How Much Money Should You Spend on a Wedding Ring?

wedding rings

If you’re preparing to tie the knot with your significant other, you’ve probably wondered, how much should you spend on a wedding ring? You may feel pressured by societal standards to shell out big-time on a ring, but at the end of the day, it’s what the ring symbolizes that is far more important than its price tag. 

Some may say that you should spend at least two months’ salary on a ring, but this might have a significant impact on your finances. Ultimately, you’ll want to strike an ideal balance between your partner’s expectations and what you can realistically afford to spend on a ring. Learn more about this topic with the team at Xpress Cash, below.

How Much Money Should I Spend on a Wedding Ring: Know Your Situation

Many people get married in their late twenties or early thirties when they’re still in the early stages of their careers. This being the case, it doesn’t always make much sense to spend a significant amount of money on a ring – especially if you and your partner each have student loans to pay. 

As we started discussing above, there are certain social expectations you might feel pressured by as you begin to shop for wedding rings. One common “rule of thumb” is that you should spend at least two months’ salary on a ring. If you make $1,000 per month, that means some people think you should spend at least $2,000 on your partner’s ring. But what some shoppers don’t realize is that this “rule” was introduced by an advertisement put out by a major diamond company! Knowing this, you should certainly not feel obliged to follow this advice. 

Create Your Own Expectations

Ultimately, the best way to feel secure in how much you spend on a wedding ring is to have an open conversation with your significant other. Whether they’d like to wait until you’re able to save up a good sum of money to spend a little more on a diamond ring or they can’t imagine spending more than $500 and don’t even like diamonds, you should have a clear understanding of what would make them happy. 

You should also talk about your future financial goals together and how the amount you spend on a ring can impact those goals. Keeping this in mind, you can set a budget that you both feel good about – something that shows you’re happy to make an investment in your future together, but also that you’re responsible and are thinking about your financial life together after marriage.

Get More Advice You Can Trust From Xpress Cash

From choosing a wedding ring to planning the first wedding anniversary, Xpress Cash is always here to help you out with life’s financial milestones. For additional help, feel free to reach out to our team anytime! Contact us online or visit us at one of our Michigan locations to learn more.