How Much Should You Spend on a Wedding Ring
Planning a wedding is no small undertaking. From finding the perfect dress and locking down your dream venue, to selecting silverware, wedding planning requires a keen eye for detail and several important decisions. Choosing a wedding band is another important decision in the process of planning a wedding. However, unlike finding your caterer, your wedding ring will stay with you long after the wedding. Your wedding ring is a piece of jewelry that you will wear every day for the rest of your life, so it is important to find the perfect option for your tastes.
Yet, pricing for wedding rings can often be complicated. Although there tends to be some clarity when it comes to guiding the price of engagement rings, , there is no salary rule when it comes to purchasing a wedding ring. Consequently, there can be a little more ambiguity regarding how much you should pay for your wedding bands. So, how much should you spend on your wedding ring?
A 2019 report from the Knot suggests that the average groom spent $510 on their wedding band, while the average bride spent $1,100. However, deciding how much to spend on a wedding ring can be a highly personal decision. Here are the top three considerations to keep in mind when shopping for a wedding ring:
Start with Your Budget for a Wedding Ring:
The wedding marks the start of a couple’s next steps together. As a result, it can be important to make sure that you are on the same page when it comes to spending and finances. Consult with your partner to make sure you are in alignment regarding how much both of you are willing to spend on a wedding ring. Since there are no expectations when it comes to spending on a wedding ring, you can make your budget work for your needs. If you and your partner are a little more on the frugal side, it may be a good idea to go for a simple band, but an elaborate band may be the best option if you tend to value the finer things.
You and your partner understand your financial needs better than anyone. Consequently, both parties should make sure you both have a clear idea of what you both want to spend on your wedding rings before settling on a budget.
The Wedding Band Style:
The typical advice when it comes to planning and budgeting, for a wedding, is to spend more on the things that last. Whether it’s your photographer or your wedding band, it can be a good idea to invest in the things that last. This can be a particularly beneficial idea if you have your eye on a particularly elaborate style featuring more diamonds, such as an eternity band. For comparison, a band with pave diamonds along the ring may be less costly. The simplest styles tend to be the least costly. A plain women's wedding band may cost the least expensive comparatively.
The type of metal used can also be a key factor in determining the price of an engagement ring. Traditionally, platinum has been the most expensive metal to use in jewelry. However, the value of gold has been increasing, thereby driving up the expense of white, yellow and rose gold settings. It may be a good idea to check with your jeweler to glean an idea of what a ring will cost depending on the materials used.
Your Engagement Ring + Your Wedding Ring:
If you want to have an engagement ring, it can be a good idea to consider your engagement ring in conjunction with your wedding band. Typically, people tend to opt for wedding rings that complement their engagement rings. Wedding bands, known as enhancers, may feature curves and design elements that accentuate and support your engagement ring. However, enhancers tend to be more costly compared to more simple wedding band styles.
Save Where You Can:
Some jewelers may offer different promotional events for couples looking to purchase their wedding rings together. For example, at Buchroeders, we offer a free men’s wedding ring with the purchase of a woman’s wedding band. Seeking a good deal when you’re searching for a wedding ring can be a good way to ensure that you can maximize your end result while minimizing the amount you spend on a wedding ring.
Consider Going Custom:
There is a popular misconception that custom bridal jewelry costs more than one that has been previously made. This belief is false. Working with an experienced jeweler can often lead to lower overall prices for a wedding ring. An experienced jewelry expert will be able to work with the design to achieve your overall aesthetic goals while staying within your budget.
Get started with our team to get started making the wedding band of your dream.
