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January 20, 2017  TAGS:  RESOURCES  PLANNING

Wedding Budgets | Engagement & Wedding Rings

Engagement and Wedding Ring Budget Tips | Vermont Bride Magazine | Nuptials and Niceties Boutique
Colette Kulig Photography

THE ENGAGEMENT RING:

Per a 2015 US Survey, the engagement ring accounts for a 4th of the overall wedding expense; averaging  $5,871.  80% of grooms pay for the ring and half the brides in Western Countries choose their ring.  99% of grooms do the proposing; 16% occurring in December.  The average engaged period last 14 months. 

If choosing an engagement ring, you and partner should spend time researching rings; keeping record of those particularly liked.  35% of couples spend 3 months or less researching while 24% spend a little longer and the average spend 4-6 months with the internet being their main source.   56% of brides have decided upon a setting prior to purchasing ring with 23% having a particular stone in mind. 

If preferring the traditional romantic practice of a surprise engagement ring, either put your trust in your partner’s ability to select one you will be happy with or make your preferences known; i.e., metal, single/multiple diamond/gemstone, setting,  size/shape, if to match wedding band and your ring size. 

When contemplating an engagement ring, you should consider if the ring of your dreams is affordable?  If not, do you really want to go into debt to have such a ring?  Ask yourself if doing so would make you happier or would spending beyond your means put a financial stress on your marriage?  Of 3000 adults surveyed, those who spent $2,000-$4,000 on an engagement ring were 1.5 times more likely to divorce versus those who spent $500-$2,000 Those who spent under $500 had a higher divorce rate.  Thus, the diamond size doesn’t have to be equal to your love; the importance being the promise of pledging yourselves to spend the rest of your lives together in marriage!  

It is essential that you give serious consideration to your overall wedding budget in determining an available amount for both the engagement and wedding ring(s).  Should your budget, require that you finance the engagement ring, take into account monthly expenses before agreeing upon a monthly payment.  Be assured of your ability to make such payments without creating a financial struggle. 

THE WEDDING RINGS:

It is recommended that you spend some time researching the wedding ring(s) while doing so for an engagement ring.  In so doing, establish the specifics of your preferences; i.e., to match the engagement ring, metal, size and weight.    As with engagement ring, consider what your wedding budget will allow to spending on the wedding ring(s); average cost being $1,575.  Be sure to order your wedding ring(s) at lease four (4) months prior to the wedding; assuring sufficient time for possible resizing and engraving.  

In our next blog, we will address budgeting for 2) The Honeymoon of the Series “Creating/Working with a Wedding Budget”.

This post is republished courtesy of Niceties & Nuptials Boutique.