With the average American household spending over $60,000 each year, you might not like the thought of spending even a fraction of that on a wedding. But if your nuptials are on the horizon, be prepared. And if you’re on the hunt for an engagement ring, know that the sky’s the limit when it comes to cost.
How much should a guy spend on an engagement ring? Read on to find out!
Look at Your Budget when Buying an Engagement Ring
When it comes to engagement ring costs, start by looking at your budget. While common myths suggest that you should reserve 2 or 3 months of your salary for an engagement ring, it’s okay not to. After all, you have a wedding to plan, too!
With typical wedding costs exceeding $20,000, you might want to keep costs lower for an engagement ring. You can spend $3,000 on an engagement ring, which is close to the average. But you also could go much lower.
Evaluate Color and Clarity
How picky are you about minor blemishes that are not obvious to the untrained eye? If you don’t mind a lower grade for clarity or a slight yellowish tinge, you can score a better deal on a diamond ring.
Maybe you have the means to spring for pink diamond engagement rings, which are very rare. But if you don’t, consider a diamond engagement ring that has inclusions, or blemishes, for a better price. Just hold the ring under good lighting and evaluate it to make sure the blemishes are not obvious.
Similarly, a diamond that seems more yellow might be considered lower quality. But if you feel differently, get it anyway!
Weigh a Diamond’s Shape and Setting
Some cuts of diamonds or ring settings can ratchet up the prices, too. To keep costs low, stick with a center stone and a band without smaller diamonds. A solitaire setting puts the focus on a single stone and can keep costs down.
Likewise, look into a diamond shape that won’t be as pricey. The round shape remains a popular choice, but it is more expensive. By contrast, the princess cut is one of the more affordable options.
Consider Options Other Than Diamonds
Finally, be aware that you don’t have to get diamonds. No engagement ring guide is complete without mentioning that you can choose alternative rings that pack just as much meaning.
For instance, maybe your partner would be honored to receive an engagement ring from your late grandmother. Family heirlooms are a wonderful way to cement the bond you feel — and it won’t cost much to resize and clean them!
You also can look at gemstones, like sapphires or rubies. Or go to a secondhand or antique shop to find a vintage and unique ring!
How Much Should a Guy Spend on an Engagement Ring?
Are you still wondering, “How much should a guy spend on an engagement ring?” There’s no right or wrong cost, and you should start by looking at your budget and upcoming expenses as you join forces with a partner. Look into options besides diamonds, or look for less expensive cuts to save money.
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