Buying Engagement or Wedding Rings can be a time consuming, stressful, and expensive experience. Many of you have questions like how much money should you spend on a wedding ring or how much is an average cost of a diamond wedding ring? Today there is no need to look for these answers as you can calculate the cost of your Bridal Set using a simple tool named an engagement ring calculator.
How much money does an average person spend on their engagement ring?
Money spent by an average person on their engagement ring was $3756 in the year 2020, whereas the average cost in the year 2018 by a couple on their wedding ring was $7829. With time, people started spending less on their engagement and wedding rings. An alternative to natural diamonds known as lab-created diamonds has emerged, enabling people to save their costs. A ring symbolizes commitment and love in your relationship, so you need to decide whether you want to spend an extravagant or wisely to gift a ring to your partner. The money you should be spending on your wedding ring is entirely your personal decision, and it should reflect your values. However, considering the average cost of an engagement ring is always a wise decision. Earlier, the cost of a wedding and engagement ring was a person's 3 month salary, but the cost has significantly been reduced.
Why is it important to set a budget before buying a wedding ring?
The best way to know how much you can spend on your engagement or wedding ring is to set up a ring budget for yourself. There is no meaning in going into debt if the style and size of the ring don’t suit you. You can go for simple and stunning solitaire classic diamond rings with gold bands. However, complicated designs with large stones can work and fit your budget in most cases. While setting a budget, you should not only focus on the center stone but also on the quality of the stone and the surrounding details of the diamond. Don’t make your budget based on the size of the diamond only, as you need to consider other important factors such as clarity, color, and cut of the diamond. Choosing a diamond based on the carat will make you neglect the other important qualities of your diamond ring.
How can you save money on your engagement or wedding ring?
Don’t let your budget take away your dream of finding a perfect and stunning ring for your partner. Several other options can suit your budget. For instance, you can go for lab-grown diamonds that allow you to cut your cost on the engagement ring.
Lab-grown diamonds are 20 to 40% cheaper as compared to natural diamonds. But on the other hand, they are as durable and beautiful as mined diamonds. As a result, lab-grown diamonds are becoming increasingly popular these days, and you can’t even differentiate between natural stones and lab-made diamonds.
The classic solitaire diamond ring setting is quite popular and will never go out of style. By choosing this option, you can cut a huge cost on your wedding bands. Your main focus should be on the ring's center stone. When you go for a simpler setting, you can easily afford a large diamond ring.
Another tip to save money on your wedding ring is to use low-grade color and clarity while sticking on a well-cut diamond ring. When you shop around on clarity and color, you can lower your cost on the engagement ring, stay within your budget, and even afford a large diamond.