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How Much Should You Spend on an Engagement Ring?

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What is the average price of an engagement ring?

According to The Knot, the average engagement ring will cost $6,000 in 2021. Remember that this figure is not a standard. It is a national average of all engagement ring purchases and is influenced by a number of factors, the most obvious of which is region.

Furthermore, according to a survey conducted by The Harris Poll on behalf of TD Ameritrade, young millennials and Gen Zers believe an engagement ring should cost less than $2,500. They tend to reject the three-month salary axiom, and younger couples frequently pay for their own weddings, leaving less money for the engagement ring.

Is $20,000 too much for an engagement ring? Yes. Instead of stressing about an out-of-reach budget or incurring a mountain of debt, spend what you can afford. Whatever the cost of the jewelry, the marriage is far more valuable.

Should You Borrow Money to Buy an Engagement Ring?

Buying a diamond engagement ring should not put you in debt. An investment has the potential to grow your money, whereas the value of a diamond is unlikely to rise over time.

The cost of a diamond does not indicate how happy your marriage will be. Actually, one of the top reasons for divorce is financial reasons, so starting a marriage by incurring more debt may foreshadow a rocky future.

How to Buy an Engagement Ring

Here are seven things to think about when looking for the perfect engagement ring.

  1. Make a Budget

    Budgeting for your engagement ring should be a part of your overall budgeting strategy.

    How much money do you have? Before you go shopping, make a budget so you don't get talked into spending more than you can afford. More and more couples are shopping for an engagement ring together these days, which has several advantages:

    • Ring shopping is a shared experience.
    • There's no need to guess what size to get.
    • They can try on rings to see which ones they prefer.

    There is a huge selection of engagement rings with various bands, stones, and cuts to choose from. Because an engagement ring is a significant purchase that you want your future spouse to be pleased with, it makes sense to go shopping with her. You do lose the element of surprise, but you can make the manner in which you propose a surprise instead.

  2. Compare Prices

    Visit several jewelry stores to get a sense of what's available. A jewelry store's markup on diamonds can be up to 200% of the original cost. You'll pay more if you go shopping at Tiffany's or Cartier, but there's some wiggle room, and some jewelers may have better prices than others.

    Chain jewelry stores are generally more expensive due to higher overhead and advertising budgets.

  3. Negotiate

    More expenses than you might think are negotiable, and engagement rings are one of them. Find an independent jeweler or a wholesaler and start shopping. Here are some negotiating pointers to keep in mind:

    • Go when the store is quiet — jewelers rarely want to negotiate in front of a crowd.
    • Check that the person you're speaking with has the authority to negotiate.
    • Avoid going shopping during peak seasons like Valentine's Day or Christmas.
    • Mention that you're looking around.
    • Be prepared to leave.

    Even if you only get 5% to 10% off the sticker price, you can save hundreds of dollars. Make sure the diamond is certified by the American Gemological Appraisal, as this will ensure that the ring is worth the price you're paying. All diamonds are beautiful, but unless you're a gem expert, it's difficult to tell a good stone from a bad one.

  4. Online Shopping

    Because online retailers have lower overhead costs, you are more likely to get a good deal. Before you shop, make sure you go to a reputable jeweler, read reviews, and that the ring is certified.

    You can either save money by shopping online or use the information you find to negotiate a better price at a local jewelry store. If you decide to purchase from an online retailer, make certain that the ring shipment is insured and that there is a money-back guarantee.

  5. Consider Another Stone

    Diamond engagement rings did not exist until shortly after World War II; instead, consider a sapphire — it worked for Princess Diana. Sapphires make excellent engagement rings due to their strength and hardness. On the other hand, emeralds and tanzanite are more delicate and prone to chipping.

  6. Give up clarity, carat weight, or color

    By selecting a smaller stone, you can save money. You can also save money by purchasing a diamond with a lower clarity rating, as diamonds are graded based on how close to colorless they are.

  7. Purchase Vintage

    Consider purchasing an antique ring for a truly one-of-a-kind engagement ring. Before you dive in, talk to your future spouse about it. Some people adore history, while others despise it. Vintage ensures that no one else has a ring that looks exactly like yours, and older diamonds typically cost less than comparable modern diamonds.

Last Words

Contrary to popular belief, the success of your marriage is not determined by the engagement ring you select. The ring represents your love for each other, but it does not define your relationship. Whether the price is higher, lower, or exactly at the national average engagement ring price, the most important thing is that you buy something you can afford and that your intended spouse will like.

Bonus!

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