While you think about that, we’ll throw in another tricky question: how much money should be spent on such a bella swan ring, in general? It’s difficult to know how much to spend on an engagement ring because of the many urban legends and false beliefs about the subject. Even though there isn’t a single correct answer to the question of how much an engagement ring should cost, we posed it to professionals Taylor Lanore and Jennifer Gandia, who helped us determine a ballpark figure, dispelled some common misconceptions about the subject, and provided some simple strategies for keeping the big day within our means.
Common Cost of Engagement Ring
The American Engagement Investigation conducted by Brides found that the average price of an engagement ring in 2020 stayed at $3,756, which is a substantial decrease from the average cost of an engagement ring in 2018, which was $7,829. There are engaged couples that spend far less on their wedding than others. Several factors, including the size and quality of the centerpiece stone, the presence or absence of embellishments (such a halo or stones inserted in the band), and the chosen metal, will greatly affect the final cost of the ring itself (not to mentioned markups that may come along with characteristics like a well-known brand name).
You may worry that your partner may feel coerced into spending too much on an engagement ring, even though there is no set rule regarding how much an engagement ring should cost. You should express your opinion when the proposition is made, not before. You may add, “Jen told me a few weeks ago that she wished her husband had spent much less on diamond ring so they’d have more wedding money.” It seems that some people are going utterly mad nowadays. It’s OK (and very nice) if some people choose to blow their budget on an engagement ring if they have the means to do so.
Myths About the Cost
The most common (and false) belief is that an engagement ring should cost no less than three months of salary, but Lanore debunks this conventional wisdom. In reality, there is no set amount that couples should spend on an engagement ring, and she is able to work with a broad variety of budgets.
It might be challenging to determine an appropriate budget for an engagement ring due to the proliferation of urban legends and misinformation. Because there is no universal norm that regulates call proper procedure, we asked this question to Jennifer Gandia and Taylor Lanore, two experts in the field. They helped us develop a reasonable budget for something like the wedding, dispelled some myths we’d heard about the expense of an engagement ring on its own, and gave us honest advice on how to save corners without sacrificing quality.