How Much Should You Spend on a Wedding Ring?
Have you gotten engaged recently? The initial engagement can be full of excitement and cheer. However, you may find that planning a wedding can be one of the most stressful ordeals of your life. One of the first things you need to consider is your wedding ring. It's separate from your engagement ring and often more expensive. The average American couples spend about $6,000 on both rings. The cost may deter some, but don't worry! Tying the knot is often expensive but with the proper budgeting, you can save money in many ways!
With this guide, you’ll learn how much should you spend on a wedding ring. That way, you won’t break the bank after your wedding ceremony concludes. Read on to find out more!
Your Budget as a Whole
The first thing you should always consider is the budget you have for your wedding. Don't forget that you'll have to divvy your entire budget to every aspect of your wedding. With a lot of the wedding expenses going to the venue and catering services, you may have little left to cover for your wedding rings.
Some couples will want to spend more on ensuring their big day is as perfect as possible, whereas some will splurge more when it comes to the rings. More and more people are pouring an increasing amount of money into their wedding bands nowadays. This is often because they want to have something to show on their social media profiles. How much you should spend on your wedding rings depends on whether or not you are looking for a flashy or expensive ring. If your financial situation is favorable, you have plenty of options to choose from. At the end of the day, you'll want to choose a ring you love because it will be on your ring finger for the rest of your life.
Your Monthly Income
The big thing to consider is your monthly income. In a traditional setting, when you get engaged, you have a lot of time before your big day. This gives you enough time to save up as much as you can to spend on your wedding. The general rule of thumb these days is two allocate two months salary towards your wedding ring. For example, if you made $100,000 a year, that means you should spend up to $20,000 on your wedding rings. If $20,000 seems like a lot, don't worry as that is just a general guide and by no means do you need to spend that much.
You also have to factor in your living expenses and how deducting from them will affect your living situation. It's not worth it to have a month without proper bill payments to cover your expenses or accumulate debt/put off debt (i.e. student loans) when buying a ring. It's also not worth it to compromise your health for the sake of buying a wedding ring. If you're within the lower income bracket, it's best that you set aside at least six months' worth of your income. Remember to set aside some funds for your essentials when doing this, though.
Again, this is all subjective and the main determining factor is how much you value your ring. You should set a budget for yourself based on your income and then do some ring shopping. Shopping for your wedding band could not be easier nowadays as you can shop from the comfort of your own home with the increase in online retailers and jewelry stores.
Your Partner's Expectations
Your significant others' expectations play a big role in how much you should spend on an wedding/engagement ring.
When doing this, it's important to meet your partner's expectations. If you know your partner well enough, you should have a sense of what they will want as a ring from you. You can also ask their family for guidance and advice if you're having a hard time thinking of what they'll want.
You can also ask your partner directly to see what kind of ring they want. Doing this removes the surprise factor, but you may find out that you don't need to spend as much when you do this. Once you have an idea of what to get, use this to gauge the pricing of your ring.
In the end, it shouldn't matter to them what kind of ring they get. All that should matter is that it's from their partner and that it symbolizes their love and commitment for each other.
We've discussed in detail about how personal things such as budget, income, and expectations affect how much to spend on a wedding ring, but another big factor is the ring itself. What material do you want the ring made from? Are you looking for something traditional with a center stone or something more exotic/unique? What about a special gemstone or birthstone? These are all important questions you should ask yourself while you are ring shopping. Whatever you have in mind, there is a great chance that you'll be able to find the perfect ring for you with the sheer amount of jewelers available!
Probably the most important thing in determining a ring's price is the materials used for it. Diamond engagement rings and wedding bands have become a staple nowadays. As The De Beers Company famously coined, "A Diamond is Forever". Diamonds can also be extremely expensive depending on a few factors like carat size, carat weight, diamond size, etc.
Patrick Adair Designs specializes in high quality handmade custom jewelry. We pride ourselves in being able to do extremely custom orders that a typical jeweler would not be able to. At Patrick Adair Designs, you are likely to find everything you need at an affordable price tag. We also offer a Lifetime Warranty for every single product on our website, which is extremely important to take into account since you will be wearing your wedding ring every single day for the rest of your life!
How Much Should You Spend on a Wedding Ring? It Depends On You!
With this guide, you'll know what to consider before you set out to buy one. The important thing is to not feel pressured to spend a certain amount of money based on income and expectations. You should spend however much you are comfortable to on a wedding ring.
Do you want a customized wedding ring? If so, contact us today. With so many different designs and materials available, you are guaranteed to find the perfect wedding ring at Patrick Adair Designs. We'll help you find the perfect ring at the perfect price point for you!