Engagement & Wedding Rings – How Much to Spend in 2023

Are you thinking of popping the question soon to the love of your life and wonder how much to spend on the engagement & wedding rings? Or maybe you’ve been in a long-term relationship and you’ve already discussed that you’ll be shopping for an engagement ring together? In this article, we’ll cover everything you need to know before you buy an engagement rings and your wedding bands.

What’s the Cost a Couple Should Spend on an Engagement Ring?

According to Credit Donkey, the average couple in the US spent just over $5000 on an engagement ring in 2022. Interestingly, this amount was higher in 2019 where couples were spending about $7,750.

If you’re planning to buy an engagement ring, remember that this is a two-part process. First, figure out what kind of engagement rings your future spouse would like. Second, make sure that you can afford it and set a budget. You may not realize it, but the price tag on an engagement ring can add up quickly! That’s why it’s important to know exactly what you can afford before you begin searching for “the one”. Be sure to stick to your budget when you’re shopping around for the best deal.

What Are Most Couples Spending?

Buying an engagement ring is not just a matter of buying something pretty – it’s also a financial decision. In the United States, the average person spends 4% of their annual salary on an engagement ring. That means that if your annual salary is $50,000, then you should expect to spend around $2,000. However, the price of an engagement ring varies widely depending on where you live and what kind of engagement ring you will be buying.

Various studies have found that the overall spending on engagement rings has remained relatively stable since the 1970s, even though incomes have increased. The average percentage spent on an engagement ring remains steady across different levels of income, which still remains between 4 and 5%.

Of course, there always will be outliers – 7% of respondents in the survey reported paying more than $10000 for an engagement ring and of course, the amount spent can really have no cap as famous couples have reportedly spent millions of dollars on engagement rings.

That said, the surveys tend to be averaging lower than what the wedding industry states – the average amount spent on an engagement ring is in the vicinity of about $5,000. Some wedding experts say that the figure is even higher than that, coming in between $6,500 and $8,000. Regardless though, one thing is clear – no one is generally spending close to the “three-months rule” and this rule hasn’t been followed for quite some time now. Couples are starting to shop together and discuss their preferences and affordability.

So, What’s This “Two or Three Month Salary” Rule I Keep Hearing About?

DeBeers, the international diamond company, controlled most of the market in the early 1900s. In the Great Depression, they came up with a marketing campaign stating that diamond engagement rings were an important investment and recommended that a diamond engagement ring should set someone back about a month’s earnings. They cleverly increased this amount a few decades later and ran an ad in the 80’s featuring a glamorous, beautiful woman that stated: “You can’t look at her and say she’s not worth two months pay.”

Don’t get caught up in the price tag game and trying to compete with others. Think about what you really want and how much you want to spend before you buy. An engagement ring should reflect your relationship. Not only does it show how much you love each other, but it also shows that you’re willing to spend money on something special… together. So if you’ve got a budget, make sure you stick to it. And remember, just because you can’t afford what you want now, it doesn’t mean that you can’t upgrade down the road when you have a larger budget to work with.

How Can I Afford An Engagement Ring AND Be Budget Conscious?

Solitaire rings are made up of one single large diamond. A single large diamond and no side diamonds can cut down significantly on the cost for most buyers.

Even though a small change in weight may not seem significant, it could be enough for you to buy a cheaper alternative. If you’re looking for something special, consider asking if there is the same style with a lower carat size.

Similarly, the quality/price ratio of 18k vs 10k gold can save hundreds of dollars.

There’s also lots of options nowadays if you want an engagement ring that looks like a diamond but you don’t want to pay the diamond price. Consider saving some money by choosing a lab grown diamond, morganite, moissanite, or cubic zirconia instead of a natural mined diamond which really isn’t that rare anymore.

What Are Some Other Options For Buying Engagement Rings?

If you don’t have a family heirloom passed down from generation after generation, consider buying one at a reputable store instead of an antique shop. You may be able to get a good deal by asking your local jeweler if they have any “estate jewelry” or secondhand pieces for sale. It’s recommended to purchase these items from a reputable jeweler rather than an antiques shop – unless you’re an experienced appraiser, it’s impossible to judge a piece of jewelry on your own.

Should I Buy an Engagement Ring Online?

If you’re looking for an inexpensive ring, you might be able to get one on sale in a local jewelry shop. However, if you’re interested in buying a diamond engagement ring, you may be better off shopping online than in a physical location. You’ll also have access to a larger selection. Look for engagement rings from online sites like Blue Nile, and Brilliant Earth. Etsy also has a large selection of customized rings.

You’ll find plenty of scammers selling fake gems online. Look out for suspicious dealers, particularly on eBay and Craigslist. A certified stone should include a GIA, AGS, or EGIA certificate. Avoid any sellers who sell uncertified stones and make sure to get a certificate, as that is the only way to know exactly what you’re getting. Also make sure your purchase includes a good return guarantee.

We Don’t Have Enough Money For an Engagement Ring…

Don’t let the price of an engagement ring prevent you from getting married; lots of brides choose a simple wedding band now until they can afford a better one later. It’s just another good reason to anticipate gift ideas for anniversaries!

Now That We Bought an Engagement Ring, How Much Should We Spend on the Wedding Bands?

Unless you plan on only buying an engagement ring and not wedding bands, then you can just stop reading now. However, there is a large percentage of couples that will choose to wear wedding bands after their nuptials. If this is you, then read on!

What Do Wedding Bands Cost?

According to The Knot, couples are spending about $1,600 on wedding bands, with men’s costing just over $500 and women’s about $1100. Why the price difference? Usually women’s bands will be more intricate, either in the quality of the metal used or details such as small diamonds or other gemstones. Men’s bands tend to be simpler in design, with few or no diamonds or gemstones.

Keep in mind that this is just the average cost that American couples spent in 2021; what you choose for yourselves will be based on your preferences and your own budget. Some men choose tungsten, titanium or stainless steel for their bands, which would cost much less than gold.

What Things Should I Keep in Mind When Shopping For Our Wedding Bands?

It goes without saying, but don’t buy your wedding bands until the engagement ring has been picked out. It’s also the larger of the two purchases and you’ll want to make sure that they coordinate and fit nicely when worn as a set. Here are some tips from wedding industry experts as well as couples who have already gone through this process:

1. Complement the Engagement Ring

A good rule of thumb is that if your wedding bands are yellow gold, then your wedding bands should be yellow gold as well. Also consider the size and thickness of your wedding bands; they shouldn’t be stealing all the attention from your engagement ring. You may also want to choose a simpler design rather than one with lots of jewels that will take attention away from the beauty of your engagement ring.

2. Worn Together or Worn Separately?

You may keep your engagement and wedding bands separately if you prefer, but soldering them together could help keep them synchronized. However, if you choose to do this, then you lose the option of wearing either of your rings separately or paired with anniversary rings in the future.

3. Couples Wedding Bands

Some couples choose to purchase matching sets; if this is the case, we suggest you find the wedding band that best suits your engagement ring and then buy the matching set.

4. How Long Will It Last?

If you’re planning to keep your wedding ring on your finger for life, then you should choose an affordable metal that will last. 14K and 18k gold are good options because they are quite durable and easy to maintain. Platinum is an excellent choice for durability, but the maintenance, cost and upkeep could be higher. As mentioned before, if matching wedding bands isn’t a necessity, then some men choose either titanium or tungsten for their strength and durability.

5. What’s Your Style?

How your ring makes you feel is the most significant factor. Your wedding band symbolizes your affection and commitment to each other – they are the rings that will be exchanged during your ceremony. Your choice of wedding ring will also show your individual style. White gold is what most women choose for their wedding bands while men are choosing tungsten most often.

6. How Much Do You Want to Spend?

There are no hard and fast rules about how much a couple should be spending on wedding rings, but generally, couples are spending about 3% of the wedding budget on rings. So if your wedding is going to cost $20,000, expect to spend about $600 on wedding bands for you both.

Most importantly, you and your future spouse who sit down and create a budget for the entire wedding first and all the anticipated expenses, which include ring purchases.

Final Advice

De Beers came up with the concept of buying expensive diamonds for your fiancee – after all, they in the diamond business so don’t take their advice as gospel and don’t go into debt for this. We suggest you do a ton of research before you make a purchase, either for your engagement ring or your wedding rings. If buying your rings online, be sure to check online reviews and ask friends and family members for references first. Lastly, when you find the rings that make your heart flutter, make sure you’re spending within your means.