What does the average person spend on engagement rings?
I've heard that you should spend 3 months pay on a ring. Is that true? If not what do you think?
I've heard that you should spend 3 months pay on a ring. Is that true? If not what do you think?
Anonymous
Favorite Answer
There is no absolute answer to this question - it really depends on a lot of factors. You can get a top-notch diamond engagement ring for $1,000 - $5,000 no problem.
The key is to look online. Since online diamond retailers have low overhead, they can afford to sell their diamonds for up to 50% less than stores can. That means your buck stretches big time when you shop for engagement rings online.
I suggest looking into http://www.jamesallen.com/engagement-rin… or http://design.jared-diamonds.com/engagem… Both are highly reputable online diamond retailers and you really can't go wrong with either.
Personally, I bought my now-wife a James Allen engagement ring and it was one of the smartest purchases I ever made. She adores her ring and I saved 44% (compared to the store price for a similar ring). Plus, they provided free shipping right to my front door, free resizing if needed, a cash back guarantee and the ring came inside a gorgeous presentation box. Needless to say... I got a lot of brownie points.
Seriously, give online a look - I guarantee you'll thank me that you did.
Good Luck!
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Engagement Rings Average Price
Madison
Most people don't go by the 3 months salary deal. I personally wouldn't have wanted my fiance to spend that much on a ring, but everyone is different. My fiance makes about $2500 a month. That would be $7500 on an engagement ring, that's way to much money for me! He spent $1000 on a 1/2 carat, and I'm more than happy. It doesn't matter how much you spend, but it kind of depends on the woman you are proposing to , if she likes flashy things, then 3 months would probably be best! If she's simple, i'm sure any ring would make her happy!
Anonymous
Times have changed & the 3 months salary thing is out. Buy what you are able to afford without having to take out a loan or put it on a credit card. Don't go into debt just because you are in love.
As far as how much to spend is completely up to you, as I kind of stated already. "Average" is a vague term since it varies.
For myself my fiance spent a little over $10,000 on my wedding set. He didn't go into debt doing it, paid cash & I wouldn't have had it any other way. He has just went and bought me my 2nd band since he thinks it will make everything look better so we are at about $15,000 on my ring, but I will never upgrade. Upgrading is definitely an option & many people do it that way. You can get a ring that you can afford for now and just upgrade to something bigger later on.
I hope you make the right decision for you and what sounds to be your future fiance:)
kellamnity
I have always heard two month's salary, but I think that is antiquated. In my guess it is meant to show financial responsibility, that you can save two month's salary for something. If you are already living together or have shared responsibilities (children, etc.) like most people now days, you should simply select the ring based on her preference. When you are getting married you are pooling your lives and savings together, so a ring grander than what she really wants is a bit of a waste. Likely, the stone will someday fall out or something anyhow, and you will be able to get her a better replacement for an anniversary. That happened with my mother's wedding ring (lost stone) and it was VERY romantic for her to have her husband take her to a jewelry store and select a nicer stone to show he would marry her all over again with the largest diamond he could afford, 25 years later. She specifically wanted to keep her original ring (scratches and all) and just have a new stone put in, I think it was the most romantic gesture I have ever seen between them.