You’ve already researched your engagement ring, bought it from a jewelry store, and popped the question. Now you have to think about the wedding! How much do you save for the wedding ring, and how much for the wedding itself? And what about the honeymoon?
It can be hard to figure out how much to spend on a wedding ring because it depends on many different factors. Chances are you’ve already done all this research before, but for the engagement ring. So how does it differ for a wedding ring?
In this article, we’ll take you through the process of buying a wedding ring. We’ll cover the market average, how to choose the perfect ring, and how much you should spend on a wedding ring.
Joyce Layered Stack Ring
Charisse Vintage Ring
Midi Knuckle 2-Ring Set
What do other people spend on a wedding ring?
A men’s wedding ring will be a different price than a women’s wedding ring. A cheap wedding ring could be somewhere in the low hundreds, whereas an expensive ring could be well into the thousands.
In the US, as of 2019, the average cost of a men’s wedding ring was around $500. In contrast, the average for women was around twice the price at almost $1100.
Traditionally, the guide for an engagement ring was to spend one to three month’s wages on it (although this is going out of style).
You should tie in your wedding ring budget with your engagement ring budget. If you bought an expensive diamond engagement ring, you probably don’t need to go all out on the wedding ring (especially if they’re going to be worn together!).
Choosing a simple, affordable wedding band can be the way to go—especially if you’re going to be wearing it day in and day out.
Just like the engagement ring, you want to choose a wedding ring that you like. To make things slightly more complicated, the wedding ring should also complement the engagement ring. The wedding ring style that you want will affect its price; it’s as simple as that.
If you’re looking for a simple wedding band, chances are it will be much cheaper than a full-on diamond ring.
Choosing the center stone for your wedding ring is the first step (if you want a center stone!). A diamond is traditional, but think about other factors before going ahead.
First, does the engagement ring have a diamond on it? In this case, you may want to choose a ring style that complements the engagement ring’s diamond. This could be a simple wedding band or a smaller diamond center stone.
When choosing a diamond, you need to consider its carat weight—the higher the carat, the more expensive the diamond will be.
Having a diamond will bump up the cost of your wedding ring considerably. You could consider a different stone, or even cubic zirconia, to bring the price down. The ring will still look gorgeous, and you won’t break the bank.
For a men’s wedding band, chances are the job will be much simpler. Traditionally, the groom has a much simpler wedding ring without a diamond.
Do you want a precious metal ring?
Choosing the base metal is the second step. You may have to factor in what stone you went with when selecting the base metal.
If you choose a diamond, its color will matter. The yellower the diamond is, the more suited it will be to yellow gold. And a colored diamond or different colored stone won’t go with every base metal.
First, decide whether you want precious metal or something more affordable. If going with precious metal, your choices are white gold, yellow gold, rose gold, sterling silver, and platinum.
As mentioned, a diamond that has some color to it will most likely match with yellow gold. But, if you have a very colorless diamond, why not go with white gold?
White gold is trending right now and is a versatile base metal to have in your wedding ring.
Meanwhile, consider elements of the ring design, like the setting. This will tie back into whether it will match a diamond and what color of gold to use.
Figuring out how much to spend on a wedding ring is difficult. You want to have the perfect wedding ring to match the perfect engagement ring, but you also need it to fit within your budget.
Consider whether you want a diamond, what carat weight it will be, what precious metal you want to use, and what ring design you want. Once you have considered all these factors, go to your local jeweler and find out where you can make a compromise on money.
The main thing you need to consider when shopping for a wedding ring is your budget. You don’t want to go into credit card debt to get your dream ring.
It’s better to buy a more affordable wedding ring that will match your engagement ring than buy an expensive ring that will put you in debt for years.