You've found that perfect person, and now it's time to find the perfect engagement ring. Before you begin the search, it's important to know your budget, but it can be hard to know how much money you should spend on a wedding ring. We're here to take the confusion out of ring shopping.
Traditional cost of an engagement ring
How much should you spend on an engagement ring? Tradition says three months' salary. Or was that just a clever marketing ploy? You're not sure and it's making you sweat.
Don't worry. There are no hard-and-fast rules when it comes to ring shopping. Despite the old adage of spending three months' salary, you can do things your way. Since every couple's situation is different, there really is no meaningful “average” cost. That said, some factors may help you decide what you can afford.
Average engagement ring cost today
According to a recent survey, couples spent an average of $3,756 on the engagement ring, but many respondents said they spent less than $1,000.
Ultimately, your unique financial situation will determine how much you should spend. Not sure what kind of ring you can afford? We cover all the bases in our Engagement Ring Buying Guide.
Engagement ring vs. wedding ring costs
While most couples spend between $1,000 and $5,000 on their engagement rings, most only pay between $500 and $1,000 for their wedding bands. You will need to factor these costs into your total wedding budget. You may be able to save money by purchasing your engagement ring and wedding band as a set.
How to save for an engagement ring
Saving money for a ring will require some strategic planning, and you may have to cut back on some non-necessities. It can help to set up automatic transfers from your checking to your savings account. It's also smart to have a deadline and a specific price point in mind to help you stay focused on your goal.
Financing a ring
If you fall in love with a ring but aren't sure it's in your budget, consider paying it off a month at a time. Before you finance a ring, assess your current earnings and savings, and consider how much your income is likely to grow in the near future.
If you don't think the engagement ring route is right for you, there are other ways to go. You can purchase a promise ring, affirming your intentions of a future together. Or if you're ready to wed and aren't interested in a lengthy engagement, you can also get hitched at any Helzberg Diamonds! Couples save an average of $19,000 by forgoing wedding expenses like flowers and alcohol. It's an easy way to invest in your future now.
Whatever your budget, we've got you covered. Shop all engagement rings at Helzberg.