Before you start planning the wedding of your dreams, it’s important to figure out how much money you’ll need to save for the big day. And just like with any other financial decision, the more you know about what goes into planning a wedding — wedding ring cost, and what kind of budget to expect for your engagement rings or wedding bands — the better off you’ll be.
Determining the cost of a wedding ring depends on several factors, including the quality of the materials, the design, and the brand. It’s essential to establish a budget and prioritize what aspects of the ring are most important to you, whether it’s the size of the diamond, the metal type, or the overall craftsmanship.
So, let’s take a look at everything from buying an engagement ring and wedding bands to finding unique ways to propose and save money along the way.
How Much Should You Spend on a Wedding Ring
It depends on your budget and how much you have saved for your wedding and wedding bands. A simple wedding band can be perfect for you if you don’t have much money or want to allocate funds to something more important to you and your spouse — like your honeymoon.
You may also want to consider buying less expensive wedding bands so that there is some wiggle room in case things go wrong or change in the future (and they will).
If you want something nicer and more expensive, that’s totally up to you! Some individuals enjoy stunning rock over a simple band. It all depends on how much you want to spend.
How Much Do the Rings Cost?
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Cost of the Engagement Ring
The average cost of an engagement ring is $2,000, while the average cost of an engagement ring is $5,000. The cost of a wedding band is around $1,200 and the cost of plain engagement rings (no diamonds or gemstones) is around $400–$500.
It is important to note that several factors go into the total cost of the rings.
Cost Of the Groom’s Wedding Band
When it comes to wedding bands, the cost varies depending on what material you choose. The average price for one is around $300 but can range from $100-$2,000. Here are some of the most common materials used:
This is a very durable and expensive metal that will hold up over time. If you plan on wearing it every day, this might be your best bet because it will look the same as when you first bought it for many years.
The average cost of a platinum engagement ring is between $500-$2,000, depending on how intricate the design is or how big/small they make them. If you’ve got deep pockets and want an eye-catching piece that will last forever, this might be right up your alley!
This type of metal has been gaining popularity since its introduction in the late 19th century because of its versatility with different stones such as diamonds or rubies. They are good for everyday wear while still being impressive to look at.
In general, white gold rings tend towards a lower price point than other colors like yellow or rose gold engagement rings because less work goes into making them.
However, if you want diamonds, expect prices closer to platinum than silver due to increased labor costs associated with manually cutting these stones.
Types of Engagement Rings
Diamonds are the most popular choice for engagement rings and the most likely to break your budget.
That said, diamonds aren’t the only gemstones used in engagement and wedding ring settings. The other two most commonly used stones are sapphire and emerald. These stones can be set in various metal bands or settings to create unique styles that suit your tastes better than one-size-fits-all metal bands with generic cuts. The price range varies widely depending on the size, type of metal and style of setting you choose.
Other types of gemstones, like rubies, are also popular choices — and since they’re less common than diamonds, you may find a unique stone that’s still within your budget.
If You Are on a Lower Budget
If you don’t want to spend too much on a ring, consider going with a cheaper or less valuable stone like cubic zirconia instead. You can also get nontraditional materials woven together into bands or set with gems in lieu of metal settings. For example, wood rings are made from rare woods like rosewood, bamboo and other exotic hardwoods, and bronze rings can be cast from recycled scrap metal!
Buying A Diamond Engagement Ring or Wedding Ring Online
There are a lot of places to buy rings online that offer a wide range of styles and prices. Some websites will offer you the option to customize your ring, while others offer pre-made designs that you can purchase at set prices. It’s best to do some research before purchasing any jewelry from an unfamiliar website so that you don’t get scammed into buying something fake or subpar.
Here are some tips for buying a wedding ring online:
- Check reviews of each site before purchasing an engagement ring online, especially if it does not have much publicity yet. If there aren’t many reviews, try searching for other users’ experiences on social media sites like Yelp or Facebook (these usually give honest opinions).
- You could also search Google Images for pictures of what they look like in person instead of just seeing the engagement ring online, so you know what kind of style/size/quality craftsmanship they use in their products!
- Look up reviews on specific brands. This can help prevent bad experiences with products from one brand over another.
Costs of a Vintage Wedding Ring
When shopping for a vintage wedding ring, you’ll need to consider the cost of the ring itself. The type of metal used in the ring will make a big price difference. Classic gold wedding bands are often priced much higher than platinum or silver options. If you choose gold over another material, it’s important to understand that there are several different types of gold available, each with its own set of pros and cons.
Consulting with an experienced jeweler can help you decide on both style and budget when searching for a vintage engagement ring — and even more so when looking at prices for vintage wedding rings!
What Can You Afford?
Consider the cost of the ring. Wedding rings are a major expense (especially a diamond engagement ring), but don’t let that break your budget. There is no need to spend thousands of dollars on a diamond when you can buy one with similar quality for less money.
If you’re worried about spending too little, consider going with an engagement ring instead of an engagement band. Engagement rings are typically priced higher than engagement bands because they have more diamonds in them — and there’s nothing wrong with getting engaged before buying a wedding ring!
Choose The Right One for Your Budget
Determine what type of band you want and how much it will cost. There are many different styles of wedding bands available today, so make sure that whatever style you choose fits well with the look and feel of your partner’s existing jewelry collection and your personal aesthetic preferences before deciding on what type is best suited for them.
How Long to Save For a Wedding Ring
So, you are probably wondering how much a wedding ring costs and want to know how long you should save for one.
To determine how much you should save, think about your budget. Ideally, you want to save as much as possible and get the best ring you can afford. The more time and money you put into saving for your ring, the better it’ll be when it’s time to make a purchase.
A good rule of thumb is to save 3 months’ worth of salary or take out a loan that equals that amount. This gives you enough time to shop around for diamond quality (and learn what those terms mean). If this feels like too much of an investment at first glance — and it might — you can always save up less and plan on buying another piece later in life if need be.
Does the Cost of a Wedding Ring Matter?
Let’s be honest: the cost of a wedding ring doesn’t matter. How much you spend is up to you and how much you spend is a personal decision. Your financial situation will determine how much money you spend.
Some people might think that spending more money on something like wedding rings means that they’re in it for the long haul and care about their relationship enough to make an investment in themselves as well as each other. In contrast, others may feel there are better ways to spend their money than on their wedding rings (like a house or saving for the future).
Tips for Buying a Wedding Ring
- Shop online. After you’ve narrowed your search to a few rings, check out the stores’ websites that sell them. Investigate their return policies, warranty information and the type of diamonds they use.
- Look for a lifetime warranty. It’s generally not worth buying a ring that isn’t covered by a warranty (though there are exceptions). Check out how long the store’s lifetime guarantee lasts; if it doesn’t have one at all, walk away!
- Ask about the diamond’s cut, color and clarity. Your purchase should include a certificate stating its characteristics: carat weight (which refers to size), cut grade (for example, “ideal” or “excellent”), color grade (“D” is colorless) and clarity grade (“flawless”). If any of these numbers aren’t listed on the certificate, then ask your salesperson exactly where they came from so you can find out more about them yourself before making your decision.
Unique Places to Propose
When it comes to proposing, there are no limits. You can get down on one knee in front of your partner at the zoo or even during a mountain hike.
Maybe you’d prefer to propose at the beach, right near the water’s edge, so they have no choice but to wade into those waves with you both dressed in white (or whatever color you choose). Proposing underwater is also an excellent way to make an unforgettable moment — just make sure you have enough oxygen tanks on hand!
Museums are often overlooked as a place to propose because of their reputation for being boring and stuffy. But museums provide a unique setting that will help you capture the moment forever — and they’re usually pretty fun, too! Not only will your partner be impressed by your choice of venue, but they’ll also enjoy some new exhibits and maybe even learn something.
Some museums have special events you can use to help plan your proposal with your engagement ring:
- The Boston Museum of Fine Arts hosts an annual Holiday Ice Rink; it’s a great excuse for an evening out during the winter when fewer tourists are at the museum. You could take advantage of this opportunity by ice skating together under the stars (and then asking her if she’ll marry you).
- The New York Historical Society has regular concerts throughout its galleries, so this might be another good place for an intimate proposal concert or gallery walk where your partner can enjoy a beautiful view while listening to great music!
If you’re adventurous and want to propose in a unique location, consider proposing atop a mountain. The view from the top allows you to see the surrounding landscape, making for a perfect photo.
A hot air balloon ride is an amazing way to propose with an engagement ring. You can choose a location that is meaningful to you and your partner and it will be a memorable experience for both of you. The flight can last from 30 minutes to several hours, depending on how long you want it to go on.
When it comes down to it, there is no straightforward answer to how much an engagement ring costs. It varies drastically from the type of ring, the rock, the ring’s age and more! However, the cost of an engagement ring doesn’t matter to most people. What matters is that you LOVE the person you are marrying.
So, when buying a wedding ring or engagement ring, purchase something you can afford. There are loads of unique options at a variety of price points. There is no sense in digging yourself into a financial hole before starting your new life with your spouse!
Serena & Dominic are a married couple and parents to 3 wonderful children. They plan weddings, run multiple small businesses, and curate wedding events.
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