How Much Should You Spend on a Wedding Ring?(6 Tips)

The culture of sealing a marriage ceremony with a ring can be traced back to Roman times where the groom would plop a rounded ring on his bride’s left fourth finger. Back in those days, the ring was nothing more than a ring of the most affordable metal at the time which would have been bronze or brass. Flashback to the present moment, how much should you spend on a wedding ring?

Marriage is supposed to be a beautiful time when two love-birds finally have moved in together into a location they deem fit to hopefully expand their family in. the worst kind of argument married couples will ever have, after infidelity, is that of finances.

Unless the two people in a relationship agree to compromise and focus on what’s important, they don’t stand a chance. In these harsh economic times, financial decisions are a joint affair, and agreeing on the cost of the wedding bands will be their first challenge.

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DeBeers Diamond is Forever

A British diamond company called Da Beers which has been in operation since 1888, became world-famous and set itself up as a monopoly in the diamond mining industry. They currently own 40% of the world’s total diamond share and that’s a huge amount of diamonds.

DeBeers Diamond Company is the driving force behind the phrase “Diamonds are Forever”. It was around 1947 when DeBeers, which was still dominating the diamond business world, released an advertisement emphasizing the rarity of gold. The advert urged people to keep their bought gems as they were valuable as more than jewelry.

Following this advert, many people stopped reselling their gems and started guarding them fiercely as more than just a gem. The demand grew and there was a spike in diamond sales from then on and the phrase stuck on.

There is a popularized but sadly misguided notion that has suggestively been deciding just how much a wedding band should be worth with the going rate being a value matching two to three months of pay. This too is another one of DeBeers ingenious selling skills that never come up empty.

Their incredible marketing skills are so effective that they made men and women alike, believe that the size of the diamond equates the measure of a man’s love for his woman.

If we’re to be candid with ourselves and each other, we’d admit that most of the things we do, clothes we wear, places and people we aspire to be are rarely really our original idea.

That’s why it’s easy for a heavyweight company selling extreme luxury accessories to convince us that all we have ever wished for will be somehow found in the sparkle of a ring’s glow.

 

Expectations vs Reality of wedding rings

The fantasy of love full of dinner dates and flights to Paris for vacation is heavily perpetuated on our screens. While it is good to get lost in the thought of it for a moment, you will have to come back to face the reality that is your life.

As an adult living and thriving in the current economy, none of the challenges within it are hidden from you. So, when it comes to making financially critical decisions such as the value of your bridal rings, compromise, thoughtfulness, and cooperation are paramount.

Education costs have skyrocketed in the past decade and many of us have had to take up student loans to finance our way through to an undergraduate, masters, or Ph.D. degree. As soon as we are done with the long years in school, we then have to jump on the first employment opportunity we get if we’re lucky and try to make ends meet. All this while servicing the overbearing high-interest loans.

Even with all this financial chaos, life has to go on and age is gaining on you. Finally, you find someone you want to settle down with and build a life and family together. There is no way that you can comfortably afford a luxury ring and still afford to pay for your future children’s education.

The types of rings that serve as wedding rings have evolved. Now, more people are interested in eco-friendly and naturally occurring material for their bands.

With the rise in technology, diamond simulation crystals have been created and they shine just as bright as the real thing. Shopping for a luxurious wedding ring has never been more daunting.

Generally, most people consider more the symbolism behind the ring than the material or design of it. A wedding band is not valued by how much it was valued at but by the love that it represents.

 

Deciding on a Wedding Ring

The number one deciding factor of the quality and type of wedding ring you will wattle on is the finances. If you both do not have a conscious and firm handle on them, things could get out of hand.

Putting your finances into a joint account will help you easily keep tabs on your earnings, profits, investments, and savings. Pulling together both your funds could boost your financial capacity allowing you more variety in choice and value.

These financial discussions as a team need to be treated with the utmost seriousness and there should be enough discipline between the two of you to ensure that decisions made and plans set out are strictly followed.

The key priority for young, not so financially stable couples should be securing their life and managing finances after all the festivities have come and gone.

Unless you have the extra money for it or if you have a man who insists on spoiling you with the ring on his independent budget, you best steer clear of diamond set engagement rings.

Yet and still, we are back to the freedom of expression and self-governance which charges us to do as our heart desires. To fulfill our joys and wildest dreams.

If you have to get this super expensive engagement ring and you have a solid payment plan already in place, you can use your credit card to get a ring. The only downside, although you won’t be pestered about repayments for the first few months, when it’s time to payback, the rates are high.

You could also take it on loan from the jeweler but you will end up paying way more than the original price which is not good.

Maybe you have a family friend you could take a loan from to add to your finances and get this ring. At least that way, there is no interest rate and the payback rates are flexible. Before you ask for that loan, think about the significance of the amount you are asking for.

Lastly, it is crucial to always keep in mind that unless you are a rich man, diamond is not an investment opportunity. The risks associated with the trading of precious metals and gems are so high and the returns so far out that you will find yourself bankrupt waiting for a distant paycheck.

Well, at the end of the day, you are the captain of your ship and however much you end up spending on that wedding ring, you will have to deal with the consequences after all the excitement has died down. Think long and hard about that before you decide.

 

How to Cut Costs on the Wedding Ring

There are a few strategies and tricks that you can take advantage of to try and lower the cost of finding the perfect wedding rings.

  • Information is power and this is true for ring shopping as well. Taking your time to do some window shopping both physically to stores and online. This scouting around will give you a wider field of view and give you more variety and price to choose from.
  • Compromise on quality, brilliance, karate age, and cut. Wedding rings can be exorbitantly priced and as much as we may have a ring we can’t etch out of our minds, we must keep our expectations in check with reality. Be ready to whip out your big wallet when you have set your mind to buy a luxurious wedding ring.

  • Choose a different layout. Most wedding rings have a common theme featuring a big rock accented with tiny copies. Choosing a ring with only tiny diamonds laid out in a neat pattern could save you a few bucks
  • The metal or the setting of the ring’s jewel also matters and significantly reflects so in the totals. For example, choosing a white gold metal setting over platinum will save you lots of cash on your wedding ring.
  • Consider an alternative stone-like aquamarine, sapphire, ruby, and others in place of diamond stones. These alternatives are more affordable and are as attractive and rare as diamonds.
  • One great way to minimize costs while shopping for wedding rings is to have a budget and to firmly stick to it. Having done some research, you should have a rough estimate of how much you are willing to spend and the quality of the ring you can find at that rate.

 

Conclusion

The lives and choices of two individuals of sound mind who are happy to have found each other, and are self-sustaining, should be left to be.

There are so many rules about what not to do, what not to wear, and who not to love. When we finally find a thing of beauty, we must not rush to put a price on it.

Guys, for more wedding ring posts, read here for more or visit our latest posts for more interesting topics

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