The exchanging of wedding rings is a time-honoured tradition that symbolises eternal love and commitment between partners. It’s a beautiful gesture that marks the beginning of a lifelong journey together. But when it comes to purchasing the perfect wedding rings, couples often find themselves facing the daunting question: How much should we spend on these precious symbols of love?
In this blog post, we will delve into the various factors to consider when setting a budget for a wedding ring and help you make an informed decision about buying a wedding ring or engagement ring that aligns with your values and financial circumstances.
The Symbolism of Wedding Rings
Before we delve into the financial aspects of wedding ring shopping, it’s essential to understand the symbolic significance of these timeless pieces of jewellery. A wedding band is not just a piece of metal; it’s a constant reminder of the love, trust, and commitment shared between partners. Its unbroken circular shape signifies the eternal nature of love and the unending bond between two souls. Remembering this symbolism can help guide your decisions throughout the purchasing process.
Financial Considerations
When setting a budget for your wedding rings, it’s crucial to consider your overall financial situation. Here are some key factors to keep in mind:
Prioritise Financial Stability
Your wedding rings should not put you in financial distress. Always prioritise your financial stability over extravagant purchases. Before deciding on a budget, assess your current financial position, including debts, savings, and upcoming expenses.
Define Your Ring Preferences
Discuss your preferences as a couple to ensure you’re on the same page regarding the ring type, style, and materials. This will help you narrow down your options and establish a realistic ring budget.
Budget Allocation
While there is no fixed rule for how much to spend on wedding rings, allocating a specific percentage of your wedding budget (around 3-5%) can provide a reasonable starting point.
Quality Over Quantity
When it comes to wedding rings, quality should always be a top priority. Remember that these rings will be worn daily for the rest of your lives, so investing in high-quality materials, craftsmanship, and durability is essential. While it may be tempting to opt for cheaper options, remember that quality rings will last a lifetime and can become cherished family heirlooms.
Types of Metals and Gemstones
The choice of metal and gemstones significantly influences the cost of wedding rings. Here are some popular options to consider:
Gold
Gold is a classic and timeless choice, available in various shades like yellow gold, white gold, and rose gold. It’s a durable metal but can vary in price depending on its purity (karat) and market rates.
Platinum
Platinum is a premium metal known for its strength and hypoallergenic properties. It is more expensive than gold due to its rarity and weight.
Palladium
Palladium is a more affordable alternative to platinum with similar properties. It has gained popularity in recent years due to its attractive price point.
Gemstones
If you prefer gemstone accents, keep in mind that the type, size, and quality of gemstones can significantly impact the price. Diamonds are the most traditional choice, but other gemstones like sapphires, rubies, and emeralds offer unique and colourful jewellery alternatives.
Customisation and Engraving For Engagement rings & Wedding Rings
Personalising your wedding rings with custom engravings can add sentimental value. However, customisation and intricate designs can also increase the cost. Strike a balance between personal touches and budget constraints to ensure you get the best of both worlds.
Sales, Discounts, and Second-Hand Rings
Timing your purchase to coincide with sales or discounts can help you save money significantly on wedding rings. Additionally, consider exploring reputable jewellers offering pre-owned or vintage rings, which can provide unique and budget-friendly options.
Pay Monthy
Paying monthly with services like Klarna can be a game-changer when it comes to purchasing wedding rings. Gone are the days of draining your savings account for that perfect symbol of love. Couples can strike a balance between financial responsibility and sentimental indulgence by opting to pay monthly. Klarna and similar services offer flexible payment plans, allowing you to spread the cost of your dream wedding rings over time without the burden of lump sum ring payments.
Insurance and Maintenance
Once you’ve invested in your wedding rings, protecting them for the long haul is crucial. Consider getting insurance to safeguard the diamond ring against loss, theft, or damage. Regular maintenance and cleaning will also ensure your rings retain their lustre and brilliance over time.
Average Engagement Ring Cost
How much you spend on an engagement ring is completely up to you, but in the UK, the national average cost of a diamond engagement ring is around £2,000 to £5,000. However, it’s essential to note that this figure can vary significantly based on factors such as the quality and size of the diamond or gemstone, the type of metal used, and the overall design complexity. Some couples may choose to spend more, especially if they prioritise higher-quality materials and larger stones, while others may opt for more affordable options to align with their budget and preferences.
Average Wedding Ring Cost
Regarding wedding rings, the average cost in the UK is generally lower than engagement rings, with people spending anything from £1,000 and above. The price of wedding bands can vary based on the type of metal selected, gemstone accents, and craftsmanship in creating the rings. Couples often have the flexibility to choose wedding rings that suit their individual tastes and financial considerations, and they may also explore various customisation options to add a personal touch to these symbolic jewellery pieces.
Shop Your Engagement Ring & Wedding Rings With Lords!
In the end, the decision of how much to spend on a wedding ring is a personal one that should reflect your love, values, and financial capacity. The key is to strike a balance between quality, symbolism, and affordability.
Remember, these rings will be a constant reminder of your love story, so invest in rings that bring joy and meaningful symbolism to your lives. Whether you opt for a simple and elegant design or a more elaborate expression of your love, your wedding rings will remain an everlasting symbol of your commitment and devotion.
Get in touch with Lords to find the perfect ring for you!