You probably don't have Kanye's budget, but luckily your partner doesn't expect Kim's ring. Just because you don't have that kind of money to spend on a ring, it doesn't mean it can't be gorgeous and awe-inspiring.
Other than actually picking a ring out, the biggest question comes down to how much you should spend on an engagement ring. Decades ago, there was a rule of thumb: two months' salary.
This rule is no longer the case and has become much more flexible. However, there are still a few guidelines for spending on an engagement ring.
Keep reading to find out the cost of an engagement ring and how to find a stunning piece of jewelry that you can afford and your partner will love!
No More Rule of Thumb
The two months' salary rule doesn't quite work at this point. In fact, this rule was set by a diamond company in the 1980s.
This rule is not exactly realistic because it doesn't include factors like student debt or earning potential in the future. Most people don't want to finance an engagement ring over a long period of time or at all. Several others place more value on buying a house or creating memories.
So, How Much Should You Spend on an Engagement Ring?
The answer to this depends on the person buying it as well as what value the couple places on an engagement ring. Realistically speaking, 10% of a year's income can be spent.
However, this rule is not solid--if you're not comfortable with this amount, find a number that you like! Once you find that number, stick to it!
Stretching the Dollar
Just as the two months' rule of thumb was put into place by a diamond company, the notion that an engagement ring had to be a diamond was set forth by that same business in 1938.
If you or your partner have your heart set on a diamond engagement ring, go for it. Realize which of the 4 C's matter most, and consider looking at several carat weights.
Oftentimes, the price of a diamond jumps at the 1 and .5 marks--so consider a stone that isn't a perfect 1.5 or 2 carats. (Think 1.3 carats, .45, etc.)
Another thought is to consider other gems that express something to the couple or has been favored for a long time. Plenty of women love the idea of sapphires, morganite, or emeralds as their engagement stone.
It's also worth remembering that online retailers often have a better selection and price point than local stores. Also, the setting of the stone can either add great expense or save you a ton of money.
Final Thoughts
How much should you spend on an engagement ring is a question only you can answer. Of course, you want to give your partner the world, but a ring is meant to be symbolic of the love and commitment between parties.
There isn't anything wrong with spending a little now and upgrading the ring at a later date. Regardless as to what you choose to spend, the focus should be love, not carat weight.
If you're ready to begin looking for an engagement ring or want to design your own, contact us!