Buying an Engagement Ring: How Much Should You Spend?

Are you going to be buying an engagement ring soon? If so, congratulations are in order! This is a huge step to take within your relationship.

You’re probably feeling extremely excited about buying an engagement ring. But you might also be feeling very nervous, too. Purchasing an engagement ring can be expensive in many cases.

So, how much should you spend on an engagement ring? Well, in the past, spending three months’ worth of your salary used to be the standard. But that isn’t necessarily the rule that people follow today.

You’re welcome to make your engagement ring budget whatever you would like it to be nowadays. Check out some of the things that are going to impact the price you’ll pay for an engagement ring below.

The Type of Engagement Ring You Choose

One of the first things you’ll notice when buying an engagement ring is that there are so many of them to choose from. It’s easy to get overwhelmed when you start to shop around for different types of engagement rings.

Some of the most popular engagement ring styles are:

  • Solitaire
  • Halo
  • Trilogy
  • Diamond band

Each of these types of engagement rings will have a different cost that will come along with it. Engagement ring prices will, therefore, vary based on the type you go with.

You might want to stick with something simpler if you’re on a tight engagement ring budget.

The Metal Used to Make the Engagement Ring You Pick

In addition to there being many engagement ring styles that you can choose from, there are also many different metals used to make these types of rings. Gold, platinum, and titanium are just a few of the options you’ll find.

The type of metal that is used to make an engagement ring is going to alter its look and feel. It’s also going to have an effect on how much an engagement ring costs.

You should give thought to which metal you think your significant other will like the most. It’ll help you get a better sense of what an engagement ring is likely going to run you.

The Diamond You Select for an Engagement Ring

While you’re welcome to stick any number of gemstones into an engagement ring, most people opt to go with diamonds. And obviously, the diamond (or diamonds!) that you select for an engagement ring will play the biggest part in what it’ll cost you.

There are a few key factors that are going to determine what a diamond will be worth. They are:

  • Cut
  • Carat
  • Color
  • Clarity

A good jeweler will be able to show you different diamonds and explain the differences between them. They’ll also make buying an engagement ring with a diamond that you can afford in it so much easier on you.

The Jeweler You Invest in an Engagement Ring From

The engagement ring industry has turned into a gigantic industry over the years. It’s why you shouldn’t have any trouble tracking down a jeweler in your area who can help you pick out the perfect engagement ring.

You should do your research on all the different jeweler options in your area prior to picking one out. You should find out what kind of reputation they each have and see what their engagement ring prices are like.

Ideally, you’ll want to work closely with a custom jewelry designer who can create the engagement ring of your significant other’s dreams without breaking the bank.

The Customizations You Make to an Engagement Ring

One of the best parts about working with a custom jewelry designer is that they’ll give you the ability to add custom touches to an engagement ring. They’ll be able to put you in a position to design something very unique for your soon-to-be spouse.

There is typically going to be an extra cost associated with customizing an engagement ring. But if you can afford to do it, you should definitely pay the extra money to make an engagement ring that much more special.

Your significant other is, after all, going to be wearing their engagement ring for years. You can guarantee that they’ll love it by putting your own touches on it.

The Time You Give a Jeweler to Create an Engagement Ring

In a perfect world, you should try to give yourself plenty of time to pick out an engagement ring and customize it. This will ensure that you don’t have to spend even more than you would have to otherwise on a rush order.

But in the event that you need to create an engagement ring in a hurry, you should be aware of the fact that it might cost you a little more than usual. Most jewelers won’t have any problem making a ring for you fast. But they might increase their engagement ring prices slightly to accommodate you.

Stick to a Budget When Buying an Engagement Ring

Some people will spend less than $1,000 on an engagement ring. Others will fork over more than $10,000 for one.

As you’ve seen here, the price you’ll pay for an engagement ring is going to change based on many factors. It makes it very important for you to create an engagement ring budget and commit to sticking to it. It’ll make buying an engagement ring a lot less stressful overall.

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