Junior Rasmussen
There are many options to consider when deciding how to pay for a wedding ring. The cost of a wedding ring is a significant factor to consider, with the average couple spending around $30,000 on their wedding, and an additional $6,000 on an engagement ring. It is important to set a budget and explore affordable options, such as lab-grown diamonds or alternative gemstones. Couples can save up for the ring by putting aside a small amount of money each month or using a 0% APR credit card to pay off the ring over time without interest. Some couples may choose to split the cost of the rings, while others may opt for more affordable rings to allocate their budget to other priorities, such as a house down payment.
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What You'll Learn
Save a small amount each month
The cost of a wedding ring can be a stressful topic, but there are many ways to save for one without breaking the bank. One way to save for a wedding ring is to put a little money aside each month. This method is recommended by finance experts and wealth management firms alike.
While the average cost of a wedding ring is around $6,000, and traditional rules of thumb suggest spending one to three months' salary on a ring, this is not a hard-and-fast rule. It is important to remember that the amount spent on a ring is extremely personal and depends on what you can afford. If you are paying for your wedding and planning to buy a house, for example, it is recommended that you take these expenses into account when deciding on a price range for the ring.
By saving a small amount each month, you can gradually build up a nest egg for the ring without putting a strain on your finances. This approach allows you to stay within your means and maintain financial stability while still working towards the purchase of the ring. It also helps to keep emotions in check, preventing impulsive decisions that could lead to overspending.
To make the most of your monthly savings, consider setting a budget and designating a specific amount for the ring. This budget can be based on your income, financial goals, and other large purchases you plan to make. Additionally, look out for promotions and sales during slower seasons for wedding ring purchases, such as September and October, to maximize your savings.
Remember, the most important thing is to stay within your budget and not sacrifice your financial future for the cost of a ring. By saving a small amount each month and being a savvy shopper, you can achieve both a beautiful ring and financial stability.
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Opt for a gemstone instead of a diamond
Gemstones are a great alternative to diamonds for wedding rings. They are often more affordable and allow for larger or higher-quality stones while staying within budget. Gemstones also offer distinctive colours and cuts for those seeking something unique.
Moissanite, for example, is a popular alternative to diamonds. It is grown exclusively in labs, making it a mining-free option. It is also incredibly durable, ranking close to diamonds on the Mohs scale of hardness. This ensures that moissanite rings can withstand everyday wear and maintain their brilliance over time. Moissanite rings are available for $200-$300 on Etsy, while a diamond ring would cost $2000-$3000 for the same quality.
White sapphires are another excellent choice for those seeking a colourless gemstone. They are highly durable, ranking just below diamonds on the Mohs scale, and are typically more affordable.
Other gemstones like sapphires, emeralds, morganites, and aquamarines have been prized throughout history and add a touch of allure to engagement rings. These gemstones offer distinctive colours, such as the beautiful blue hue of aquamarine or the soft, delicate pink colour of morganite. They are also quite durable and suitable for everyday wear.
Opting for a gemstone instead of a diamond is a great way to reduce costs without compromising on quality and durability. With an array of options available, couples can create a personalised wedding ring that reflects their unique style and story.
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Use a 0% APR credit card
Using a 0% APR credit card is a good option if you want to pay for your wedding ring without interest. This option gives you extra time to pay for the ring, breaking down the large purchase into smaller monthly payments.
There are several credit cards that offer a 0% introductory APR for a certain amount of time. For example, the Wells Fargo Reflect® Card offers 0% APR for 21 months from the account opening, and the Wells Fargo Active Cash® Card offers 0% APR for 12 months. The Chase Freedom Unlimited® card is another option, though it's unclear how long the 0% APR period lasts.
If you go with a 0% APR credit card, make sure you can pay off the ring before the introductory APR ends and the normal APR becomes effective. You don't want to accrue high-interest charges. It's also important to read the terms and conditions of any credit card offer carefully, including any fees associated with the offer and the regular APR that will apply after the introductory period.
In addition to the cards mentioned above, there are other credit cards that offer 0% APR for a certain period, such as the U.S. Bank Visa® Platinum Card, the Helzberg Diamonds Credit Card, and the Fifth Third 1% Cash/Back Card. Compare the offers to find the best one for you.
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$15.95
Take out a loan
Taking out a loan is a common method used by couples to pay for their wedding rings. Here are some things to consider if you're thinking of going down this route:
Types of Loans
There are a few different types of loans you can consider when it comes to financing your wedding ring:
- Jeweller loans: Some jewellers offer financing options, either through a credit card specific to their brand or via a partnership with a bank or financial institution. These loans often come with promotional interest rates, such as 0% APR for a certain period after purchase. However, be mindful that these rates may increase significantly after the promotional period ends.
- Personal loans: You can take out a personal loan from a bank or financial institution to cover the cost of your wedding ring. Personal loan rates are typically lower than credit card interest rates, so they can be a more cost-effective option.
- Asset-based loans: You can borrow against the value of your engagement ring or other jewellery. This option often doesn't require traditional bank requirements like credit and income verification.
Factors to Consider
When deciding to take out a loan for a wedding ring, there are several important factors to keep in mind:
- Budget and payment timeline: Create a budget that aligns with your financial goals and priorities. Consider not only the cost of the ring but also any upcoming large expenses, such as saving for a home, paying off student loans, or the wedding itself.
- Interest rates and fees: Understand the interest rates and fees associated with the loan. Calculate how much you can afford to pay each month and the total amount you will end up paying, including interest. Be mindful of potential late fees and origination fees.
- Repayment term: Choose a repayment term that suits your financial situation. Shorter-term loans tend to have higher monthly payments but result in less money spent on interest overall.
- Alternatives and savings: Consider alternatives to taking out a loan, such as saving up for the ring or exploring more affordable ring options. You could also look into secondhand rings or negotiate prices with local jewellers.
Remember, while taking out a loan can help you secure the wedding ring you desire, it's important to make informed decisions that align with your financial capabilities and long-term goals.
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Split the cost with your partner
Wedding rings can be expensive, and the cost can be a significant source of stress for couples. The national average cost of an engagement ring is around $6,000, and couples usually explore about 10 rings in-store before making the purchase.
The decision to split the cost of the wedding and engagement rings is a personal one and depends on the couple's financial circumstances, relationship dynamic, and reasoning. More and more couples are choosing to split the costs of their rings, rather than putting the financial responsibility on just one person (traditionally the man). This approach can set the couple up for a successful financial future, allowing both spouses to be involved in important financial decisions from the beginning of their marriage. It can also be a more financially practical and emotionally sensitive approach, especially if both parties are starting out in their careers and don't have a lot of money to spare.
However, some people may prefer to stick to tradition and have one partner pay for the ring. For example, if one spouse makes significantly more than the other, or if one spouse is independently wealthy, it may make more sense for that person to foot the bill, as long as both parties are comfortable with the arrangement.
It's important to discuss financial preferences and decisions before getting engaged. These conversations can help indicate whether you and your partner are a good match when it comes to decision-making and finances. If you decide to split the cost, you can also discuss the reasoning behind it. For example, perhaps the ring is simply out of the other person's price range, or maybe you already share the cost of your other living expenses.
Couples can also consider other ways to save money on their rings, such as choosing a gemstone or moissanite ring instead of a diamond, or resetting a family heirloom stone into a modern setting.
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Frequently asked questions
The national average cost of an engagement ring is around $6,000, but you should only spend what you can afford. Consider your income, other large purchases, and whether you are paying for your wedding.
You could pay for a wedding ring via a loan, credit card, or cash. Some couples split the cost, while others stick to the tradition of the groom paying for the bride's ring and the bride paying for the groom's.
Yes, you can opt for more affordable gemstones such as rubies, sapphires, or moissanite, which can cost as little as $200-$300. You could also consider resetting a stone passed down in your family.
You could put a little money aside each month, use a budgeting app, or cut down on other expenses.
