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Shopping for an engagement ring is an exciting experience but when it comes time to decide what you want to spend on your ring, things can get a little stressful. There’s a lot of societal pressure around spending the “right” amount on an engagement ring. Some people say that an engagement ring should cost the same as two months income. But here’s the truth about what you should spend on an engagement ring: the only “rule” you need to follow is only spending an amount that’s comfortable for you. You don’t need to break the bank when shopping for an engagement ring— there are beautiful rings at every price point.
According to a recent Business Insider report, the average amount Americans spend on an engagement ring is $6,351. While it’s good to know what people are spending on their rings (it’s never a bad idea to get a feel for the market), you don’t have to spend that much if it would put a financial strain on you. Alternatively, if you feel like spending more than the average person and you can afford it, you should feel free to.
The first step toward buying an engagement ring without breaking the bank is deciding on your budget. Take an honest look at your finances and consider what you’d be comfortable with spending. You can choose a range you’d like to spend within or simply put a hard cap on your budget and set a maximum price. Just consider your finances carefully so you end up with a budget you’re comfortable with (and feel happy about!).
Once you have your budget set, there are a million ways to find gorgeous rings that stay within it. While you can definitely shop on a budget in a brick and mortar store, shopping on the internet is a great way to expand your options and really see what’s out there at your price point. Most online retailers even have options to sort by price, so you won’t risk falling in love with something way out of your budget— you can choose to only look at rings you can afford.
If you’ve never bought an engagement ring before (and most people haven’t, since it’s usually something you only do once), it’s important to remember that engagement ring settings and their center stones are usually bought separately. So, you’ll generally be shopping for both a setting and a center stone (that’s your diamond, if you’re going the traditional route).
At RockHer, we have an innovative solution to finding a diamond within your budget— one that no other retailer can offer. While most retailers offer the option to view by price for engagement ring settings, only RockHer has ROSI, our revolutionary blend of algorithm and AI that sorts through thousands of diamonds to find you the very best one for your budget. All you have to do is answer a few simple questions about what you’re looking for in a diamond, then ROSI, powered by IBM’s Watson, gets to work. ROSI will present you with the very best diamonds that fit your specifications, saving you hours upon hours of sifting through inferior diamonds.
After you find your perfect diamond with ROSI, you can also use our ring builder to pair it with a setting you love— that also fits your budget!
So, what’s the best way to buy an engagement ring without breaking the bank? Take advantage of ROSI, the world’s only digital gemologist, to find the very best engagement ring for your budget, quickly and easily.