How Much Should You Spend On An Engagement Ring?

Engagement rings can range anywhere from $1,000 to $20,000. Of course, it all depends on the quality, size, and metal of the ring. So, how do you know how much is too much to spend? Or, how little is too little to spend? Determining a budget is complicated when you want to spoil your significant other but still want to spend within your means. Here are a few things you should know before choosing an engagement ring.

The average cost of an engagement ring

According to a 2021 study, the average couple spent $5,500 on an engagement ring. However, it’s important to note that nearly 50% of these couples spent under $5,000, while 18% spent over $10,000 on an engagement ring. How much you spend will depend on the type of engagement ring you’re looking for.

Factors affecting your engagement ring cost

The four c’s (color, cut, clarity, and carat) are the main variables that will affect how much your engagement ring costs. Be wise when choosing these details! Sometimes it’s better to spend a little extra to get a higher-quality ring rather than cutting back in areas and regretting it later. However, you can easily cut back on costs if needed. 

Determining your budget

Every couple will have a different budget and idea of what they want. It’s essential to communicate your ideal engagement ring with your partner and decide together how much to spend. A purchase as big as this should be made the right way, and both partners should be happy with the decision! To determine a budget, consider your current financial state, future financial state, and dream engagement ring. And don’t forget to compromise where you need to!

Choosing an engagement ring is no simple task which is why Tobin Jewelers wants to help you along the process. We’re here to make this task fun and stress-free with results that will leave you speechless. Stop into one of our showrooms in Mequon or New Berlin today to choose your engagement ring.