Not Sure How Much You Should Spend On An Engagement Ring? Find Out Here
Unfortunately, when it comes to buying an engagement ring, men often find it difficult to know which one will truly impress their partner and get them to fall in love all over again. There are just so many engagement rings on the market – some with diamonds, some with a minimalistic design, and others that feature creative and sometimes “over-the-top” designs.
Just as these rings defer in features and the design, they also vary greatly in terms of price. You’d get one ring that’s under £500, and just the very next one that is available on the market will set you back over £2,500. In this post, we’ll take a look at the many factors there are to consider when it comes to how much you should really be spending on that perfect engagement ring. We’ll also take a look at statistics from recent surveys and studies to see how much people in the UK are currently spending on these rings.
Let’s start out by taking a look at some statistics related to how much people in the UK are spending on engagement rings in general. The average amount of money that people pull out of their pocket to buy an engagement ring fluctuates a lot. One year people are spending thousands on these rings, and then just the next year the average person seems to be spending much less on an engagement ring.
There is a general rule that people have used for quite some time – in fact, this particular rule has been around for many decades. A lot of people believe that an engagement ring should have a price tag that is equal to three times their monthly salary. Say, for example, you earn a salary of £800 per month. In this case, according to this “traditional” rule, you would have to opt for an engagement ring that costs £2,400.
Even though this popular traditional is still imprinted into the thoughts of many people, we are seeing a lot of people turning toward other approaches to setting an ideal budget for an engagement ring in modern times. Today, people are less likely to take their salary into account and times this by three to select a value for an engagement ring.
In 2017, the average amount spent on an engagement ring by British peoples saw a significant decline. The average was reported to be around £785, according to national data collected through a survey that targeted people who were recently engaged or married.
A sudden rise in the average price of an engagement ring rose again significantly just the next year, in 2018. In fact, an 89% increase in the average value of engagement rings for 2018 was reported – climbing from that £785 all the way to £1,483.
While the stats can show one result this is only from the data, they have available. We took to the streets of our own home town Bristol to do our own mini survey. Out of 200 individuals the average ring cost was £3,500 ranging from £700 – £8,500. Only a very small sample size but it seems the younger generations we asked were willing to spend more.
Our only real thought is; only buy what you can afford but we come this more below.
While it can be useful to consider the average amount of money that people are choosing to spend on engagement rings in the UK to help you decide how much you should be spending, the data is constantly changing. One year it’s below £1,000, the next year it is above this price line. We’ve seen years where people have spent less than £500 on average for an engagement ring.
It can also be used to consider older traditions – such as the three-month salary option.
Unfortunately, this does not work for everyone. A lot of people are searching for ways that they can calculate an appropriate price based on their specific situation – average amounts do not take a person’s unique circumstances and, of course, their financial situation into account.
For this reason, we decided to consider a couple of options that you should ideally look at in order to help you determine what the best amount of money would be to set aside in order to spend on an engagement ring that you will be used to propose to your loved one.
Before you start to calculate an ideal amount to spend on the engagement ring you would like to buy, it would first be a good idea to take into account when you wish to propose to your partner. Some people prefer to have a more significant period of time to prepare for the perfect proposal – not only is the engagement ring important, but you also need to plan out the entire event. This would include the venue, the surroundings and environment, and the words that you will be using to propose.
The more time you have to plan out these things, the longer you have to save. With this in mind, it would be a really good idea to plan out the proposal early – this way, you would give yourself more time to save up money and buy a more expensive engagement ring. That is, of course, if you are aiming for an engagement ring with a higher price tag.
If you are crunched for time and would like to propose in just a month or two, or perhaps even in the next two weeks, for example, then things are different. Without adequate time to save up, you will likely have to decide to opt for a lower-priced engagement ring.
Thus, set up a timeframe for the proposal. Know exactly how much time you have to save up some money for that engagement ring. Then, decide how much money you can set aside every month. This will give you a good idea on how much money you will ultimately be able to save up in the specified period of time.
In addition to taking the timeframe from now up to the point where you will be proposing into account, it is also important that you take into account your current financial situation. This is crucial – there is no use in blowing all of your cash or taking out a loan that you really cannot afford to pay back if this is going to set you back too much.
Remember that the engagement ring that you are planning to buy will only be the start to the wedding. You’ll also have to consider the actual wedding ring that you will be buying, as well as the wedding itself. All of the things that are needed for a wedding – consider the venue, food to serve the guests, and let’s not forget the wedding gown, along with the tuxedo.
Don’t overspend on the engagement ring and end up with too little money to actually have a good wedding. This is why it is so crucial to have at least an approximate budget in mind for the wedding – and then to be sure that the engagement ring’s price will perfectly fit into this particular budget.
When you plan things this way, it reduces your risk of overspending but also ensures that you can set out an appropriate budget for the engagement ring to ensure you do not end up buying a cheap product that will end up disappointing both you and your partner.
You’ll also need to take a look at a few other things in terms of your financial situation. For example, it might not be a good idea to overspend on an engagement ring if you have a ton of debt that you have to take care of.
There are cases where taking out financing for an engagement ring could be an appropriate solution. With this step, you might want to visit local jewelry and see how much you can qualify for. They will usually run a credit check on you (not all jewelry stores offer credit facilities). Once the credit check has been completed, you’ll be provided an approximate amount that you qualify for. You can then check for an engagement ring that fits within the credit limit that you have been provided.
Now, there is no reason why you should completely limit out the credit provided to you by the jewelry store. The fact that you have been approved for approximately £2,000 does not mean you must buy an engagement ring for that full amount. You can easily get a great looking engagement ring for about £1,000 – half that amount – that will still be very impressive to your partner.
Plus, when you don’t opt for that full amount, you’ll end up paying much less on your monthly installment. This way, you’ll have more money to put away toward the wedding that you will likely be planning soon.
Simply deciding on a specific price is not all there is in terms of buying an engagement ring. There are so many different options out there. You can choose between a large variety of designs, materials, gemstones, and sizes. All of these have unique price tags that are associated with it – the more complex the ring, the pricier it will be at the end of the day.
The tip that we want to give you here is that you should take the specifics that you prefer for the engagement ring you would like to buy into account when you wish to understand how much you should spend on the ring.
This might be a little more difficult than you think at first. You’ll have to find out exactly the type of engagement ring that your partner might be expecting and what exactly they desire. People have different tastes and preferences when it comes to an item like an engagement ring.
When choosing a ring, you will often start by selecting an appropriate material for the ring itself. This may include gold or platinum. When it comes to selecting gold, you may opt for standard yellow gold, or rather opt for white gold or rose gold.
In addition to the material, you’ll have to select the specific types of stones that you wish to have in the ring. Diamonds are very popular and certainly something that will be exceptionally impressive to your partner if you present them with a diamond-studded engagement ring.
There are, however, more affordable options that you can choose. Diamonds are extremely expensive. Opting for a precious gemstone instead can help to reduce the price of the engagement ring significantly, but it will still look beautiful on the finger of your partner.
In terms of shape and design, you’ll have to shop around for these to find something that will appropriately fit your partner. Consider the rings that they are wearing at the moment, notice the ones that they really like, and see if you can find something that is similar, but more impressive, of course.
When it comes to buying an engagement ring, people often have a difficult time trying to figure out what is the right choice and, of course, trying to determine how much money they should spend. There are many facts to be taken into consideration. While looking at the average statistics on prices that people pay for engagement rings in a local area can be helpful, this data should not be used as a definite factor on how much money you will need to pull out of your pocket to make your partner happy.
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