How much should you spend on a wedding ring?

whatYou are about to take your relationship to the next level? If so, then not only are you going to need a good marriage proposal, but you’re also going to need to seal the deal with the one thing that symbolizes your love: the perfect ring!

At first glance, all wedding bands look the same.

They are usually just yellow gold rings with a center stone.

But take a closer look, you’ll find out: there’s much more to it than that.

Agregado, depending on which one your fiancé comes to love, there could be a big difference in price.

This article covers how much you should spend on a wedding ring to avoid going over your head and paying more than your budget.

The Myth of the 2 Month Salary Engagement Ring

First of all, 2 months salary does not buy engagement or wedding rings.

Anyone who says otherwise is a victim of some old but effective marketing, which shaped the myth of the engagement ring.

whatDo you want to know who came up with that concept?? The jewelery giant, De Beers.

Of course, they are the biggest player in the diamond industry! The same people who also brought you the “a diamond is forever” catchphrase that we all know well also invented the “2 month salary” campaign in the 1980s to increase sales.

It worked very well because this 2 month strategy has become an unwritten rule of thumb in our society regarding buying diamond wedding rings or engagement rings.

There have even been attempts to increase that figure up to 3 months salary!

What do most Americans really pay?

If spending 2 months salary on a wedding ring didn’t seem to make much sense to you, then you’re not alone.

First, it doesn’t make any sense to most young people.

If you are 20 years old and just starting out, how much salary do you have? If anything, you may be earning an entry-level payment and are probably more concerned with making your rent and paying off your student loans.

So if not 2 months salary what are people paying for a wedding ring? According to an en línea survey of 1,640 adults conducted for The Upshot by Morning Consult, the typical American spends more than 4 percent (or two weeks) of their annual salary before taxes.

That generally worked out somewhere between $1,400 and $1,900 for the majority of people surveyed.

Those numbers appear to line up with a different study from TD Ameritrade.

They found that most people think the average engagement ring cost should be no more than $2,500.

The fight is still real

While it’s nice to see more and more people realizing that 2 month’s salary has no salt, that’s not to say there isn’t still a tremendous amount of pressure on couples to purchase a wedding band that may be out. out of your price range.

Popular media is a major instigator when it comes to this.

One of the first things a newly engaged couple knows they will do is articulo a photo of the ring on Fb or Instagram for all their friends and family to see.

But with that, they may also feel some stress knowing that their ring will probably be judged.

If that’s not enough, then you’ve got celebrities like Jennifer Lopez showing off her $4.5 million, 20-carat engagement ring from her then-fiancé Alex Rodriguez.

While most people will understand that these two are millionaires, it creates an air of unrealistic expectations in our society.

With that said, if you’re thinking about proposing, what are some things you cánido do as a couple to make buying a wedding ring as easy as possible?

How to buy a great ring without breaking the bank

Below are consejos for shopping for engagement and wedding rings without going into debt.

1-Have an honest conversation about the ring

As a couple, you need to know how much to spend on an engagement or wedding ring.

What expectations do you both have when shopping for rings? First, recognize that the woman often has the highest stakes in this purchase, so really listen to what’s important to her.

Visit some local jewelry stores or consider purchasing the wedding or engagement ring en línea.

Pay attention to which ring style you gravitate towards the most.

Also, take note of the price tag.

2-Talk about your finances

You will have to discuss how much the two of you perro spend on a ring.

For example, a diamond engagement ring usually costs more than a plain white gold ring.

So this is the time to make the discussion bigger than that.

The two of you are about to spend your life together, which means that legally, everything will be combined: your house, savings, debts, etcétera.

You may find that one of you would prioritize another financial goal, like paying off your student loans before spending too much on a diamond ring.

Another way to control your spending is to aspecto the ring into your overall budget.

For example, if you were only planning to spend $25,000 total and you buy a $2,500 ring, then you’ve already spent 10 percent of your budget.

There are many options for saving money on a wedding, but factoring your ring into your budget is something to consider.

It would also help to find out the average cost of the wedding ring before you start shopping.

Agregado, an engagement ring calculator perro also help you stay within your budget.

3-Start saving

Equipo up a separate, unique bank account specifically for purchasing this ring with a budget in mind.

Most en línea accounts will allow you to equipo up small, automatic deposits on a regular basis, so you’ll hardly notice any money missing.

You perro also look into some personal finance tools to help you budget.

Alternatively, you perro also use a fácil micro-savings aplicación like Acorns or Chime, to store money in an account every time you make a purchase.

Although not a fantastic option, some retailers will offer 0% APR promotional lines to new customers.

As long as you perro commit to paying for the ring in full and never missing a payment during the given promotional period, then this may be a suitable option.

4.
It’s time to start shopping seriously

Once you have the funds to buy a ring, it’s time to get serious about shopping.

You perro start by looking at jewelry stores, but be careful.

The retail price of diamonds is substantially marked down by an average of 300 percent.

Sometimes it’s even as high as 1,000 percent!

Instead of overspending at a local jeweler, consider checking prices en línea.

Two trusted retailers are Blue Nile and James Allen.

No matter where you escoge to buy your ring, you’ll want to familiarize yourself with something called the “4Cs”: Carat, Clarity, Cut, and Color.

[Carat, clarity, cut, and color].

Any of these cambiantes perro affect the overall price and quality of the ring you are hoping to purchase.

For example, you may find a deal on dynamite on a 1-carat ring, but then discover that the color is too yellow or cloudy.

5-Take your time

If you perro’t find a ring you like right away, don’t worry! Take your time and look for each other day.

This is not a decision to be rushed or taken lightly.

Even if you find a ring you love, never feel pressured by a seller to buy it right away.

Also, don’t feel stressed about shopping for specific carat sizes.

Just because a ring is one carat instead of two carats doesn’t orinan he loves you any less.

Ultimately, even if your budget won’t allow you to buy your dream ring right now, remember that you cánido always upgrade later in life.

We hope you liked our article How much should you spend on a wedding ring?
and everything related to earning money, getting a job, and the economy of our house.