Photo by TranStudios Photography & Video:
Are you thinking of popping the question? If you do, you’ll have a lot of expenses ahead of you, not least the price of your engagement ring. But with the amount you could spend on a ring almost unlimited, how do you know how much cash to dish out for this most important piece of jewelry?
Blake Asaad, the founder of GOODSTONE, discusses how much you should really spend on an engagement ring.
Understand Your Partner’s Taste
Firstly, you need to know what type of rings your partner likes. Discussing the stone type, cut, color, carat weight, and clarity with them is the best way to find out what they’d like to have on their finger. If you’re trying to keep things secret, discuss these questions with a trusted friend or family member, or find a discreet way to look through the rings your partner already owns.
Blake says, ‘Key questions to ask include: Do you want something flawless, and are you willing to pay more for famous brands like Catbird, Mejuri, or Charles and Colvard? Or are you more concerned about saving money for other things, like the wedding or a deposit on a new home?’
Review Your Budget
Research shows that the average U.S. engagement ring cost $5,500 in 2023. Blake says, ‘There’s a saying that you should spend three months’ salary on an engagement ring. However, this actually originated from a marketing campaign headed up by De Beers. In reality, you could find one you like that’s cheaper and generates more of an emotional connection.’
Besides buying the engagement ring, allow for other costs, including:
-
The wedding ring
-
The wedding itself
-
The honeymoon
-
Your new home together
Also, you need to consider your ongoing expenses, such as mortgage/rental payments, food, utility bills, transport, etc., in your budget.
Consider Potential Savings And Extra Costs
Could you make some compromises on the type or quality of the ring, or buy one that’s secondhand? Is there a family heirloom you could use for free? Also, don’t forget to shop around or wait for the sales.
Blake says, ‘Consider whether you want the ring engraved or featuring a rare stone, as this will add costs. Alternatively, you may want a bespoke ‘one of a kind’ ring, which can be very expensive.’
Study Financing Plans
Many jewelers offer financing plans to help you pay off the cost of an engagement ring gradually rather than in one lump sum. This could help you buy something special while staying within budget. Remember to always read the small print and ensure you’ll be able to make the repayments every month.
Blake says, ‘Resale values are also worth looking at, in case you want to upgrade the ring at a later date. Ultimately, your choice needs to combine affordability with personal taste.’
