Your wedding is one of the biggest events of your life. It also calls for a huge celebration and a lot of shopping. Shopping for a wedding may be expensive, especially when buying a wedding ring. Well, this is where all your money goes.
But the question is, do you really want to spend such a huge sum of money on your wedding ring or not? And how much does a wedding ring cost anyway?
Read this article till the end to know your answers.
How Much Does an Average Person Spend on a Wedding Ring?
According to a survey conducted in 2020, an average spend a couple makes on buying their wedding ring is $3,756. The same figure goes for buying their engagement ring. If you consider it whopping, know that there has been a significant decrease in the average spend on wedding and engagement rings in the last few years.
However, these are mere averages. While some couples like spending more to make their wedding ring memorable, others beg to differ. For the former, spending in a wedding ring marks the beginning of their life together and these rings show their love and commitment towards each other. But the latter is a different category of people. They prefer saving their money for something more significant.
To each, their own.
How Much Should you Spend on a Wedding Ring?
The answer to this question gets reduced to your own personal choice and the decision you want to make.
It is good to consider the average cost of a wedding ring. Traditionally, an engagement or wedding ring may cost you three months’ salary. However, again, it varies depending on how much you earn.
The best way to determine how much you should spend on a wedding ring is to understand your ring budget. There is no reason to go beyond the budget and be in debt while buying a ring. You will come across many gorgeous designs throughout offline and online platforms to make the right choice.
What influences the Cost of your Wedding Ring?
When you hunt for the perfect wedding ring, know that some factors will influence its cost. These prices are impacted by the factors like the composition of the ring, geographical locations, the stone or type of metal you want to buy, your level of financial stability, and more.
Nowadays, you can use a ring calculator to determine the typical price of a wedding ring before shopping. We advise you know the accepting pricing range first. Afterward, you can skip to other features such as the color of the stone, its cut, clarity, and carat weight. When buying a wedding ring (or any other ring or jewelry piece), a carat is an essential component to determine its cost.
The bigger the carat of the ring, the higher its price. It also suggests that the size of the stone will be heavier than others.
The Two-Month Salary Rule
When you look for the average cost of a wedding ring or how much should you be spending on buying one, you will come across the phrase – two-month salary rule or three-month salary rule. Here goes the story behind it.
International diamond titan, De Beers once controlled most of the diamond market. When the depression hit, they promoted an idea to market their diamonds. According to them, the diamond ring was an essential investment that helped justify the price at a time when many Americans were down on their luck.
In the 1930s, they suggested that a diamond engagement ring should cost a month’s salary. After a few years, they upped their ante and stated that a diamond ring should cost two months’ salary. Following that, it became a three-month rule.
But do you think this marketing gimmick would impact your decision of spending on a wedding ring?
The Hoax Rule
We can tell you many reasons why this old-age rule doesn’t apply to new-age people. Firstly, marriage is not always a case of a man buying his fiancé a ring to prove that he can provide for her. A monthly salary cannot be an indicator of your financial situation. Moreover, factors such as debt and monthly expenses also come into play.
You can buy a beautiful wedding ring for your loved one without running your finances. All you need to know is where and how smartly to shop.
How Can I Save Money buying a Wedding Ring?
You can spend less yet buy a stunning ring for your loved one with these tips.
- Make solitaire rings your choice while buying a wedding ring. These rings have only one stone. Having one show-stopping gem and no side stones is enough to make any ring look beautiful and save you ample money.
- If you love a super expensive ring a little too much, ask the vendor if they have a similar option or they can make it in smaller carat size. A fraction of a milligram makes a huge difference in deciding the price of your ring.
- The price of the ring also varies by the quality of the gold. 18K gold is more expensive than 10K gold. You can invest in the latter to save some money.
- Lastly, you may opt for the less-expensive dupes of the real metal to save your money on the ring. For instance, if you cannot afford a diamond, you can look for alternatives like cubic zirconia, morganite, or moissanite.
Casual Weddings are on a Rise
Per reports, the average wedding in the United States of America costs a whopping $20,300. For some people, spending such an enormous amount of money is worthy of their big day. But many millennials and GenZ prefer spending it on something else. They like their weddings more casual than formal.
Casual weddings are fun – close friends and family, affordable décor, but good food and wine. Many couples also avoid doing an elaborate photo shoot for their big day, saving a great deal of money.
What’s your take on buying a wedding ring? How much would you like to spend? What’s your opinion on casual weddings? Would you be a party to it? Tell us in the comments below.
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