How Much Should I Spend on an Engagement Ring 2022?

Marrying your long-time partner is one of the exciting moments in your life, and you will always want to make it memorable. Buying a stunning engagement ring can be the best option you can choose. While diamond engagement rings are the most common jewelry people select to buy, other options are available now. Read this blog for valuable suggestions.

What Things Should You Consider While Making the Decision?

When looking for an engagement ring for your partner, consider the following factors to set your budget.

• How much you will spend on other aspects of your wedding like guest invitations, food, honeymoon, etc.

• Your current and predicted income

• The place you live in

• Your savings and additional costs

• What your partner says about buying the ring

How Much Do People in the US Spend for Buying Wedding Rings?

Usually, US people spend about 4% of their annual pre-tax income on average to buy an engagement ring, which is equivalent to their two-week salary.

The average price of a one-carat diamond wedding ring is around $5500. But because most couples do not have a clear idea about the costs of diamonds, they end up spending over $6000. It has been found that about 7% of Americans choose to spend over $10000 on an engagement ring.

The city you live in can significantly affect the budget. For example, if you live in Chicago or New York City, you must pay a hefty sum for a diamond ring.

Your personal decision is how much you will spend on your wedding ring. Considering the factors discussed here will help you find the best ring at an affordable price.

Halo or Solitaire Engagement Ring: Which One Should You Buy?

Diamond rings come in various styles and settings, and two of the most common are halo engagement rings and solitaire engagement rings.

In the case of a halo ring, smaller gemstones are placed encircling the center stone. This setting results in a halo effect, and people start thinking that the diamond placed in the center is more sparkly and bigger. You may choose a smaller center stone for your halo ring if you have a limited budget.

On the other hand, a single diamond is placed in the center of a solitaire ring. This type of setting has a simple and elegant look and has been popular for many generations. Four or six prongs are usually used to hold the diamond in place.

If money is not a big issue for you, you may choose to buy a solitaire wedding ring.

Final Thoughts

A range of styles is available in the market. You can also choose infinity engagement rings if you want something that looks unique. But, regardless of your choice, make sure it is affordable for you and you have approached the right jewelry store for the purchase.