The wedding ring industry is changing rapidly, and many people aren’t sure how much they should spend on their wedding rings. There are many different myths and ideas that people have around the purchase of wedding rings.
Wedding rings are one of those things that everyone has to buy once in their lives. Engagement rings are the ones with all the sparkles and diamonds, so buying them can be quite harrowing for the parties involved.
Depending on how conventional you are in your marriage, you’re likely to buy an engagement ring with a diamond in it. Wedding rings come in all sorts of designs and diamonds.
They can also be costly, and you want to make the right choice when making that investment. If you need help with how to go about purchasing your wedding ring, then look no further as we explain all the things you would have to look for.
How Much Do People Spend?
People can spend up to tens of thousands of dollars on engagement and wedding rings. However, when it comes to engagement rings, you should consider something other than how much everyone spends.
You should stick to finding something you think the person you love would like to wear every day. Most say they spend 4% to 8% of their yearly income on the engagement ring. Having this percentage is wise as it prevents you from overspending since you already have a budget that you can stick to.
How Do You Know What to Look For?
When spending on an engagement ring, you’re likely looking to purchase it for someone else. That’s an insane amount of pressure to put on yourself, but you can ease the process by asking your partner or their friends for help.
You want to make sure that the engagement ring you buy is something your partner will enjoy wearing for the rest of their lives, which is why you must get a second and third opinion. Many say you shouldn’t discuss the engagement ring with your partner, but your partner shouldn’t be surprised that you’re proposing to them. You don’t have to tell them when you’re proposing, but ideally, they should know that you’re going to propose.
What Are Some Myths About Spending on a Wedding Ring?
If you’re looking for a wedding ring, chances are you’ve been told many things under the sun. Here are some common myths about spending on a wedding ring:
You Have to Save Two Months of Your Salary
We’ve stated this before, but you should spend the money you want instead of going above and beyond to spend a lot of money to get the perfect ring. The perfect ring will not require you to spend a certain amount of time saving for it but saving up a month of salary is an excellent place to start.
Online Diamonds are Cheaper
You can buy your engagement ring online, but that doesn’t mean it will be cheaper. Also, with online purchases, you’re only sometimes sure that you will get a genuine diamond which is why you may not want to purchase things online. You’re also less likely to know the make of the ring, which is why many people recommend buying a diamond ring in-store.