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How Much Does the Average Engagement Ring Cost?

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There is no feeling like love. Finding someone who you want to marry and spend the rest of your life with is a rare luxury that most people don’t have these days. However, all of this can be costly. Buying a ring can be financially stressful. So the question is, how much does an engagement ring cost?

How Much Does An Engagement Ring Cost

It is a fact that love can’t be bought. But, if you’re looking for an engagement ring, you will realize that it isn’t cheap. According to a study of 18000 newlyweds done by WeddingWire, the average amount spent on an engagement ring is $5000.

If you’re looking to tie the knot sooner rather than later, remember an average wedding these days costs around $30,000. This includes everything from reception to DJ and cake as well as a wedding photographer. The wedding location also matters, but you can save some money by going for more affordable options such as small venues or local spots.

How Much Should I Spend?

It’s an old saying; anyone who is planning to tie a knot should prepare themselves to spend at least two or three months of their salary on their engagement ring. However, spending a lot of money on your engagement ring isn’t such a good idea; here is how you can reduce that engagement ring cost:  

Find a Cost-Effective Engagement Ring

Before you buy a ring, do your research. Knowing the types and varieties of rings will come in handy when you’re looking to buy something affordable. The most common jewel that a ring has is a diamond. A diamond can come in various cuts and colors. Knowing about jewels will help you make a wiser decision and possibly save you some money. Learn about the cut, color, clarity, and carat weight, as all of these factors can make a huge difference in the cost of the engagement ring that you might decide to buy.

When we talk about clarity, the best diamonds are the flawless ones. This means that they are free from any blemishes or any other marks. However, such defects are usually so small that they can only be seen under a heavy-duty microscope and are often not visible to the naked eye.

Choosing a diamond with a small blemish will not only cost less but will also allow you to get away with it without getting caught unless your fiancé has a microscopic eye. In addition to that, buying a stone that has fewer carats (weighs less) or buying a diamond that isn’t fully colorless will also be cheaper.

Final Word

In short, you don’t have to spend a fortune on an engagement ring. There’s also no need to feel guilty about cutting corners to find the engagement ring with a cost you can easily afford.

Just like any other major purchase, it’s a great idea to save up in advance Most people who can’t afford a ring often take loans, which can end up costing you a lot more in the long run. These loans are easy to get but can be hard to pay back, and with all the extra wedding expenses, they can get you into debt. Don’t buy into the stereotypes, do what works for you instead. Buy a ring that you can afford without going into debt.

Read more about wedding ring cost and promise ring cost.

Browse diamond rings in all price ranges.

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