The Ultimate Guide: How Much To Spend On An Engagement Ring

Do you know how much to spend on an engagement ring? Imagine not giving an eccentric and distinctive ring to your better half on your engagement. We all are well aware of the fact that diamonds are surely a girl’s best friend. Therefore, you need to choose an engagement ring very carefully as it is a delicate matter. Engagement ring choice is also extremely impactful on your spouse-to-be. But you have to keep your budget in your mind. Determining how much to spend on an engagement ring can be tricky.

Importance of Engagement Rings

An engagement ring indicates a higher-level commitment to your partner. A circle is a sign of completion and eternity. Rings come in a circular design that symbolizes your unending and eternal love for your future partner. Engagement rings also have a solid historical background.

Historical Background

In ancient Rome, women were supposed to wear rings with keys attached to them. It indicates that they belonged to their husbands. During the second century BC, a Roman wife-to-be was gifted with a gold ring and the iron ring for her engagement ring. She used to wear the gold one in public and the iron one while performing daily routine work in her house. That’s how the tradition of the engagement ring got popular.

 In 1477, the Archduke Maximillian of Austria gifted the first diamond engagement ring to his spouse, Mary Burgundy. After 1477, this engagement ring trend spread like fire in a forest. It became a tradition which has been followed up till now. 

According to the above-given facts, it is pretty prominent that an engagement ring is an essential element for a wedding. So now, let’s discuss the average cost required for an engagement ring.

The Average Cost for An Engagement Ring

According to Brides’ American Wedding Study, the average couple spent on an engagement ring in 2020 was $3,756. The average rate of 2020 is less than the $7,829 average couples spent in 2018. This is due to the covid situation and lockdowns in 2020, which gradually decreased the economical rates of countries. The average rate also depends upon the budget decided by the partners. Some of the partners choose to spend a lot on these traditional engagement rings. While some of them don’t spend a lot on wedding rings compared to others. As there are many diamond alternatives for engagement rings, the average cost of engagement rings always remained affordable.

When it comes to buying an engagement ring itself, the price of the ring varies widely as there are certain factors on which it depends. Some of them are as follows.

  1. The size of stone
  2. The design of the ring
  3. The material used for the ring band
  4. Quality and species of stone
  5. Brand name of engagement ring

The cost of the engagement ring is directly proportional to these above-given factors. 

How Much to Spend no Engagement Rings?

There is no fixed budget for the engagement ring. You can spend according to your own need. If you are unsure about your partner’s demands, you can slip information from them during your daily life conversations. Acquire your required information from your future spouse in riddles. Or else you can try to convince your friends or relatives to gather information from her about her opinions and preference for an engagement ring. As it is a gift, try not to spoil it during your conversations.

There are also multiple myths about engagement rings throughout history. The most famous one is that you should spend your three-month salary on your engagement ring. But in reality, you should spend the amount on the engagement ring according to your budget as there are no rules for it.

How to Get an Engagement Ring at an Affordable Price?

 Engagement rings are often costly due to their increased demand. But you can still take some measurements to get your future wife an elegant piece of art as her engagement ring. We have stated some of these steps in this article. They are as follow:

1. Go for Diamond Alternatives!

Diamonds are unarguably the most classical stone for wedding rings. Consequently, it is the most expensive stone for rings too. By ditching a diamond on your engagement ring can save you a lot of your cash. Fortunately, there are several beautiful diamond alternatives present in the market. Some of the most famous ones are Ruby, Sapphire, morganite, emerald, opals, and moissanite. They come in a vast hue range and provides an extensive range of variety. They also give a fun touch to your engagement because of their idiosyncratic appearance. They also offer good durability to the buyer. They are the perfect choice for engagement rings at an affordable price range.

2. Pre-Plan Your Ring’s Setting

You should be aware that specific designs and settings of engagement rings can be more expensive than others. Settings like cluster, three stone, double diamond, and eternity band can be more expensive than other settings. This is because these designs contain more than one stone. Thus, choose your design more cautiously. You can go for the classical solitaire setting as it is incredibly versatile and comes in a handy price range.

How to Determine the Budget of Your Engagement Ring?

There are no hard and fast rules to determine your budget. However, there are few measurements that you can adopt to buy your partner’s desired engagement rings.

Keep Your Partner’s Expectations a Priority!

As we have already stated the importance of an engagement ring, now we know that engagement rings definitely will have an immense impact on your wife-to-be. If you want to ensure that your special moment should be spectacular, you have to get your partner the ring that matches her expectations. You can even discuss openly with your partner about her desired engagement ring if you want to. It will allow you to know about her dream engagement ring. It will also help to eradicate your stress that if your decision would be enough or not.   

Besides that, there are few considerations that you need to keep in your mind. These areas follow:

  1. The shape of the stone which your spouse desires
  2. The metal of the ring band
  3. The color of the metal used in the ring band
  4. The setting or design which is more likable by your partner
  5. How often they will wear the rings
  6. How they will show the ring to their family

Final Thoughts

Engagement rings no doubt play an important role in concrete the base of your relationship. But you can’t afford to involve yourself in any kind of debt because of buying an engagement ring that is totally out of your budget. You have to buy that specific ring that has unparalleled beauty and meets your desired budget. That’s why we have pointed out all the basic measurements to set your budget for an engagement ring.

We tried our best to cover all the usual problems a person faces while buying an engagement ring but get in touch if you have more queries.

Visit Orlando Jewelers right now to buy elegant engagement rings.


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