Rule of thumb how much to spend on engagement ring

As a result, the engagement ring purchase process is changing, starting with how much people are spending on engagement rings. This article explores what Americans are spending on engagement rings today, then dives into some of the trends shaping that engagement ring spend.

But millennials, generally saddled with student loan debt and high costs of living—and waiting longer to get married—have thrown out this old rule of thumb. Where you live also may impact your budget. New York City and Chicago boast the biggest average diamonds, at 1. How much you spend on an engagement ring is a very personal decision. Experts say you should consider your current and predicted income, expenses, and savings, then establish a budget and stick to it.

To help you get the most for your money when buying an engagement ring, experts suggest:. Engagement ring spending stats reflect how both millennials and older couples who are remarrying are changing the dynamic of buying engagement rings. People are getting married later, with more life experience and a more developed identity.

As a result, they want greater originality in what they purchase, how much they spend, and how they buy. These expressions of individuality have manifested in several trends: unusual stones, settings, colors, shapes and styles. And the importance of the ring itself is declining, replaced by the proposal and other experiences. The best way to buy an engagement ring is to be an informed purchaser. To give you a better idea, see pictures of recently purchased diamond rings here.

Don't Be Pressured by the National Average : We get it that you may want to measure up to the average man. However, if the average is still a lot higher than you can afford, you should NEVER feel pressured to match it. Remember that certain large cities often have much higher average diamond sizes. And you still need to think about your own financial situation. The best way to make sure you're both happy is to have an honest conversation about expectations and finances.

If you're going to share a life together, you really should be on the same page about things like this. You should have an honest chat about where you are financially and what your goals for the future are.

For instance, do you want to save money for a down payment or pay off student loans? Then you can figure out how the engagement ring fits in with those goals. Once you have a number in mind, you can work to find exactly the kind of ring she would like that fits within that budget.

What are you budgeting for an engagement ring? Talking about the cost of the ring may not be romantic, but it's important. Maybe she doesn't even want a diamond. Either way, you want to know. Do you plan to go engagement ring shopping together? More and more couples are choosing to shop for the engagement ring together.

Shopping together is a great way to be certain that she gets a ring that she'll love. If you really have no clue what kind of style she likes, then it's even a good idea to let your girlfriend pick out her own engagement ring.

This way, she has a say in what she likes instead of you taking a blind guess. In fact, you can shop together and still keep the element of surprise. You can talk about stone and metal preferences and have your girlfriend pick out a few setting styles she likes. You can then choose the final design on your own and plan the surprise proposal.

Tip : See our guide on the most popular engagement ring styles. Also learn about diamond prices so you don't overpay. Do you plan to buy an engagement ring online or in store? Is James Allen better than Blue Nile? In terms of pricing, James Allen and Blue Nile both offer similar competitive prices. James Allen has the edge when it comes to setting options, gemstones, and colored diamonds.

It's also better if you need help, as it offers free diamond consultations with an expert. Because of these, James Allen is our top recommended online jeweler. Read our detailed comparison review of James Allen and Blue Nile. Have an idea for a budget? There are a few other things to consider before putting down money for a ring:.

Treat her as seriously as you treat yourself : If you spend quite a bit of money on your own hobbies and toys, then you should be willing to spend just as much on her ring. Take your time: A purchase this big should never be rushed or taken lightly.

Not only will you decide on the size, style, cut and color of the diamond, you'll also have to do some research on whether buying online or instore works best for you. If you want a wider selection of diamonds at lower prices we recommend comparing your findings from Blue Nile to that of James Allen for the best online offers. Other future large purchases : Maybe there are other milestone purchases coming up, such as buying a house.

Make sure you know how the ring will affect that. Or maybe the two of you find that taking a dream, once-in-a-lifetime trip together is more meaningful. Expensive is not the same as thoughtful : If you're going broke buying a ring you can't afford, that's not showing you care.

That's just putting your joint financial future at risk. Sure, your bride may have a beautiful ring on her finger, but will she be happy if you're struggling to make ends meet every month because of it?

Explore their Inspiration Gallery to see current popular designs. Plus, there are many ways to show you care without going broke.

Trying planning an unforgettable proposal. Maybe look into a one-of-a-kind handmade ring from a small independent jeweler. Or perhaps your grandmother's ring would actually be the perfect way to show her that she's part of the family. Did you know? The proposal is going to be one of the most special moments of a girl's life, and a story she'll want to tell forever. If you can't afford a ring right now, the best thing would be to wait. Put money aside each month until you can buy the ring in cash.

But that might not be possible, especially when you have other loans to deal with. Saving up what you need could take a year or more. We get it that you might not want to wait to propose. In that case, you could consider getting a cheaper ring, financing the ring or putting it on a credit card.

But be careful: financing doesn't mean you should pick the largest diamond you can charge. You still need to choose one that fits within your budget. The more cash you can bring to the table upfront, the better.

If you must borrow the rest, develop a pay-off plan the wedding date is a great deadline. But you need to have a feasible plan to pay off the balance before the promotional period ends.

If you need more time, try to find a credit card with low interest. Some diamond retailers will have financing options too. But be careful because they could have some tricky terms. The interest rate is also usually very high.

What about borrowing the money from a family member? This option has pros and cons. The good thing is that a family member won't do credit checks and, most likely, won't charge interest either.

However, if you don't pay back the money in a timely manner, the relationship could be ruined forever. If you go this route, make it as official as possible, with a written contract and payment terms. Don't shop during peak times Avoid buying a ring between Thanksgiving and Valentine's Day. Proposals are at an all-time high during this period, which means the engagement ring prices are too.

Also plan ahead for the next step by knowing the best time to buy your wedding rings. Know before you go Your knowledge of diamonds could play a major role in how much you spend at the jewelry store.

So, before you go, research the 4Cs carat, clarity, cut , and color so you'll have the knowledge you need to negotiate the best deal. Go just under whole and half carats Whole and half carat diamonds will jump significantly in price. And nobody will be able to tell the size difference. Compare 0. Don't get too caught up on quality The diamond color and clarity are not as important as you think. Don't pay so much for features you can't appreciate.

Instead, focus on getting an excellent cut. These systems have been made public by the big bloggers and websites that talk about budgeting for your engagement ring. Our calculator incorporates the positive parts of the famous budgeting schemes and rejects the parts that we feel are archaic. We have also added a lot more factors to make the calculations more accurate and personal.

General Rule: You should spend at least 2 months salary on the engagement ring. See below on how we debunk this theory. Our hope is to eliminate this current out-dated budgeting systems and instead to create a tailor-fitted budget scheme that better fits each couple and their lifestyle. Our calculator reinvents the answer to the famous budgeting questions.

This system also includes the 1 and 3 months salary systems. This is probably the most popular system for calculating how much to spend for an engagement ring. This system, started by De Beers, has become particularly unpopular after people realized that they owned most of the diamonds. Pros: Extremely simple to calculate.

Cons: This budgeting system is too simple for the modern era. Based on www.