The process of buying an engagement ring has changed significantly. In the past, a lot of emphasis was given to surprise proposals. But, this is no longer the case. One study shows that at least 1 in 3 couples now shop for engagement rings together.
Whether you plan to consult your significant other or purchase alone, one thing is clear: you have to decide on a budget! Not sure how much to spend? The following post should help. It provides answers to questions, such as:
- How much money should one spend on a wedding ring?
- How much do most guys spend on an engagement ring?
- What is the etiquette for buying an engagement ring?
- Does the woman pick out the engagement ring?
How Much Money Should Be Spent on a Wedding Ring?
I hate to be the bearer of bad news, but the truth is, there’s no one-budget-fits-all when it comes to wedding and engagement rings. The amount of money spent will vary from one individual to another. Oftentimes, this boils down to two things:
- The expectations of your significant other
- Your financial capability
If you’re thinking of proposing, it’s good to have a discussion about it with your partner. You don’t necessarily have to give away the fact that you’re considering proposing.
For instance, you can mention that one of your friends was thinking of proposing to their girlfriends, and so they sought advice from you. Even if this story isn’t true, it opens up the floor to ask questions such as the ring style or design that your potential bride would like.
At the same time, this helps you know your partner’s thoughts regarding the budget. Does she want a 4 carat diamond ring? Or would she be willing to compromise a little bit? Generally, this will help you know what she perceives to be a reasonable budget for an engagement and/or wedding ring.
How Much Do Most Guys Spend on an Engagement Ring?
A recent survey conducted by The Knot revealed that the average cost of an engagement ring countrywide is around $6,000.
However, there’s a significant portion of the population that spends much less on this affair. In fact, this study showed that one-third of those interviewed spent between $1,000 and $4,000 with at least 8% of them spending less than $1,000.
What Is the Etiquette for Buying an Engagement Ring?
Here are a few things you should consider when buying an engagement ring:
- Be realistic about your financial capability – don’t spend what you don’t have
- Think about family heirlooms
- Create a savings plan
- Don’t feel the urge to spend 2 – 3 months of your salary
- Don’t forget to discuss the budget with your partner
Does the Woman Pick Out the Engagement Ring?
The norm has always been for the groom to pick a ring for his bride. This means that the bride would only get to see the ring during the actual proposal.
However, a lot has changed in the wedding landscape and so has the engagement ring selection process.
Nowadays, you’ll find a number of women who prefer to choose their engagement rings or be involved in one way or the other.
While some people have embraced this idea, others are very hesitant to. If you aren’t sure of what to do, here are the perks and drawbacks of choosing an engagement ring with your partner:
The greatest benefit that arises from this is that it eliminates stress, especially on the part of the groom.
You don’t have to rack your brain trying to figure out the design, material or color that your partner likes. Just consult or have a discussion about it. Even if the bride-to-be doesn’t choose a specific ring, they’ll give you useful advice on the design features to look out for.
Another advantage is that it presents a splendid opportunity to bond with your loved one. You get to come together and enjoy a moment that will remain ingrained in your mind forever. This can be particularly special if you and your partner design the engagement ring from scratch.
Lastly, choosing a ring with your soulmate guarantees that it will fit perfectly. For guys planning to propose, a key challenge they face is figuring out the ideal size of the engagement ring.
If you work with your partner, you won’t have to do any guesswork. You can have them try on different sizes to identify the perfect one.
The biggest disadvantage of going ring shopping with your partner is that it spoils the surprise. The cat is out of the bag, meaning she’ll be expecting you to pop the question at any time.
Going ring shopping together also robs the groom of the opportunity to show how well he knows his partner. Some women aren’t big on the design of the engagement ring. What matters most is the fact they get to wear a ring that their partner carefully picked for them. Unfortunately, shopping together certainly ruins this.
Engagement Ring Rules
To ensure you get your partner their dream engagement ring, here are a few rules you should abide by:
- Avoid getting caught up in trends – a common mistake that guys make is going for something trendy.
Instead, you should choose a ring that matches your partner’s style and preferences. Look at her current jewelry collection. Does she prefer minimalist pieces or luxurious ones?
- Don’t shop alone – engagement ring shopping isn’t something you should do alone. Even if you don’t want to consult your partner because you want it to be a surprise, you can bring a buddy or relative; preferably one who’s close with your bride-to-be.
Chances are your partner has discussed the kind of engagement ring they’d want with them.
- Don’t make a binding financial commitment – once you pop the question, you never know how your partner will react.
Best case scenario, she says yes and you live happily ever after. Worst case scenario, she rejects the proposal or hates the ring and you’re forced to return it.
For these reasons, don’t get into a binding agreement with the jewelry retailer. This way, you’re free to return or exchange it for something else if it doesn’t meet her expectations.
How Much Should My Boyfriend Spend on an Engagement Ring?
In the past, the rule of thumb was to spend 1 to 3 months’ worth of salary on an engagement ring.
But this rule is now considered obsolete; and rightly so. With the high cost of living and most grooms buried deep in student loans’, it’s not logical to keep up with this tradition. In summary, your boyfriend should spend only what he can afford or is willing to pay on the engagement ring.
There aren’t any hard and fast rules for how much one should spend on an engagement ring. It all depends on the financial situation that you’re in, and the expectations that your bride-to-be has. So don’t put a ton of pressure on yourself or your partner if they’re not financially capable of buying pricey rings.