What is the average someone spends on an engagement ring

Twenty-nine percent of those who opted for a chain store shopped at Kay Jewelers. You've probably heard the "one month salary" rule, which says you should spend one month's gross income on an engagement ring. Few people realize that this "guideline" began as a marketing initiative that diamond marketers used to enhance sales around the start of World War II.

Over time, this notion grew to two and even three month's salary. It's highly unrealistic, especially since it considers gross income rather than net or inflation, and doesn't look at debt load at an all-time high for young adults due to student loans.

Despite what jewelry ads may want you to spend, it's never a good feeling to spend the first several years of your marriage paying off the engagement ring. Translation: Feel free to ignore this outdated "rule. Engagement ring calculators attempt to help you decide how much to spend on an engagement ring by gathering information about your income, lifestyle and debt-to-asset ratio.

If you'd like to use an engagement ring calculator to determine a ballpark budget, go right ahead, but steer clear of hokey versions. Better yet, read on for some helpful and legit tips to determine how much money you should spend on the right engagement ring. Shannon Delaney, director of communications for online diamond retailer James Allen , encourages every person looking to purchase an engagement ring to develop a budget first.

Are you looking for a high-quality diamond? Are you willing to sacrifice a bit on quality in order to make it a larger diamond? Are you planning for a simple band which will be cheaper, or something with a lot of smaller diamonds that will take more of your budget? In keeping with this advice, here are some important factors you'll want to consider as you determine how much to spend on an engagement ring:. When you're finally ready to whip out your wallet be sure you're getting the biggest bang for your buck—here's how.

Delaney advocates shopping online in order to ensure you're getting a good price and product. Also, thanks to the tremendous selection, you can ensure that you get exactly the diamond and ring that suits you and your budget and not be pressured into something the store has in their jewelry case," Delaney says.

Shopping online not only offers substantial savings on the engagement ring cost, but it also allows you to customize the ring, ensuring your partner gets exactly what they want. See below for additional tips on buying an engagement ring online. For example, a 0.

To give the illusion of a larger carat size, purchase a ring that's made of several smaller diamonds rather than a solitaire. And you're in luck if you go this route—the halo ring, a setting that encircles a center gemstone is on-trend, and it makes even a small center diamond look stunning and huge.

Yes, it's possible to buy an engagement ring online , where the average engagement ring cost is much lower. It's not just possible, it's also somewhat popular among couples.

Eleven percent of respondents in our study bought their engagement ring online. While there are plenty of benefits to shopping online, there are some risks to be aware of.

It's important to recognize the difference between bogus diamond websites and those of professional jewelers. Note that despite the lower engagement ring prices, you'll want to do your research before purchasing an engagement ring from an online retailer.

Make sure you fully understand the company's payment and shipping methods, and the return policy. It's also a good idea to read through the reviews on the company's website. Finally, requesting certification on any diamond is always a good idea. There are a number of ways to verify the authenticity of a diamond, like GIA's Report Check , and customer service representatives at reputable retailers should be more than happy to disclose this information.

Interested in buying an engagement ring online but not sure which stores to look at? Start here, where we break down everything to know about buying an engagement ring online.

Main Menu. Sign Up. Back to Main Menu. Planning Tools. Wedding Vision. Discover Your Vision. Take The Knot's Style Quiz.

Reception Venues. Wedding Photographers. Then you can figure out how the engagement ring fits in with those goals. Once you have a number in mind, you can work to find exactly the kind of ring she would like that fits within that budget. What are you budgeting for an engagement ring?

Talking about the cost of the ring may not be romantic, but it's important. Maybe she doesn't even want a diamond. Either way, you want to know. Do you plan to go engagement ring shopping together? More and more couples are choosing to shop for the engagement ring together.

Shopping together is a great way to be certain that she gets a ring that she'll love. If you really have no clue what kind of style she likes, then it's even a good idea to let your girlfriend pick out her own engagement ring.

This way, she has a say in what she likes instead of you taking a blind guess. In fact, you can shop together and still keep the element of surprise. You can talk about stone and metal preferences and have your girlfriend pick out a few setting styles she likes. You can then choose the final design on your own and plan the surprise proposal.

Tip : See our guide on the most popular engagement ring styles. Also learn about diamond prices so you don't overpay.

Do you plan to buy an engagement ring online or in store? Is James Allen better than Blue Nile? In terms of pricing, James Allen and Blue Nile both offer similar competitive prices. James Allen has the edge when it comes to setting options, gemstones, and colored diamonds. It's also better if you need help, as it offers free diamond consultations with an expert.

Because of these, James Allen is our top recommended online jeweler. Read our detailed comparison review of James Allen and Blue Nile. Have an idea for a budget? There are a few other things to consider before putting down money for a ring:. Treat her as seriously as you treat yourself : If you spend quite a bit of money on your own hobbies and toys, then you should be willing to spend just as much on her ring. Take your time: A purchase this big should never be rushed or taken lightly.

Not only will you decide on the size, style, cut and color of the diamond, you'll also have to do some research on whether buying online or instore works best for you. If you want a wider selection of diamonds at lower prices we recommend comparing your findings from Blue Nile to that of James Allen for the best online offers. Other future large purchases : Maybe there are other milestone purchases coming up, such as buying a house. Make sure you know how the ring will affect that.

Or maybe the two of you find that taking a dream, once-in-a-lifetime trip together is more meaningful. Expensive is not the same as thoughtful : If you're going broke buying a ring you can't afford, that's not showing you care. That's just putting your joint financial future at risk. Sure, your bride may have a beautiful ring on her finger, but will she be happy if you're struggling to make ends meet every month because of it?

Explore their Inspiration Gallery to see current popular designs. Plus, there are many ways to show you care without going broke. Trying planning an unforgettable proposal. Maybe look into a one-of-a-kind handmade ring from a small independent jeweler. Or perhaps your grandmother's ring would actually be the perfect way to show her that she's part of the family.

Did you know? The proposal is going to be one of the most special moments of a girl's life, and a story she'll want to tell forever. If you can't afford a ring right now, the best thing would be to wait.

Put money aside each month until you can buy the ring in cash. But that might not be possible, especially when you have other loans to deal with. Saving up what you need could take a year or more.

We get it that you might not want to wait to propose. In that case, you could consider getting a cheaper ring, financing the ring or putting it on a credit card. But be careful: financing doesn't mean you should pick the largest diamond you can charge.

You still need to choose one that fits within your budget. The more cash you can bring to the table upfront, the better. If you must borrow the rest, develop a pay-off plan the wedding date is a great deadline. But you need to have a feasible plan to pay off the balance before the promotional period ends. If you need more time, try to find a credit card with low interest.

Some diamond retailers will have financing options too. But be careful because they could have some tricky terms. The interest rate is also usually very high. What about borrowing the money from a family member? This option has pros and cons. The good thing is that a family member won't do credit checks and, most likely, won't charge interest either. However, if you don't pay back the money in a timely manner, the relationship could be ruined forever. If you go this route, make it as official as possible, with a written contract and payment terms.

Don't shop during peak times Avoid buying a ring between Thanksgiving and Valentine's Day. Proposals are at an all-time high during this period, which means the engagement ring prices are too. Also plan ahead for the next step by knowing the best time to buy your wedding rings.

Know before you go Your knowledge of diamonds could play a major role in how much you spend at the jewelry store. So, before you go, research the 4Cs carat, clarity, cut , and color so you'll have the knowledge you need to negotiate the best deal.

Go just under whole and half carats Whole and half carat diamonds will jump significantly in price. And nobody will be able to tell the size difference. Compare 0. Don't get too caught up on quality The diamond color and clarity are not as important as you think. Don't pay so much for features you can't appreciate. Instead, focus on getting an excellent cut.

The excellent cut will make the diamond more brilliant and hide flaws and tints, so you can go cheaper on color and clarity. For the best balance of price and quality, we recommend H color and VS2 clarity. This will ensure that you get a white diamond that appears eye-clean, yet won't break the bank. For more of these expert tips, see our full article on how to get a diamond for best value.

Make the center stone look big with a flashy setting If you can only afford a small diamond, you can still make it look larger with certain settings. The halo setting is a favorite for making a huge statement with less. Not only is it pretty and trendy, it has serious bling factor and makes the center stone look a lot bigger. Consider an alternative shape or stone Have you considered a cushion or oval shaped diamond?

Cons: This budgeting system is too simple for the modern era. Based on www. Your financial means should determine your budget rather than a worldwide average. No one should go into debt in order to pay off their engagement ring.

Pros: Extremely simple system. Cons: Most people fall far below or far above the average. Limiting the budget to a national average is a really bad idea. We strongly recommend picking a budget that is tailored to your personal requirements. Using a number generated based on the entire country is not suggested.

For example, a 1. They are both 1. Cons: This system will leave a lot of people dissatisfied with their diamond. Consumers also care about clarity, cut and color.