How much should a wedding ring cost? Do you know what I mean? There’s a phrase for that. You’ve probably heard your father or grandfather talk about this old family story. But does the long-held rule still apply? When you find out where it came from, you might wonder why it’s been around for so long.
How much should an engagement ring cost?
The two-to-three-months-a-year salary rule
A rule your father or grandfather might have told you about or warned you about: You should be ready to spend two or three months’ worth of money on an engagement ring. If you make $4,000 a month, you should spend $8,000 to $12,000 a month on an engagement ring. If you make $10,000 a month, you should spend $20,000 to $30,000.
What’s not to like?
For example, when your grandfather was alive, you could work a part-time job and still afford to rent a one-bedroom apartment in New York City. College tuition was a lot cheaper back then, and health care costs were a lot lower, too. The biggest “experiences” you planned for as a couple were the reception and having kids.
In other words, the men who used and spread the two-month rule had less money and different priorities.
And did you know who started the whole thing, or who started it? The company that sold the most diamonds in the 1930s hired this advertising agency. This is what they did. British diamond company De Beers used an ad campaign to spread the word about a one-month rule that it used to get its business going again. During the 1930s, only 10% of engagement rings had diamonds. By the end of the century, that number had risen to 80%, and the one-month rule had spread to two or three. T.C. Melewar, a professor of marketing and strategy at Middlesex University, told the BBC that it was “one of the most successful bits of marketing ever.”
Breaking up with tradition: engagement ring cost & budgeting today
It’s becoming more common for people to go against the rules. Your situation is unique, and your ring should show how you and your partner have lived your life together, not a set of rules. (To learn more about how to buy an engagement ring on a budget, click here).
You and your partner might want to get a new house, pay off your student loans, or save for your kids at the same time. If you’re like a lot of new couples, you might have seen the research about the value of experiences over material things, and you’re spending more of your money on things like travel or hobbies that you both enjoy. When it comes to spending money on a wedding ring, things are a lot more different now than they were two or three generations ago.
The two of them went shopping for an engagement ring together.
Couples are now more likely than ever to go shopping for their engagement rings together and even split the cost, as more and more couples do. As Rachel Torgerson of Cosmopolitan wrote about buying her ring with her fiancé, “Being there every step of the way helped me understand how big of a deal it was to get married.” Save enough money, compare prices, figure out whether size or quality is more important, then sign that check.” There were gut checks, highs, and lows. I thought it was really amazing to see it happen over time and with a lot of thought.
Browsing engagement rings online together can be a bonding experience for a couple — and with With McGee’s beautiful selection of hand-crafted, ethically sourced engagement rings, along with free shipping and returns, replica home preview, and lifetime warranty, it can set the stage for a lifetime of smart decisions you make together.
Make your engagement ring look beautiful on a budget: these tips will help you do it.
There are ways to get the most out of your ring even if you’re on a tight budget.
The first thing to do is to buy things on the web. Putting up the price of a diamond by 50 percent or more is how a jewelry store pays for its costs. So, because With McGee is an online jeweler that has a lot of close connections to diamond sources, we pass those savings on to you, the customer!
Second, think about buying a diamond engagement ring that has already been cut. Preset diamond rings offer a more affordable option that also saves time. With a pre-set ring, you don’t have to pay a jeweler to set the ring for you.
Check out our advice on how to make your diamond dollar go further. So, for example, you could copy Lady Gaga and Meghan Markle and add a sapphire to your engagement ring. You could also go for a three-stone ring or a halo engagement ring, which makes any diamond look bigger.
Fourth, think about buying a lab-grown diamond instead of a natural diamond. Lab-grown diamonds are chemically the same as natural diamonds, with the only difference being that they were made in a lab. This lets people choose a cheaper diamond option. Find out more about lab-created diamonds in our article, “Mined Diamond Alternatives,” or click here.
There has been a recent rise in the popularity of moissanite in engagement rings, so this is the fifth thing to note. This beautiful stone is a good choice for people who want something more affordable.
The experts at McGee will help you find the right ring for your life together. If you want them to help you find the best ring for you, contact us right away. They’re very good at working with each couple’s priorities and budget.
The most popular engagement ring styles.
In most cases, you can choose from a wide range of settings for gemstones, such as white gold, yellow gold, rose gold and platinum.
How much should a wedding ring cost?
To sum up, you and your partner should be able to afford an engagement ring that fits your needs. Throw out the 3 months salary rule and choose a number that helps you to stay in line with your life and wedding planning goals. Think about the things that are most important to you, like a higher-quality diamond or a unique ring design, and work from there to figure out how much money you can spend.
In the past, who paid for the engagement ring?
Most of the time, the person who is giving the engagement ring buys it. It’s becoming more common for the wearer to help pay for the engagement ring, so talk to your partner if you’re talking about money and shopping for an engagement ring together.
A wedding ring should cost how much as your salary.
This one is up to you. It all comes down to how much money you have and how much you spend. People in the United States spend about $5,000 on an engagement ring. You can also get a lab diamond or work with a cheaper metal like 10kt gold if you want something cheaper. However, be sure to think about her preferences and tastes when you choose an engagement ring.