How Much Should You Spend on an Engagement Ring?

Many "perfect etiquette" wedding traditions exist, and couples often feel pressured to follow them. But, there are also many people who defy the status quo by arguing that traditional views on topics like wealth and marriage have no place in modern discourse.

The question of how much money to put into an engagement diamond is always a favourite.Traditionalists adhere to the "three-month rule," which states that a proposal ring should cost no more than one-fourth of the groom's annual wage.

The wedding website warns that the "three-months' salary" requirement was actually an advertising ploy to boost diamond sales in the Great Depression. If you make $50,000 a year, the three-month rule dictates that you should spend $12,500 on an engagement ring.

There are lots of people in your position if a budget of three months' pay feels like too much of a sacrifice. Whilst many respondents (10%) indicated they spent less than $1,000, a 2019 poll found that the average cost of an engagement ring is closer to $5,900. Recent data from 2020 indicates that the average cost of an engagement ring has decreased to $3,756 from the $4,518 reported by couples in 2019.

There is no correct answer or proper amount to spend on an engagement ring, just as there is no right amount to spend on love or marriage. Simply put, you should spend no more than you are comfortable with.

As an alternative to spending a lot of money on an extravagant ring this year, you might start a joint savings account and put yourself on the path to the kind of shared future you both want. A shared nest egg may sound more pragmatic than romantic, but it could be more essential in the long run if it allows you to begin building the life you've always imagined.

Yet, there are alternatives to finance a pricey engagement ring if you don't have the money available immediately. Making a little payment once a month is the most practical option for some people. Just make sure that you won't go broke trying to pay the monthly installments for the term of your financing.

The Most Popular Engagement Ring Types

Although emeralds and sapphires have been around longer, our research shows that diamonds are still the most popular gemstone. Eighty-six percent of ring buyers say diamonds are the most important factor when choosing an engagement ring.

While traditional diamonds are always a safe bet, more and more couples are opting for nontraditional stones. For example, demand for moissanite-set jewellery shows no signs of slowing down. In 2020, moissanite was chosen by 26% of individuals who opted for a non-traditional ring set with a precious stone (up 7% from 2019). Almost two-thirds of all engagement rings feature a centre stone that is between half a carat and one and a half carats in size. In keeping with averages from the past few years, round cuts accounted for 43% of all rings purchased. Around 58% of the rings had a diamond in the centre with smaller diamonds on either side, while 25% had a single diamond set into the band.

Yet, the gems in an engagement ring aren't their only significance. Metal preference is important for couples, too. The majority of people who buy rings choose white gold for the setting. With 16% of the vote, yellow gold came in at number two, followed closely by rose gold at 13%. Choose your forever wedding ring with Wallace Bishop. 

Engagement Ring Budgets

Engagement rings are not cheap, but where do you even begin to figure out how much to spend on one for your significant other? The correct response is complex and highly individual. Creating a reasonable budget is the first step. Then, decide what's most important to you in a ring, whether it's size or quality. A budget is warranted for this purchase due to the fact that it will be in plain sight every day for the rest of your life.

Setting a financial limit before shopping for an engagement ring is a simple method to keep from breaking the bank. According to our research, 82% of people who buy for rings do so with a specific amount in mind. Almost one-fifth of engaged couples (15%) said that they discussed their wedding budget with their future spouse before making a final decision. Our research showed that only 10% of married couples actually worked together to create a budget.

Several people had trouble sticking to their budgets while buying engagement rings; 67% of customers stuck to their amount, while 20% spent over.

Ninety-one percent of the people who proposed also bought the ring themselves. Only 2% of those polled claimed their parents chipped in towards the cost of the ring, while 3% said their partner did so. Same percentage of engaged couples used a joint account or split the cost of the ring.

Consider the insurance premium in addition to the price of the engagement ring. Research indicates that nearly two-thirds of ring purchasers also bought insurance. As engagement rings are both expensive and symbolic, we constantly advise our clients to insure them.

What do I need to keep in mind when buying an engagement ring?

Pay attention to your personal "price limit," and select an engagement ring that is far more expensive than your actual salary. Men frequently get in touch with us after sending in an engagement ring to upgrade the diamond.

You should consider the following factors when shopping for an engagement ring:

• Silver, white gold, and platinum are some of the most popular and appropriate precious white metals for an engagement ring. Platinum engagement rings are heavier, harder, and more long-lasting than the more common white gold bands, thus we recommend them.
• Rule of thumb says the better the diamond, the brighter the ring.
• An engagement ring is a symbol of your commitment to another person, and as such, it should reflect your partner's taste. You seem unsure of her fashion sense, right? Easily find out who they are by talking to their best buddy.
• The day of the proposal has arrived, and everything has been meticulously prepared. Where is the missing piece? To avoid this, you should begin looking for an engagement ring at least two months before the proposed date.

How to Measure Yourself

To take matters into your own hands (or fingers), our downloadable size guide includes both the diameter and circumference for each ring size, allowing you to employ a variety of at-home measurement techniques.

Paper Technique

Make a fake engagement ring by wrapping a thin piece of paper around your ring finger and holding it near to your knuckle, as an actual ring would. String can also be used, however it is not as secure because to its thinness and pliability. Make sure the improvised ring fits snugly yet pleasantly. Find the point where the two pieces of paper meet and make a mark with a pencil. Use a ruler to determine your ring size by measuring the length of the paper.

Printable Ring Sizer Technique

The ring sizer can be found at the end of the size chart. Verify the manual's accuracy by checking the aforementioned diameters with a ruler. Marked end of the sizer must be trimmed to length, then it can be wrapped around the knuckle of the left ring finger and the pointed end pushed through the slit. Pull it snugly but gently. To determine your ring size, look at the number indicated on the sizer.

Ring Technique

Choose a ring that currently fits your left hand's ring finger and measure it next to a ruler. Calculate your finger size using the ring's internal diameter. You can also print the guide at actual size and lay the ring over the ring photos to get an exact diameter and ring size match.

How to Get Professionally Measured

No worries if you have doubts about your own judgement. If you want to make sure your engagement ring fits well, see a jeweller. But nonetheless, you should be weary of home-based measuring methods because they aren't always precise. Jewelry stores typically have sizing rings, which are a large keychain with a pair of rings in each size, for customers to try on in order to get the best possible fit. Yet, each jeweller has their own method for sizing rings. The basic set that most jewellers use is typically thicker than the typical width of a woman's wedding band, however some stores may utilise alternative sized rings that better represent the styles and sizes they sell. Similar results can be achieved using a simple ring sizer made of cheap plastic. It's a good idea to look for engagement rings in the jewellery store where you had your finger measured, just in case they carry a style that matches your ideal. This will aid in accurately translating the size into the required band width. Remember that the width of the sizing rings may play a role in how you end up measuring the band.

How to Guess Your Partner's Size

While it's becoming increasingly common for people to include their future wives or husbands in the process of choosing an engagement ring, others still want to keep the big moment a secret. Nonetheless, you shouldn't stress over too much if you don't know your partner's ring size. Having a contact inside the organisation is invaluable. If their mother or close friends know about the proposal, talk to them. She suggests that if you don't have money to bring a photo of your partner where both of their hands are visible so that the jeweller can make an estimate. By looking at his or her hands, you can have a better idea of what size ring would fit them.

One alternative is to use one of their existing rings as a point of comparison, albeit this isn't usually the most accurate option. Some buyers assume that using an already existing ring from their partner or tracing the ring onto paper will do the trick. The sizing will be inaccurate because left-handed people don't often wear rings on that finger unless they're engaged. Differentiation between fingers is slight. He suggests consulting coworkers of a similar build if you have no idea what size ring would fit your companion. Read more to know about engagement rings. 

Proposal mood-killer: a ring that won't fit on the intended recipient's finger. Always get a size or two larger than you think you need. Surprise them anyway and have the jeweller resize it.

Getting Your Ring Resized

Up to two sizes can usually be added or subtracted from an engagement ring without compromising the ring's structural integrity or the jeweler's ability to do so. Another thing to think twice about if you don't know your ring size is an eternity band with diamonds wrapping around the entire band. Due to the setting of the diamonds in an eternity band, resizing the ring is only possible within a quarter size range. If not, they will need to be recreated from scratch.

Two or three ring resizings are typically safe for a ring, but beyond that, the metal and stones may start to wear down. It's like an earthquake for the ring if you go up or down more than one complete size. Resizing the metal too often will weaken it. The common misconception is that it's easier to downsize a ring than to upsize it. Yet, you may be assured that any procedure is feasible, provided that you employ the services of a competent jeweller.

Conclusion

According to the "three-month rule," a proposal ring shouldn't cost more than one-fourth of the groom's annual wage. While in 2019, couples reported paying an average of $4,518 for an engagement ring, the most recent data from 2020 shows that the average cost has dropped to $3,756. If you want to propose but don't think you can afford an expensive engagement ring right now, there are other ways to pay for it, such as opening a joint savings account and contributing a small amount each month. Diamonds, emeralds, sapphires, and pearls are the most typical gems used in engagement rings.

Nontraditional stones are increasingly being chosen by couples for engagement rings. Nearly two-thirds of all engagement rings in 2020 will have a centre stone that is between half a carat and one and a half carats in size, with 26% of those who opted for a non-traditional ring set with a precious stone choosing moissanite. Almost half (43%) of all engagement rings purchased were round cuts; more than half (58%) of these rings featured a larger diamond in the centre flanked by smaller diamonds, and nearly a quarter (25%) featured a single diamond set into the band. Among couples, white gold is the prefered metal by 16%, followed by yellow gold by 16%, and rose gold by 13%. Considering the high price of engagement rings, it is essential to set a budget and prioritise your wants and needs.

At least two months before the proposed date, the prospective groom or bride-to-be should go shopping for an engagement ring that suits her partner's tastes. Each ring size in the downloadable size guide specifies both the diameter and circumference, so you can use any of several common measuring strategies. The ring finger is used for this technique, and a thin piece of paper is wrapped around it and held close to the knuckle. The alternative is string, which can be used but is less safe. To use the Printable Ring Sizer Method, a ruler is used to measure the length of the paper.

Engagement rings can be resized by up to two sizes without compromising the ring's structural integrity or the jeweler's ability to do so, and eternity bands with diamonds wrapping around the entire band are only possible within a quarter size range. The metal and stones in a ring may begin to wear down after only two or three resizings. If you take your ring to a skilled jeweller, you can get it resized down to a smaller size much more easily than up.

Content Summary

• There are also many people who defy the status quo by arguing that traditional views on topics like wealth and marriage have no place in modern discourse.
• Traditionalists adhere to the "three-month rule," which states that a proposal ring should cost no more than one-fourth of the groom's annual wage.
• If you make $50,000 a year, the three-month rule dictates that you should spend $12,500 on an engagement ring.
• There are lots of people in your position if a budget of three months' pay feels like too much of a sacrifice.
• Simply put, you should spend no more than you are comfortable with.
• As an alternative to spending a lot of money on an extravagant ring this year, you might start a joint savings account and put yourself on the path to the kind of shared future you both want.
• Yet, there are alternatives to finance a pricey engagement ring if you don't have the money available immediately.
• Almost two-thirds of all engagement rings feature a centre stone that is between half a carat and one and a half carats in size.
• Yet, the gems in an engagement ring aren't their only significance.
• Creating a reasonable budget is the first step.
• Setting a financial limit before shopping for an engagement ring is a simple method to keep from breaking the bank.
• Our research showed that only 10% of married couples actually worked together to create a budget.
• Ninety-one percent of the people who proposed also bought the ring themselves.
• Same percentage of engaged couples used a joint account or split the cost of the ring.
• Consider the insurance premium in addition to the price of the engagement ring.
• The day of the proposal has arrived, and everything has been meticulously prepared.
• To take matters into your own hands (or fingers), our downloadable size guide includes both the diameter and circumference for each ring size, allowing you to employ a variety of at-home measurement techniques.
• Use a ruler to determine your ring size by measuring the length of the paper.
• The ring sizer can be found at the end of the size chart.
• To determine your ring size, look at the number indicated on the sizer.
• Calculate your finger size using the ring's internal diameter.
• You can also print the guide at actual size and lay the ring over the ring photos to get an exact diameter and ring size match.
• If you want to make sure your engagement ring fits well, see a jeweller.
• It's a good idea to look for engagement rings in the jewellery store where you had your finger measured, just in case they carry a style that matches your ideal.
• Remember that the width of the sizing rings may play a role in how you end up measuring the band.
• Nonetheless, you shouldn't stress too much if you don't know your partner's ring size.
• One alternative is to use one of their existing rings as a point of comparison, albeit this isn't usually the most accurate option.
• Some buyers assume that using an already existing ring from their partner or tracing the ring onto paper will do the trick.
• Always get a size or two larger than you think you need.
• Surprise them anyway and have the jeweller resize it.
• Another thing to think twice about if you don't know your ring size is an eternity band with diamonds wrapping around the entire band.
• Due to the setting of the diamonds in an eternity band, resizing the ring is only possible within a quarter size range.
• It's like an earthquake for the ring if you go up or down more than one complete size.
• The common misconception is that it's easier to downsize a ring than to upsize it.