Wedding Tips For Him: Paying For An Engagement Ring
Getting engaged is supposed to be a joyful occasion, as you ask your partner to share their life with yours and make a commitment to one another that you’re in it for the long haul. And of course, at the centre of this is the ring.
But, there are some practical considerations you’ll need to think about before you get swept up in the celebrations – for one, how much should you spend on an engagement ring? What costs are involved? And how are you going to pay for it?
Never fear – as always, the team at Marc Darcy has your back, with our guide to paying for an engagement ring…
How much should you spend on an engagement ring?
There’s a common idea that you should spend around three months salary on an engagement ring. But, this is a myth (and may have even been a marketing ploy to get people to pay more). Instead, a variety of sources have suggested that the average cost of an engagement ring in the UK sits at around £1800 to £2000.
But, while you obviously want to invest in a quality piece of jewellery that won’t tarnish over time, the most important thing about an engagement ring is that your partner likes it. So, rather than looking at it as ‘how much to spend on an engagement ring?’, start with ‘what will look good and mean something to us as a couple?’.
For example, you could choose to set it with your partner’s birthstone, or get a sentimental engraving on the inside. Of course, whatever you end up choosing will affect the price of your engagement ring – which leads us nicely into the next section of our guide…
Where are the costs coming from?
It seems obvious when we say it, but there are actually several design choices that will change how much you’ll pay for the ring you want:
- Band: simple, thinner bands will naturally be cheaper than larger or thicker rings because there is less material used overall. However, a thin band twisted into a complicated design will cost more because of the expertise required to shape it.
- Material: silver is relatively abundant and easy to work with, so silver engagement rings are a lot more budget-friendly. Gold and rose gold sit in the middle of the scale, with platinum coming in as the most expensive material you can choose because of its rarity and durability.
- Stone: depending on rarity and quality, different stones will make your choice of engagement ring more or less expensive. Some of the most common stones used in engagement rings are diamonds, sapphires, and emeralds – all of which also come with positive associations for a happy, long-lasting marriage.
- Setting: different settings will add flair and style to your engagement ring. Settings with multiple stones, like halos or shoulder/pave settings, or complex techniques like bezel set stones, will cost more than a solitaire or cathedral setting.
Paying for an engagement ring
Moving away from ‘how much should an engagement ring cost?’, the practical question becomes how you’re going to be able to afford the ring that you want. Fortunately, there are several options to choose from, each with their upsides and downsides*.
Save up
One way to pay for an engagement ring is to save up over time. This will allow you to purchase the ring you want in one go without paying interest. However, for most people this will also take longer to set the money aside – and you may not want to wait as long as it will take to save.
Buy the ring as a couple
Nowadays, a lot of couples are picking out engagement rings together. Not only does this make sure the person wearing it will love the design, but it can make paying for the ring much more manageable. With two people contributing, you may be able to buy the ring of your dreams in less time by sharing the cost.
Use a credit card
Another option is to spread the cost by paying for your engagement ring on a credit card. This can help you to manage your budget by paying smaller monthly amounts, but you will likely end up paying slightly more through interest.
Choose a finance option
Jewellers are not unaware that buying an engagement ring is a large purchase that many cannot do in one lump sum. Instead, it’s become quite common for shops to offer their own finance options which will mean that you pay in instalments. This helps you to spread the cost into a more manageable schedule, although there will also likely be interest on your payments.
Remember, you should always spend what works for your personal financial situation; getting into too much debt is no way to start a marriage.
How to get more glamour for less
While paying for an engagement ring can be a lot to deal with, there are definite ways to make it more affordable. We’ve already mentioned that choosing an engagement ring is a personal thing that boils down to picking a design that your partner will love. But, if drama and glamour is something you both want, there are some ways to get expensive-looking designs in a way that suits your budget.
- Choose creative settings: instead of picking a design with an expensive gemstone, different settings can look glamorous without the high price tag – for example, bezel settings with a cheaper stone can look incredibly modern and dramatic.
- Move away from the diamonds: Diamonds may be a girl's best friend, but they are also incredibly expensive. Try choosing less expensive stones as your centrepiece to make the ring more affordable.
- Try lab-grown stones: lab-grown stones are super high-quality, without the high costs associated with traditional gems. They’re also better for the environment, and a more sustainable option.
Say ‘I Do’ in style with Marc Darcy
Once they’ve said yes, it’s time to start planning for your big day – and there’s no-one better than Marc Darcy to outfit the men of your wedding party. Explore our superb collection of Groom Suits to make sure you cut a dashing and sophisticated figure at the head of the aisle. And, don’t forget to deck out the groomsmen with up to 10% off with our exclusive wedding discount.
Need some more style inspiration, or advice from handy buying guides? Make sure to check out the Marc Darcy blog…
Disclaimer: any information given in this article is merely opinion, and should not be taken as financial management advice. If you need to, please contact the appropriate advisors or financial services for more information.
