Wedding engagement rings in Cleveland tend to be one of the larger purchases that people make in their lifetime. According to XO Group Inc., the average American engagement ring costs $5,200. A common rule of thumb that’s been tossed around since time immemorial in the jewelry industry is that an engagement ring’s cost should be equivalent to three months’ salary.
Not only is that figure arbitrary, Cleveland jewelers who aren’t familiar with your budget or preferences shouldn’t necessarily have a say in how much you spend on your engagement ring. Besides, buying a pricey engagement ring might not be the smartest financial move, especially in this finicky economy. Remember: the size of the diamond and the price of the ring have absolutely no correlation with your love and devotion. It’s important to never mix those two things up!
How Much Can You Afford to Spend?
Will you be able to pay for the engagement ring in cash, or will you have to go into debt to buy it? If you decide to finance the ring, will you be able to afford the monthly payments without having to subsist off of instant Ramen for several years?
Perhaps you already have some cash set aside to buy an expensive ring, but you’re contemplating using some of the money to pay for your honeymoon, make a down payment on your first home, or start a family. Carefully consider your priorities before deciding how much you’re willing to spend on an engagement ring. If you can’t comfortably afford the engagement ring of your dreams quite yet, you could always upgrade it later. Here are some tips for choosing an affordable engagement ring, so you can pop the question without breaking the bank:
Opt for Alternative Metals
Platinum and gold are the metals most commonly used for engagement rings, but there are less costly alternatives available. For example, palladium looks and feels like platinum but costs significantly less. White gold is also similar to platinum, yet far more affordable.
Combine the Wedding Band and Engagement Ring
Gone are the days of having to buy both an engagement ring and a wedding band. Many women are perfectly happy receiving a double-duty ring that serves as both a wedding band and an engagement ring. Wide wedding bands in Cleveland with multiple rows of diamonds are popular double-duty rings.
Go Beyond Diamonds
Diamonds might be a girl’s best friend, but an increasing number of women are warming up to colored stones, like emeralds, rubies, and sapphires. Gemstone engagement rings might not be traditional, but they’ve become trendy because they’re unique and offer more bang for your buck.
IMG Jewelers offers a wide range of engagement rings in Cleveland, Ohio for all tastes and budgets. Explore our engagement ring gallery to view samples of the styles we offer!