It is expected that one will get the right amount of money to pay for an engagement ring. When you stop to think about it, engagement rings vary from the quality of the diamond to the type of metal the ring is made from. It is important to set a budget. Master how to create a budget for an engagement ring with this all-inclusive guide to engagement ring prices, investment options, and how to find an affordable yet quality engagement ring.
Factors Influencing Engagement Ring Cost
While the cost of different engagement rings would differ much, here is something to consider before you spend on an engagement ring:
- Diamond quality: also known as the Four Cs—cut, color, Color Clarity, and carat—well define the cost. High-quality diamonds having better clarity and like color are more costly.
- Metal Choice: Platinum may turn out a bit high in cost as compared to gold and silver; this is because platinum is harder and rarer than these metals.
- Design Complexity: Any customized or detailed designs will increase costs due to increased craftsmanship.
- Brand and Retailer: High-end designer brands and retailers charge premium prices for their engagement rings.
Setting a Diamond Ring Budget
Setting an overall diamond ring budget is one of the very first steps one embarks on in their engagement ring shopping journey. Here's how to do it:
- Assess Your Finances: Consider your income against your savings and other forthcoming expenses due to the upcoming wedding.
- Prioritize: Determine what part of the ring is more important to you or her—the size of the diamond, its quality, or the setting.
- Ring Budget Calculators: Online calculators can help you know your ring budget, subject to your financial situation.
- Make Sure to Budget for Future Expenses: Keep in mind this represents just one item in your entire wedding budget. Do not go overboard with your finances.
Engagement Ring Price Guide
The cost of an cost of an engagement ring can be quite broad, though the following is a very basic engagement ring price guide to give you an idea of what to expect:
- Less than $1,000: The simplest settings and/or small diamonds with alternative stones. Perfect for people looking to get **cheap engagement rings**.
- $1,000-$3,000: Mid-range rings have moderately sized diamonds which tend to sit on white or yellow gold.
- $3,000 - $7,000: Larger diamonds or more intricate settings, possibly in platinum or with side stones.
- Over $7,000: High-end rings with large, high-quality diamonds, custom designs, or luxury brand names.
This guide gives a general overview of what you can expect, though your personal taste alone will be the final determinant of engagement ring cost.
Traditional Engagement Ring Spending Rules
Traditionally, one was told to spend two to three months of salary on an engagement ring. That rule of thumb is increasingly outdated. Here's why:
- Financial Stability: Today, it is more about building financial stability than investing in a huge ring.
- Personal Values: Many couples would like to use their money for other goals, such as traveling or putting down payments on a house.
- Market Changes: Lab-grown diamonds and other above-mentioned alternative gemstones make high quality rings very affordable nowadays.
Ultimately, engagement ring cost should be based on what you can comfortably afford to pay—not some arbitrary rule.
Wedding Ring Cost and How It Relates to Engagement Ring Cost
As you budget for your engagement ring, don't forget that it is also equally important to factor in your wedding ring cost. Here is how everything connects:
- Matching Sets: Some people would like matching engagement and wedding rings, and the cost of that would be higher.
- Separate Budgets: Otherwise, others will maintain a separate budget for the wedding ring, especially if they think they will buy it closer to the wedding date.
- Ring Financing Options: Consider ring financing options if your combined cost for both rings is on the higher side to manage expenses.
Knowing where the cost of your wedding rings falls in the grand scheme of your budget can help you to make more reality-based decisions about what you will be able to spend on the cost of your engagement ring.
Affordable Engagement Rings: Getting the Best Value
Shopping for cheap engagement rings doesn't mean you have to sacrifice in either quality OR style. Following are multiple ways to maximize your value:
- Alternative Gemstones: Sapphires, rubies, and moissanite are among the beautiful, usually cheaper, alternatives to diamonds.
- Lab-Grown Diamonds: They're actually real diamonds but at a much cheaper rate.
- Shop Sales and Discounts: Look out for the highest seasonal sales, especially during the holidays.
- Simple Settings: Opting for a more simplistic design can save you a little bit of money in terms of engagement ring cost and, besides, it doesn't look that bad, either.
Ring Financing Options
If you are still anxious and fear that you will lose all the cash appropriated, here are some of the ring financing options for you to be able to stick to your budget:
- In-Store Financing: Many jewelers offer financing plans with low or no interest for some period of time.
- Credit Cards: Credit cards often have special, introductory interest rates for large purchases, or even reward points or cash back.
- Personal Loans: A personal loan will offer a better interest rate than a credit card and set fixed payments for the term of the loan.
- Layaway Plans: A layaway could be a really good option for buying the ring in a few payments, debt-free and without accruing interest.
This way, the cost of an engagement ring becomes realistic and should be an option to work on so it can be available without financial stress.
Finding the Best Engagement Ring Deals
Timing and research will help in getting the best deal for an engagement ring. Here's how to maximize your savings:
- Shop at Key Sales Times: Black Friday, Cyber Monday, and Valentine's Day are times that typically offer deep discounts in engagement rings.
- Online Price Comparison: You can compare the prices of that particular kind of ring among different online stores.
- Negotiate: Know how to haggle a price, especially when you're purchasing from the little guy.
- Consider Vintage or Pre-Owned Rings: Choices will be a hard budget on their own, giving classic designs at less than current prices.
Conclusion
The right engagement ring cost is a personal decision that should reflect your financial condition and priorities. This would have been based on your financial situation and spending priorities, be it the traditional rules of spending or setting a budget on your own—getting a ring that speaks to your loved one, yet won't break your pocket. This way, you can get a fair estimate of what is influencing the cost of a ring, and with things like financing and sales, you can be well on your way to getting an engagement ring that will be held dear to you both for your whole lives.
FAQs
How much should you spend on an engagement ring?
You should spend based on your own needs and position in your budget. There is no clear-cut rule, though the original guidelines recommended that a man should set aside two to three months' worth of salary.
What factors influence engagement ring cost?
The quality of the diamond in it, considering cut, color, clarity, and weight; the quality of the metal used in it; the detail in the design; the brand or jeweler.
Does it need to be a sizable expenditure to obtain a good engagement ring?
It does not need to be since the cost will justify what you can afford.
What are the financing options for an engagement ring?
Some of those include in-store financing, credit cards, personal loans, and layaway plans.
Where can I get a cheap engagement ring?
Look at alternate gemstones, lab-grown diamonds, and simpler settings, and shop during sales to find an inexpensive engagement ring.