You have reached that point where you want to make a lifetime commitment to your loved one. After the engagement, the next step is planning a wedding. Exchanging vows is the most important part of a wedding ceremony. Shopping for a wedding ring can be stressful and time-consuming. The whole process is even more confusing if you don’t know how much money you should allocate to the wedding ring. Most people find themselves in a situation where they have more questions than answers. Don’t worry because we have answers to these numerous questions. Here, we will give you a breakdown of everything you need to know. We will also give you tips and strategies to find the perfect wedding ring.
The Average Cost of a wedding ring in 2022
Wedding rings are an important part of many couples’ lives. They represent the promise to love your significant other and are also worn to signify marital status. Statistics show that the price of wedding rings has significantly increased over the last twenty years. According to Luvari, as of 2022, the average cost of a wedding ring is estimated to be $6000. This cost has surged because of inflation and the rise in the cost of gold. If you want to marry in 2022, you should expect to spend between $1000 and $5000 on a wedding ring. However, this is a mere estimate because some couples spend less and others spend more. The commitment you are making to each other is the most important thing. If you truly love each other, a simple gold ring should be enough instead of breaking the bank by buying a diamond band.
How much money should you allocate to a wedding ring?
The question of how much money you should spend on a wedding ring is a personal decision that will depend on your conviction and values. It would help to consider money factors before narrowing down how much you want to spend. One of the things that will give you a big clue about the amount of money you should spend is the cost of your engagement ring. They say that the cost of your engagement rings should be the total amount of your three months’ salary. However, this amount has significantly decreased in the last decade.
Ultimately, the only way to know how much to spend on your wedding ring is to look at your wedding budget. One mistake that many couples make is getting into debt when planning a wedding. This should not be the case because you will always find something that falls within your budget.
What to Consider Before buying a wedding ring
Several factors affect the amount of money couples spend on a wedding ring. One of these factors is the total cost of the wedding event. According to Brighton Savoy, women are always advised to choose an engagement ring that is within their budget and something they will be comfortable wearing for many years. When deciding what wedding to buy, there are some factors you should consider;
1. Go for Complimentary rings
Many couples value wedding rings and would like their wedding rings to signify their togetherness. Such couples always prefer rings that are matched and coordinated. A good example is couples who decide to wear rings made of silver, gold, or rose gold. It is absurd to wear a gold ring while your partner is wearing a silver one. It is advisable to go for matched rings to symbolize your togetherness. If you are choosing rings with designs, you must choose one with similar designs.
Many wedding stores provide complimentary couple rings with the same design. However, some couples don’t give a hoot about matching and coordinating. No rule is permanent, and some people love to break the rules. Some couples decide to buy yellow gold rings and the other white gold. The most important thing is to ensure you are comfortable with your choice. Have a conversation with your significant other and decide whether you want matching rings or different ones. This will make it easy to decide how much money you will spend.
2. Choose a wedding band that matches the engagement ring.
It is the norm to be first engaged before walking down the aisle. The choice of your engagement ring will go a long way in influencing the choice of your wedding ring. Choose a wedding ring that compliments the style of your engagement ring. Women spend between $1000 and $2000 on their wedding rings. Finding coordinating rings takes time and patience but will pay in the end.
For example, if your engagement ring is rose gold, your wedding band should also be rose gold. If it is silver, your wedding ring should be silver. Another thing to consider is the width of your band if you wear both the engagement and wedding ring. Ensure that the width of the wedding ring is similar to that of the engagement ring.
A wedding ring is not something you buy every year. Your wedding ring should be durable because you will wear it daily. In most cases, couples go for a 14k or 18k gold ring. If you are working on a budget and want something durable, a 14k gold ring will do. You can also go for an 18k gold ring, but you should know it has a higher gold content giving it a higher propensity to scratch.
The most important thing about a wedding ring is how it makes you feel. Wedding rings symbolize love and commitment. The choice of your wedding ring will depend on your style. You can go for miniature rings if you are conservative and want something timeless. One with milgrain detailing will make the ring cute. You can go for a micro pave wedding band if you want a statement ring. According to Clean Origin, when it comes to style, many women prefer white gold while men go for tungsten.
5. The total wedding budget
The total wedding budget is another factor that influences the amount of money you spend on a wedding ring. There is no set price for a wedding ring. According to Bride Box, the rule of thumb is to spend about 3% of your total wedding budget. For example, if your total wedding budget is $20,000, you should spend $600 on your wedding bands. If you think wedding rings are an important part of the wedding, you can decide to allocate more money to eat and reduce the amount of money you spend on activities of little significance. These are some of the conversations couples should have during the planning process.
Setting a budget for a wedding ring
If you plan to use the 3% rule, it will be easier to set a budget for your wedding ring. Having a budget will make it easy for you to decide on the choice of the ring depending on your financial situation. Work within your budget and get to know your various options. Visiting different shops will help you understand how much money you should spend. If you choose a diamond ring, also be on the lookout for the quality of the diamond. Consider the type of metal you will select because these are the things that determine the overall cost of the wedding ring.
Consider the type of metal you want for your wedding ring
Before visiting any wedding shop, it is good to do your research and know what you want. There are different types of wedding rings. Your choice of metal is one of the things you should factor in your budget calculation. This will help you avoid any disappointment. Yellow gold and white gold rings are considered fashionable. In recent years, many couples are embracing rose gold. Platinum wedding bands are sturdier with a high price tag.
Ask for Help from professionals
According to The Knot, it is important to involve a wedding planner in your wedding plans. If you can afford to hire one, don’t let go of this opportunity. A professional in this field will make your work easier. With their experience, they will be able to help you decide on the perfect ring, whether in person or online. They will be able to identify a lower-quality diamond and warn you against choosing certain types of rings. The bottom line is a professional will help you get the perfect ring at the right price tag.
Common Myths on the amount of money to spend on a wedding ring
When you want to decide the amount of money to spend on a wedding ring, you will encounter myths surrounding this whole process. There are three main myths surrounding the amount of money couples should spend on a wedding ring.
1. How much to invest in a wedding ring
A lot of pressure comes with deciding how much money to invest in a wedding ring. It is even harder in this era of social media, where everyone wants to brag about how they are living their best life. However, shopping for a wedding ring should not be a daunting task. It should be fun to select the ring that you will wear for the rest of your life. There are many factors that you should consider to make the right choice.
One of the myths you will encounter when shopping for a wedding ring is the one, two, and three months salary theory. It is a common practice for couples to calculate the cost of their wedding ring using this rule. If you apply this rule, you might spend a lot of money on the wedding ring. For example, if you earn $7000 per month, according to the one-month rule, you should spend $7000 on a wedding ring and $14,000 on the two-month rule. This is quite unreasonable.
2. How to select the best diamond ring
Selecting a quality diamond ring can be tricky. If you want a fair deal for a diamond ring, apply the four Cs used in buying a diamond; color, carat, clarity, and cut. When buying a diamond ring, don’t compromise on the cut. A good quality diamond will have a sparkle. Also, consider color and clarity. For these two, you will need to be acquitted with the different grading scales used in the diamond assessment. Do some research and learn the different color grades and clarity scales.
According to Diamonds, diamonds are graded from D-Z, with the highest grade grading D-F. These are the most expensive diamonds. You will not notice a big difference from G-J with your naked eyes. The same concept applies to diamond clarity. Take all the necessary precautions to prevent spending much money on a low-quality diamond. Whatever you choose, you should know that a diamond ring is a form of investment.
3. Deciding on the perfect wedding ring
Different people have different definitions of what constitutes a perfect wedding ring. For some people, the most expensive ring is the perfect ring. For others, the type of metal used in making the ring is what makes a perfect ring. Some couples prefer rose gold rings, others yellow gold, while others treasure white gold. The list is endless when settling down and deciding what a perfect wedding ring is. The answer to this question is subjective because it will depend on your personal choice, style, and values. If you find it difficult to choose the perfect ring, consult the services of a professional. You can also make your work easier by getting a custom-made ring. For this, you will need to find a competent jeweler to help you create the perfect piece you will be proud of wearing.
The wedding ring you choose represents your love story and the type of future you want to create with your special person. Nothing is more important than celebrating love and commitment. Knowing how much money to spend on a wedding ring is stressful. Hopefully, this article will help you make the right decision.
Written by Lily Wordsmith
Read more posts by Lily Wordsmith