Twenty-nine percent of those who opted for a chain store shopped at Kay Jewelers. You've probably heard the "one month salary" rule, which says you should spend one month's gross income on an engagement ring. Few people realize that this "guideline" began as a marketing initiative that diamond marketers used to enhance sales around the start of World War II. Over time, this notion grew to two and even three month's salary.
It's highly unrealistic, especially since it considers gross income rather than net or inflation, and doesn't look at debt load at an all-time high for young adults due to student loans.
Despite what jewelry ads may want you to spend, it's never a good feeling to spend the first several years of your marriage paying off the engagement ring. Translation: Feel free to ignore this outdated "rule. Engagement ring calculators attempt to help you decide how much to spend on an engagement ring by gathering information about your income, lifestyle and debt-to-asset ratio.
If you'd like to use an engagement ring calculator to determine a ballpark budget, go right ahead, but steer clear of hokey versions. Better yet, read on for some helpful and legit tips to determine how much money you should spend on the right engagement ring.
Shannon Delaney, director of communications for online diamond retailer James Allen , encourages every person looking to purchase an engagement ring to develop a budget first. Are you looking for a high-quality diamond? Are you willing to sacrifice a bit on quality in order to make it a larger diamond? Are you planning for a simple band which will be cheaper, or something with a lot of smaller diamonds that will take more of your budget? In keeping with this advice, here are some important factors you'll want to consider as you determine how much to spend on an engagement ring:.
When you're finally ready to whip out your wallet be sure you're getting the biggest bang for your buck—here's how. Delaney advocates shopping online in order to ensure you're getting a good price and product. Also, thanks to the tremendous selection, you can ensure that you get exactly the diamond and ring that suits you and your budget and not be pressured into something the store has in their jewelry case," Delaney says.
Shopping online not only offers substantial savings on the engagement ring cost, but it also allows you to customize the ring, ensuring your partner gets exactly what they want. See below for additional tips on buying an engagement ring online. For example, a 0.
To give the illusion of a larger carat size, purchase a ring that's made of several smaller diamonds rather than a solitaire. And you're in luck if you go this route—the halo ring, a setting that encircles a center gemstone is on-trend, and it makes even a small center diamond look stunning and huge.
Yes, it's possible to buy an engagement ring online , where the average engagement ring cost is much lower. It's not just possible, it's also somewhat popular among couples. Eleven percent of respondents in our study bought their engagement ring online. While there are plenty of benefits to shopping online, there are some risks to be aware of. It's important to recognize the difference between bogus diamond websites and those of professional jewelers.
Note that despite the lower engagement ring prices, you'll want to do your research before purchasing an engagement ring from an online retailer. Make sure you fully understand the company's payment and shipping methods, and the return policy. It's also a good idea to read through the reviews on the company's website. Finally, requesting certification on any diamond is always a good idea. There are a number of ways to verify the authenticity of a diamond, like GIA's Report Check , and customer service representatives at reputable retailers should be more than happy to disclose this information.
Interested in buying an engagement ring online but not sure which stores to look at? Start here, where we break down everything to know about buying an engagement ring online. Main Menu. Sign Up. Back to Main Menu. Planning Tools. Wedding Vision. Discover Your Vision. Take The Knot's Style Quiz.
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Blue Nile Blue Nile is the largest and most well known internet jewelry seller. They have a very large exclusive online inventory. Their high quality images are catching up to James Allens' and their prices are amazing. Blue Nile have generously offered our readers an exclusive one-time use coupon.
Click to Visit. No questions asked returns within 30 days of shipment. Blue Nile will send you a paid shipping label to return the ring.
James Allen James Allen is the leader in online diamond sales. Their imaging technology is the same as inspecting a diamond with a jeweler's loupe. They have the largest exclusive loose diamond inventory online and fantastic prices. They also have the nicest collection of lab created diamonds online.
James Allen will send you a paid shipping label to return the ring. Still afraid of getting ripped off? Ask your diamond purchase question here. Name First Last. This field is for validation purposes and should be left unchanged. You can look down at the ring as many times as you want in a day and reminisce about the adventures you have been through as a couple.
It is the one tangible item that is on display, which everyone can see that you are happily engaged or married. We have all heard about the gold rule of spending three months salary on a ring. Upon doing my research I found that there were a couple other rules you could follow: a two month salary rule as well as a one month salary rule.
Great help! I think there are more important factors that should influence your decision as opposed to some silly salary ratio that was created as a marketing ploy to entice you to spend more of your hard earned money. By now, the person who is purchasing an engagement ring should know his partner fairly well and should be able to answer the following questions with ease:.
The answer to these questions will give you a better idea of how much to spend on an engagement ring. Once you have a ballpark dollar figure, you will be able to eliminate certain types and sizes of diamonds or whatever stone you choose. She is the type whose language of love is words of affirmation.
She would likely embrace a larger diamond with open arms and would be overjoyed to receive compliments on her ring. Perhaps you have a money conscious tom boy, who is not a flashy at all, works with her hands and spends her spare time in some sort of sports league.
This girl would likely be fine with a more clean and simple ring. Do your homework and figure her out. Talk to her and get a gist of what styles of rings she likes. Check out the graph at the bottom of the article as I think it makes a lot of sense. It is important to look at your individual situation and ask yourself the following questions:. Spending money on an engagement ring is a monumental time in your life, and likely one of the bigger luxury purchases you will make.
It is overwhelming and you can easily get caught up in the emotion of it all. Make sure you do your homework and answer the above questions before you go shopping for a ring. Trust me, you will come into contact with the schmoozing diamond salesman who only wants to sell you a bigger diamond. Once you have narrowed down what kind of ring your girlfriend wants and set your budget, you can play around with price levels and diamond sizes.
Be warned that the bigger, shinier, brilliant diamonds come with a heftier price tag. The two price examples above indicate that you can buy your girlfriend the big 1 carat rock. In reality, if she just wants the big rock for the sake of saying she has a big ring then go for it.
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