For someone getting married, knowing the cost of an engagement ring is essential.
While the ring itself is an expression of love, its financial implications cannot be ignored.
The Average Price
By this, we mean those that are usually bought. Statistics show that Americans spend about $2,800 to $4,000 on the ring. The average salary of the middle-class American is just over $32,000.
These are rough estimates of course. However, if you want to base your budget on the average, a month’s salary would be just about right.
However, some follow the two-month principle; a bigger budget will let you buy a more expensive ring.
Carats and Cuts
There are of course various elements that affect the cost. The first is the carat. Most settle for 0.38 to 1 carat.
The cost of an engagement ring will go much higher if you get those with more carats.
Another element that plays a part will be the cut. Some actually prefer a nice cut to more carats.
A properly cut ring will be more attractive than those with plenty of carats. However, this will also drive up the costs.
Where you buy will also play a factor. Online and real stores have very little price difference nowadays.
However, shopping online can be cheaper in that you don’t have to travel. When shopping online though, it’s a good idea to have a look around first.
If you see a ring you like, go to another Internet store. This is one of the best ways to determine the cost of an engagement ring.
By going around you’ll get to see if you can get it for a lower price.
Finding the Right Price
If you’ve never bought a ring before, here are a few things to keep in mind. First, think of your budget.
You need to get the one that you can afford. Of course, you want to get something special for your love.
However, breaking the bank isn’t the best way of showing your sincere intention. You just need to be resourceful and reasonable with spending.
Don’t allow the views and habits of other people to determine how you will buy.
Just because the ring doesn’t cost $50,000 doesn’t mean it’s of poor quality. There is no such thing as the right cost of an engagement ring.
Buying within your means isn’t being cheap; it’s being sensible. If you can afford to splurge, go ahead. If not, there are plenty out there for you to choose from.
Shopping with Your Partner
Why not look for the ideal ring with your partner? This is one surefire way to get the right one. With him/her by your side, you can get the one you need.
You’ll also be able to talk about the price more openly. Buying the ring together is one way to start managing money as one.
The cost of an engagement ring varies, and the one you get should be based on your capacity. By assessing your finances, you’ll get the right one for your partner.