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December 06, 2022 2 min read

The cost of rings is an important determining factor in the ring you will choose. Before you set a budget, it is important to have a general idea of the cost of rings. It is also important that the budget you end up deciding on is flexible so that you can have a bit of room in the budget for different ring choices. 

There’s no one-size-fits-all formula. How much you spend on an engagement ring is a very personal decision. Experts say you should consider your current and predicted income, expenses, and savings, then establish a budget and stick to it. Don’t go into debt trying to find the perfect ring and regretting this decision in the long run. 

How Much Should an Engagement Ring Cost?

When you’re in the market for a ring, here are some things to consider:

  1. How much you need to set aside for your wedding and honeymoon.
  2. Where you live because prices vary a lot.
  3. Your current and predicted income.
  4. Your savings and your other expenses.
  5. Your partner’s input because they may have their own ideas.

Spending between one and three months' salary for an engagement ring is a long-standing tradition. But millennials, generally saddled with student loan debt, high living costs, and waiting longer to get married, have thrown out this old rule of thumb. Less than half of millennials spend two months' salary. Instead, they often reallocate those funds into experiences, like the honeymoon or the wedding.

How Much Should an Engagement Ring Cost

Various strategies that you should consider while making a purchase: 

To help you get the most for your money when buying an engagement ring, what you can do is: 

  1. Consider buying a loose diamond online and have a local jeweler set it.
  2. Buy a fractionally undersized diamond. 
  3. Focus more on a high-quality cut, as it can hide color, clarity, and carat flaws.
  4. Be open to alternative shapes and settings which can make a splash without adding cost.
  5. Focus on how a ring looks to the naked eye in sunlight. Avoid the jeweler's loupe and jewelery store lighting.

How to buy an Engagement Ring in Madison on a budget

The best way to buy an engagement ring is to be an informed purchaser. This involves understanding the design and the style of the ring that you want and will be accepted by your partner. If you prefer to see and touch a purchase before pulling the trigger, the best way to buy may be from a:

  1. National retailer
  2. Private jeweler
  3. Wholesaler

The cost of a ring varies based on various factors such as the price, the style and the cut you have chosen. Another factor you will have to consider is the type of ring that you have decided to go for. Thus, it is important that you make sure that these various factors have been researched, and this will help you avoid any last-minute problems in your shopping for the perfect rings. To check a unique and variety of collection, you can visithttps://www.sohadiamondco.com/pages/our-engagement-rings