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How Much Should You Spend on the Engagement Ring?

Looking For an Engagement Ring? Get Ready to Spend This Much

I once joked to my ex-husband (before he was my ex-husband) that I wouldn't care if he got me an engagement ring from the vending machine at our local supermarket. Now, I joke with my ex-boyfriend (and current best male friend) that I would need a two-carat, round-cut diamond with a diamond band to think about walking down the aisle again.

All joking aside, an engagement ring is something that symbolizes the love that couples have for one another and a promise two people will make to each other for the rest of their lives. Additionally, it is a deeply personal piece of jewelry that is intended to be worn every day (until the upgrades start coming!) and should be looked at as an investment.

So, according to Slomique Hawrylo, a California-based wedding and event planner, attention should be paid to both the price and the personality of the ring.

"It used to be that couples would save at least two months of salary to budget for a ring, but millennials are allowing their heart and creative nature to guide them to their perfect engagement ring," she said. "With the national average ring investment ranging from $1,000 to $5,000, most couples spend more towards the $5,000 threshold to ensure that the ring truly speaks to their soon-to-be life partner and their style. And some couples go way beyond the national average."

And while some couples have been choosing to go the traditional route with a significantly pricey engagement ring given before wedding planning begins, others are deciding to buy less expensive rings and upgrade after they wed to celebrate reaching milestones in their marriage, said Hawrylo.

"This allows the investment in their ring to complement the investment in their lives together," she explained.

However, said Hawrylo, no matter how much the engagement ring costs, remember what it is meant to symbolize.

"When investing in your engagement ring, just stay true to you and your partner. Select a ring that fits in your budget, that represents the style of your partner, but most of all that represents your love journey," she said.

Image Source: White Crane Weddings
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