagement ring in Singapore, the research website ValueChampion estimates that the average engagement ring costs between S$700 and S$100,000. They further state that the most popular ring (a 0.5-1.0 carat diamond) costs between S$1,230.90 and S$2,066.30.
Budget for Engagement Ring in Malaysia
Lastly, how much money should you spend on an engagement ring in Malaysia? While it’s more difficult to look for the definitive budget for engagement ring in Malaysia, the cost for the more popular brands starts from RM1,499.
So..how much money should you spend on an engagement ring?
Surely, getting an engagement ring, proposing, and planning a wedding can be excited. You are with the person you want to spend the rest of your life with. The engagement ring will symbolize the love you have for her and that you want to build a future together.
Whether you are looking for a classic piece or a nontraditional engagement ring, you should establish early on your budget for engagement ring. Knowing how much money should you spend on an engagement ring is the best first step in your search for the perfect ring.
While your future may require you to be responsible in spending now, the engagement ring you choose doesn’t need to look like you were on a budget.