Engagement rings and their symbolism come from a long time ago. Nowadays, it has become a promise of marriage, loyalty, and love between partners. Since the ring is a circle and has no start or end point, its significance is clear from its shape alone.
An engagement ring is a lot different than a wedding band. Although they are both meaningful, a wedding band is a ring worn by married people. On the other hand, engagement rings are promises by those who are soon to be married.
Wedding bands are usually exchanged at a wedding ceremony as the couple says their vows. On the other hand, an engagement ring is given as a part of a proposal. They are both worn on the ring finger of your left hand.
There are also many common myths around them, such as that taking off your wedding rings is bad luck. Buying an engagement ring is certainly up to your personal preferences, but many people choose to do it.
How Much Should I Spend on an Engagement Ring?
Figuring out an engagement ring budget does not have to be stressful. A lot of people say that your ring budget should be at least two or three salaries. The three months salary rule does not apply to everyone, as some people can afford more than others.
The average engagement ring cost is around $6000. However, if you cannot afford that much or save money, you can always look for diamond sales. Shop around, check out your local jewelers, and you might be able to get off with one month’s salary!
You might also want to consider your wedding budget prior to purchasing a ring. Depending on how much you’re willing to spend on a wedding can help you determine the ring’s diamond, size, style, and so on.
If you’re looking into diamond rings, to get a 1-carat, the average price would be around $5,000.
That does not mean that rings with fewer carats are any less beautiful. It all comes down to personal style and financial situation.
Engagement ring costs can vary, so make sure to look into different options. Maybe even your local jeweler has the best deal! There are also online retailers selling the most amazing diamonds out there!
How to Set an Engagement Ring Budget
Have you been wondering how much you should spend on a ring? If you have thought about sacrificing quality due to your financial situation, that does not have to be the case! All you have to do is create a budget based on your finances.
- Firstly, figure out the type of ring. Is it a large engagement ring, and is a diamond the center stone? What type of gold do you want?
- Then, look into various options to determine the actual price. You might even be able to use an engagement ring calculator for the best ring possible.
- Once you settle on the price, you might have to adjust your personal budget. Think about monthly payments and your income.
Carefully consider your annual salary and make sure this expense does not leave you with no money. Only spend as much as you can afford. All couples spend different amounts of money on engagement and wedding rings!
Apart from your income, you also want to think about your expenditures, such as student loan debt. Consider if you can use a savings account or a line of credit. There are many factors you have to think about before you make such a large purchase.
What to Consider When Buying a Ring
Buying engagement rings can be a little overwhelming. You want to get certain settings and pick the perfect one. For that reason, you have a lot to think about before you make a decision.
You have to consider how much you are going to spend on a wedding and figure out your budget. You also want this to be a personal decision that would make your significant other happy.
It is not all about the big stone but also about marking your shared future.
Apart from making it personal, you also want the ring to look nice but avoid high costs. On average, people spend 3 months’ salary on a diamond engagement ring.
However, you decide how much to spend based on your circumstances. Always make sure that your choice aligns with your partner’s taste. This will be something they wear every day. Look into various options before you decide.
The diamonds do not have to necessarily be huge, but you can still find a lovely engagement ring. Make sure you pick something that is more appropriate for a proposal over a wedding ring. The money you spend on an engagement can never be a bad idea.
Establish Clear Guidelines for Perfect Engagement Ring Together
Picking out an engagement ring can be a lot easier if you previously discussed it with your partner. If you have ever touched upon your wedding band, then you might be able to figure out the type of engagement ring. It is even easier if you talk to your partner openly beforehand.
What would the average cost of their ideal diamond engagement ring be? Discuss the carat, gold, size, and types of diamonds. Ensure their personal style is also considered.
You might even want to discuss how much should you spend with them. Would they want you to use a two or three months’ salary? Buying an engagement ring can be a lot less stressful if you simply communicate.
Apart from the engagement ring cost, you want to make sure that you follow their guidelines clearly. Listen to what your partner wants, and make sure to get as close to that as possible. A wedding ring is something you can pick together, but the proposal one is all you.
Make it Meaningful
When you plan your fairy tale proposal, it is not all about how much to spend. You do not have to meet the national average when it comes to your engagement ring. It is not about how much you spend on an engagement but rather how much thought you put into it.
Make sure to pick a ring that will not just be pretty but also a symbol of your love. Your partner needs to recognize the effort over the price.
Your ring does not have to be one carat, as long as it shows any personality. Show your significant other that you took their style and wishes into consideration. Without special meaning, jewelry remains just that. However, when you put some effort into it, a piece of jewelry can mean the world to someone.
Exploring the Different Types of Metals for Your Ring
Rings come in different sizes and shapes and are made of various metals. Does your partner prefer yellow gold over rose gold? Would the diamond size work better with rose gold or white gold?
An untrained eye might not recognize the difference when matching diamonds with their perfect metal. However, a jeweler’s loupe can certainly help you get a closer look and make sure they do not hide flaws.
A blue nile diamond can be a great option for white gold, but it might not work the same as yellow gold. That is why it is important to check out different types of metal. For example, Brilliant Earth rings offer different types using natural and lab diamonds.
The “Two Months” Engagement Ring Myth – Does it Work?
One of the most popular myths surrounding engagement is the two-month salary rule. Basically, most people give at least two salaries to purchase a ring. If you are making $60,000 per year, you are expected to pay at least $10,000 for the ring.
The myth originates from De Beers, the biggest diamond provider. They came up with it in the 1930s to get more attention to their diamonds. They even put out commercials with this exact message.
While this concept is acceptable to some, many people cannot afford it. It is mostly a marketing technique to get people to pay more.
The average cost of a one-carat ring is around $5000, but that does not determine how much to spend on your own engagement.
In most cases, you can find rings a lot cheaper than that. You do not have to go for a natural diamond, as the difference is not even visible to the naked eye.
Average Diamond Size for Wedding Rings
The average size of diamonds on engagement rings, and wedding bands is from 1.0 to 1.9 carats. However, this would be a much more expensive ring. A lot of people like to stay in the range of 0.90 to 0.99 carats. The average cost of a 1.9 carats ring is around $20,000.
The center stone can really determine the look of the wedding ring. However, it certainly does not make the perfect ring. You can easily get a diamond with fewer carats, combine it with some nice white gold and leave with an affordable option.
The cost of jewelry for the proposal is not everything. You can figure out the size of the diamond based on how much money you want to spend on an engagement and the wedding.
Average Person Budget on Wedding Ring
Have you been wondering, ‘how much should I spend on a wedding ring?’ The Knot is one of the most popular wedding planning sites out there.
Their estimate for the wedding bands is around $1,100 for women and a little over $500 for men. The cost of your wedding band is certainly determined by how much you can spend on a wedding.
Engagement rings are certainly more expensive than wedding bands. However, you have to consider that you will probably only buy one ring for the proposal and two for the wedding. A woman’s wedding ring generally costs more as they have more intricate details.
How to Finance Engagement Ring
It’s not a secret that almost everyone who is planning a wedding wants a huge, pompous one. Someone can allow it due to the purse, but someone is doing their best to afford a personal loan for an engagement ring with bad credit.
It’s more than important to make a strict cost-saving plan. The most expensive and luxurious part of the wedding is the engagement ring. Certain couples consider that buying a cool ring provides a happy future life and that it’s an integral part of the process.
Bad credit engagement ring loans won’t be a problem. Although purchasing a ring might show up as a big problem, you can have different opinions and thoughts. You see, there are various ways to save money.
No Credit Check Engagement Ring Financing
On the one hand, as was mentioned before, there is a solution. is an optional way for someone interested in this method. For example, you are interested in buying an expensive ring that everyone admires and is jealous of and you need $1500 loan. There are benefits to taking engagement ring financing. First of all, it might give nicer flexibility than your jeweler.
Second, a permanent lender can provide competitive interest rates with flexible conditions for debt repayment. Because you are working with a loan professional but not a seller, it’s in his interests to stay focused on not getting a commission. With all explanations for can I get a loan for an engagement ring now makes sense.
But you must be careful, responsible for all the actions, problems related to the loan you are dealing with. There is a bad, frequent phenomenon called bad credit. Having bad credit engagement ring financing means you have unfortunate parts in your credit history.
This means that you can be highlighted as irresponsible, freaky, and it may be dangerous and risky to borrow money. It doesn’t sound like a joke, isn’t it? So, if you really care for reputation and the opportunity to obtain a loan, avoid being caught in an engagement ring loan bad credit. Few elements are indicating you are in the “bad credit community”:
- Previous delays;
- High debts;
- Recent bankruptcies.
Bad credit worthiness is referred to by a low credit rating- numeration generalization of your credit account information. They vary from 300 to 850, with high marks preferably. Should you finance an engagement ring?
Financing Engagement Ring: Top Rules to Follow
Here are 8 tips to make best engagement ring financing, bits of advice you can take into account for future or current ring buying:
- Set the limit. As it was said, you need to write an accurate plan and follow it to the end. It’s up to you to write on a paper or make it online, but setting boundaries is vitally important, especially if you are a real shopaholic.
- Search. You can freely monitor prices in different jewelry shops to understand where it is more qualified for a loan for engagement ring and affordable clearly.
- Know the return policy. This section is mega essential for clumsy people. You have to be alert in any kind of situation, and if a bad situation happens, you will know what to do eventually.
- Focus on quality and vendors. Engagement rings are things that always be expensive no matter what. Looking for and choosing a reputable vendor with qualified products is also crucial if you don’t want to regret it, of course.
- Getting a loan for an engagement ring. In case a situation is inevitable, and it’s an urgent need for a wedding with a diamond ring, take getting loan advice as a possible solution. More precise information will be given later below.
- Buy small diamonds for no credit check engagement ring financing. You might not believe it, but having a ring with a lot but smaller gems is more economical than with one big. On the first view, it might seem the same, but it is how it works on the market.
- Consider an alternative. You want to look stunning. It’s not always important to buy diamonds and other gemstones if the money situation is bad and there are no Zales engagement ring finance options. Moreover, before World War II, a vast majority of married couples didn’t even think about involving gemstones. Don’t wind yourself up that it will look cheap, and you will be ashamed. It’s ok to think about alternatives. Nowadays, hot trends such as colored stones are more popular than ever before. They compete with old, classic diamond ones.
- Thrift ring. Sounds funny, but it’s a perfect way to spare money. To give an example to be clear for y’all, there is a commercial company that sells rings from ex-couples whose wedding was canceled, and jewelry isn’t necessary anymore. Thus, prices are lower in order for someone who comes by could become engaged. It’s an interesting business to run also. I understand your feelings that you couldn’t even imagine that you can buy a thrift ring as well as clothes. It might even be the best place to best engagement ring financing.
Listening and being attentive to all tips, you can save more money than you thought. But if you still need emergency money, the next paragraph is about financing engagement ring loans.
Financing an engagement ring is an important step in your life. Check some advice from experts on how to choose diamond without harm to your budget and not to get into debt.
Engagement Ring Vs Wedding Band
When it comes to symbolism, both a wedding band and an engagement ring are given as a promise to your partner. However, these rings do have a couple of differences. The key ones are listed in the table below.
Millennial Spending on Engagement Rings
The average cost of an engagement ring purchased by millennials is $6,500. They are more open to buying a nice diamond one, such as a blue nile. They beat Gen Z by 63% when it comes to this expense.
They are more willing to follow the myth of spending two salaries. Millennials are sticking to the tradition, and they keep getting diamond rings. They are not all about the cost but rather about quality and the custom.
Sources Used in Research for the Article:
- Credit Scores, Federal Trade Commission, https://consumer.ftc.gov/articles/credit-scores
- Payday Loans and Cash Advance, Federal Trade Commission, https://consumer.gov/credit-loans-debt/payday-loans-cash-advances
- Loan, Cornell Law School, https://www.law.cornell.edu/wex/loan