Setting your Budget for an Engagement Ring
Budgeting for the Wedding Rings
This is a series of 6 wedding articles about making wedding budgets that work for you.
Most people prefer engagement to be a surprise
According to a report on Brides.com, the rule of thumb on wedding band and/or engagement ring shopping is that the purchaser needs to spend about three full months’ salary on the ring. There are other ways of thinking that suggest the purchaser compromise and spend two months’ salary on the rock. The common rules for buying an engagement ring are outlined in various wedding sites such as brides.com, whowhatwear.com, neimanmarcus.com, soundvision.com, etc. Here are the top four rules:
Choose the diamond shape that suits your bride-to-be
The diamond solitaire engagement ring showcases a single diamond in either a four- or six-prong setting in a wide range of metal settings; including pink, white or yellow gold, and platinum. On the traditional three stone ring, a diamond center stone as its focus, additional smaller accent diamonds in the setting create a richer look. These stunning engagement rings are available in a variety of precious metals from colorful diamonds to ruby, emerald and sapphire. Another global tradition is to have a bridal set that pairs a wedding band and an engagement ring designed to complement each other – just like the two of you.
Alternative engagement rings for the unconventional bride & groom
How much should you really spend on a wedding ring?
According to a survey of more than 5,000 people on GoBankingRates.com, MarketWatch reports that the 36% of the respondents commented that a ring of less than $1,000 is perfect for engagement while the rest thought the purchaser needs to spend more than $1000. Only 19% of the survey respondents selected the price range of $1,000 to $2,999 as the appropriate amount to spend on a wedding band or engagement ring. The range of $3,000 to $4,999 was appropriate for 11% of the respondents while 17% commented that “money is no object.” Regardless of how much you want to spend on a wedding ring or band, 80% of the Millennials rated diamonds as “important,” according to the Brilliant Earth survey.