If you’re thinking about popping the question, you may be wondering how much an engagement ring costs. The answer can vary depending on many factors. Let’s take a closer look at the average cost of a diamond ring, what factors contribute to its price, and some easy ways to save money.

Average Engagement Ring Cost

Wondering how much couples generally spend on a ring? In 2020, the average cost of an engagement ring was $5,500. That being said, 25% of all couples spent anywhere from $1,000 to $3,000.

Another expense to take into consideration is the wedding bands. They generally aren’t as expensive as the engagement ring. The bride’s wedding band tends to be costlier than the groom’s. On average, most couples spend $900 for the bride’s band and $500 for the groom’s band. When you combine these potential expenses with the average engagement ring cost, you’re now up to a total average of $6,900.

What Determines Ring Cost?

A number of factors determine how much you can expect to spend on an engagement ring. The most significant are the four Cs of diamonds: cut, color, clarity, and carat. Together, these four factors determine the overall quality of a diamond and, ultimately, how much it costs. A high-quality diamond will be more expensive than a diamond lacking in one or more of those four areas.

The precious metal that you choose will also contribute to the overall cost of the ring. Platinum is more expensive than gold.

How Much Should You Spend?

Now that we’ve taken a look at the average cost of an engagement ring, it’s time to ask yourself an important question. How much should you personally spend on a ring.

The good news is that there’s no right or wrong answer. Some say that you should spend three months of your income on a ring. That is just a myth. When purchasing a ring, it’s important to take your financial situation into consideration. You should determine how much you can reasonably afford to spend on an engagement ring. It’s best not to go into debt over the ring, especially since money-related issues are a leading cause of divorce.

You should spend as much or as little as you can fit into your budget. At the same time, it’s also important to consider what your significant other wants in a ring. Remember that an engagement ring is a long-term investment, so you’ll want to choose a ring that she’ll love for years to come. 

How to Save Money on a Ring 

There are a number of ways to save money on an engagement ring. Here are some money-saving ideas to keep in mind:

• Opt for a smaller carat size.

• Select a ring without a large center stone.

• Consider choosing a diamond with lower clarity.

• Take diamond alternatives into consideration. The most popular alternative stone is moissanite. Gemstone rings are another common option.

• Consider a lab-created diamond. Since they’re created in a shorter amount of time than what it takes for a natural diamond to grow, they tend to be less expensive.

• Shop online for a wider range of choices.

• Browse local and online jewelry retailers during holiday sales, such as Black Friday and Cyber Monday.

These are just a few factors to keep in mind when shopping for an engagement ring. There’s really no right or wrong answer where cost is concerned. Remember that it should be about more than the price of the ring. It all comes down to what it symbolizes: wanting to spend the rest of your life with your significant other. And you can’t put a price tag on that!