You know, Jen told me the other day that she really wishes her husband had spent less on the engagement ring so he could have a bigger wedding budget to play with. It's understandable that your future spouse may be obsessed with Meghan Markle's three-stone engagement ring, but that setting can cost you quite a bit of money and influence the size of the center stone. How much to spend on an engagement ring and how best to buy one are very personal decisions that are evolving, but being an informed buyer is truly timeless. Millions of millennials and more mature couples are also asking questions like these, as changes in generational attitudes affect spending decisions on engagement rings.
Although both wedding rings and engagement rings are symbols of love, they have different styles and meanings. Like everything that has to do with love and marriage, there's no right answer or right amount to spend on an engagement ring. You can use this budget calculator for engagement rings as a guide, but only you know your own financial situation. Only 70% of millennials stick with traditional diamonds, compared to 80% of couples in 1990,9,10 Older couples who get married for the second time are making a similar change and are looking for unique engagement rings that reflect their personality.
As a result, the process of buying engagement rings is changing, starting with how much people spend on engagement rings. Diamonds are the most expensive part of an engagement ring, so you can save a lot of money if you use an alternative diamond as the center stone. When it comes to buying an engagement ring, there really isn't a fixed price limit. However, you might still worry that your partner will be tempted to overdo it.
If you decide to insure your engagement ring, consider including this in the total price of the ring. Ultimately, it's important to remember that the most important thing is that you and your partner are happy with your decision.