The Cost of an Engagement Ring: A Helpful Guide

Almost two million couples in the U.S get engaged every year, which explains why many of us want to learn how much a ring costs. 

Familiarizing yourself with costs allows you to save and gift your future fiance the ring of their dreams. But with so much information online, it can be difficult to know where to start your search. Perhaps that's why you're here; you're new to the world of engagement rings and want to learn more about the financial side.  

Sounds like you? Luckily, we've got you covered. Here's our guide on the cost of an engagement ring. 

What Is the Average Cost of an Engagement Ring?

"How much is an engagement ring?"

Know that this depends on multiple factors, such as the size of the ring and whether you're saving money by contacting wholesale diamond dealers. Also, location has a huge impact as those in the Mid-Atlantic spend more on rings compared to those in the Midwest. 

But, generally, the engagement ring cost is around $6,000 in 2022. Don't let this figure scare you, though, because you can still get an incredible engagement ring for a fraction of the price. 

How Much Is Too Much?  

You don't want to splurge on sky-high engagement ring prices only to find out that you can't afford it. If you're worried about the cost, talk to your partner about saving money on the engagement and funneling savings towards the big day. Or, if you don't want to ruin the surprise, pass your concern on to your loved one's family or friends, and they will relay the message. 

Learn How Much to Realistically Spend 

Because there's no price cap, you must create a realistic budget and stick to it. First, figure out how many months you have to save and calculate how much you can squirrel away each month. So, if you want a lavish ring, start saving earlier and find ways to grow your funds, such as getting a side hustle in your free time. 

Also, not every partner wants a luxurious ring, especially if that doesn't align with their personality. For instance, your loved one may prefer a ruby, which is far cheaper than a diamond. And you mustn't forget about heirlooms because this will save you a fortune while keeping your partner's family happy.  

Further, you should abandon the "three-month salary rule". In the past, there was a myth that the best engagement ring should cost three months' worth of your salary. Know, that this started as a marketing tool to boost sales during the '40s and isn't relevant today.

If you're unsure where to start, consider using an online engagement calculator to get an idea of how much to spend.  

You'll Need Insurance for Your Engagement Ring

Before spending hours comparing engagement ring styles, factor in the cost of insurance. Generally, this will cost around 2% of the ring's value, so make sure you save for this in advance. But don't worry, you don't always need insurance as it's a personal choice.   

How to Slash Engagement Ring Costs 

Luckily, there are many ways to reduce the cost of an engagement ring if you're struggling. Thanks to new technology and options, you can still get an incredible one without spending a fortune. For instance, you could:  

Swap Out the Diamond for a Lab-Created One

If your partner is obsessed with diamonds, choose a lab-created one to minimize costs. Know, these look identical to regular ones as it has the same chemical makeup. It's also the more eco-friendly option, making it a win-win.  

Check Out Antique Stores 

One of the most underrated places to get engagement rings is at antique stores. You'll be surprised at the quality of gemstones, whether you're after diamonds or emeralds. But make sure you consider your partner's style so that you truly cater to them.  

Go Shopping Online 

You can also save a killing by shopping for rings online. In fact, you can likely spend 30 to 50% of what you'd buy in a regular store while being spoiled by a huge selection. Plus, you won't feel the pressure of choosing a gemstone, especially if you're on a tight budget.

The key is to spend time reading online reviews and reaching out to past customers to determine whether the site is reliable. If you notice recurring negative comments, continue your search, as that's a major red flag.     

Choose a Stone With a Smaller Carat

Heart still set on a dazzling diamond? Then, go with an under-size diamond as it's cheaper. For instance, a 0.97 diamond is similar to a 1.0, but with a much smaller price tag.   

Skip the Solitaire Center Stone 

Instead of choosing a solitaire diamond, buy a ring that has several smaller ones as it's a smaller carat. It also makes the ring appear bigger, which is great if you've got a smaller budget. For instance, consider giving your partner a halo ring as it's on-trend and makes even the smallest diamonds look incredible.  

Our Guide on the Cost of an Engagement Ring

Now, because you know about the cost of an engagement ring, it'll be easier to find one for your true love.

There are many factors to consider when choosing an engagement ring, such as being realistic about your budget and whether it aligns with your partner's tastes. You can also minimize costs by choosing a stone with a smaller carat and shopping online. Good luck! 

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