When it comes down to proposing to your partner, it can be easy to become overwhelmed with worries and anxiety. Nerves are perfectly normal. While it’s an exciting time, it can also be scary.
Searching for the perfect engagement ring can leave some of us tearing our hair out. There are so many different options, styles, and sizes available – it can be hard to know where to begin. The price of engagement rings can vary wildly, from the eye-watering expensive to the surprisingly affordable. Setting a budget can be an effective way of narrowing down your potential options, making the selection process easier, and ensuring you don’t spend beyond your means. Keep reading to find out more.
Know the Market
The price of gems and precious stones are constantly fluctuating. Different market conditions and external factors work to influence the cost you’ll face for different stones, so it’s worth making yourself aware of how the market works to ensure you are getting the best deal.
How much is a diamond worth? You’ll no doubt be asking this if you’ve got your heart set on a diamond engagement ring. Unfortunately, the answer is complex and variable and will depend entirely on where you are in the world and the particular market conditions at that time.
However, the value of a diamond is also influenced by the stone’s weight and quality grading, so this can give you a base estimate of how much you should expect to pay for a particular stone. Research how diamonds are graded and learn about the base prices for stones of a particular quality. This can give you an idea of what kind of diamond you can afford and will allow you to work this into your budget.
What does Tradition say?
According to customs and traditions, you should spend at least two or three months’ full salary on an engagement ring. Many still abide by this rule, and it can be used to gauge how much you are generally expected to spend.
However, the modern world is changing. People are paying less attention and putting less importance on the traditions of days gone by. If you don’t feel comfortable or cannot spend that amount on an engagement ring, there’s no reason to opt for something a little more affordable. Similarly, if you feel like splashing the cash, there’s nothing to say you can’t go all out and buy the most expensive ring you can find.
Look at the Average Prices
Take a look at how much the average engagement ring costs. This can give you a good basis to start when putting together your budget. In 2019, the average engagement ring in the US cost roughly $5,900, with 10% of people surveyed reporting that they spent less than $1,000. Use this as a foundation to build your budget on, and as the stats show, there is no real set price for an engagement ring.
Setting a budget is essential when choosing an engagement ring. It will help you get the best deal and avoid spending more than you can afford.