You may have heard the traditional advice: an engagement ring should cost two month’s salary. This adage leaves a great deal of room for ambiguity. Is the two month’s salary before or after tax? How do you pay expenses if an entire two month’s salary is spent on an engagement ring?
On a national level, an increasing number of couples are opting against this guidance. The average American typically spends slightly over one month’s salary on their engagement ring. In 2019, the average engagement ring cost $6,000, while the median American made a monthly salary of $4,670.
Ultimately, two factors should impact the amount you spend on a ring: Your financial situation and your partner’s wishes.
Many women grow up dreaming of their engagement ring before they even start dating. On a subconscious level, an engagement ring can serve as a physical representation for your value for the relationship. Nevertheless, your partner wants what’s best for you and your future together. Although she may be coveting a 3-carat diamond, she probably doesn’t want you to bankrupt yourself trying to finance the ring. Your happiness together is the most important thing as you enter a new commitment together.
Instead, consider having an open and honest conversation about your budget and the styles they are interested in before you purchase the ring. At Buchroeders, we often see brides and grooms shopping for their engagement ring together to find a ring that checks all of their boxes while remaining under-budget.
Tips for Reducing the Cost of Your Ring While Also Giving Her a Ring She Can Be Proud Of:
1. Start at Buchroeders.
Buchroeders offers incredible jewelry and a luxury experience without the traditional retail markup. We are able to cut the added expenses of middlemen because we purchase many of our diamonds directly from the public.
2. Custom Build Your Ring.
Just because your partner has fallen in love with a gorgeous ring that is outside of your budget, doesn’t mean you can’t recreate the style at a lower cost. We are able to create budget-friendly options, by using different materials, optimizing diamond sizes and grades, or even substituting a white gemstone, like a sapphire, in lieu of a diamond.
3. Cut the 4Cs.
Diamond prices are based on how rare the gemstone is. The higher its color, clarity, cut and carat weight, the rarer a diamond will be. Although a diamond’s color, clarity, cut and carat weight all play a role in the overall appearance, depending on the setting, the diamond’s shape and physical characteristics, some traits may have less of an impact than others.
Opting for a yellow gold setting decreases the significance of a diamond’s color rating. Moreover, many Very Good diamond cuts sparkle just as brightly as a diamond with an Excellent cut. Purchasing a diamond requires you to look at the big picture of how each of these factors come together to create a beautiful item. Therefore, it is imperative to see your diamond in person before purchasing an engagement ring.
4. Round Down.
Diamonds with a carat weight .96 typically cost less than diamonds above 1 carat, despite an otherwise identical appearance. Opting for a slightly smaller diamond can help to keep more money in your wallet while giving your partner a ring she can be proud of.
5. Let’s Get Fancy.
Fancy-shaped diamonds refer to diamonds that are not round. Carat for carat, many of these shapes appear larger than round diamonds of equal carat weight. Elongated shapes including the pear, marquise, oval and emerald often look larger than round brilliant diamonds with the same carat weight.
6. Keep It in the Family.
Consider opting to use your parent’s diamonds into your engagement ring. Incorporating a loved one’s diamond into her dream engagement ring adds even more meaning to your wedding jewelry, while also lowering the cost.
7. Add an Accent.
Accents including halos and side stones can add an extra sparkle to your engagement ring and give an overall larger appearance, without driving up the cost. For example, with a halo style ring, you can get the look of a two-carat diamond without having to pay a two-carat price.
8. Incorporate Some Color.
Demand for colorful engagement rings has reached new heights recently. Moreover, many colored gemstones cost less than a diamond would. Instead of a traditional diamond, consider opting for a colorful gemstone instead of a diamond.
9. Wait It Out.
Even if you can’t afford EXACTLY what she wants right now, doesn’t mean you never will. Consider purchasing a smaller, more budget-friendly option for now, and set the intention of upgrading when you can afford to.
10. Consider Financing Options.
Buchroeders offers custom-tailored financing plans to help increase your purchasing power. We work with a number of lending institutions to provide flexible options, no matter what your credit score. Consider a 60-month financing option to lower the cost of your monthly payments, or opt for a shorter time frame to pay your loan off fast. The online account management system can be used easily and quickly.