Alright let’s be honest, how many of us have seen someone’s engagement ring on Insta and automatically wondered how much it costs?
I do this all the time.
While we know how fun it is to fantasize about your dream ring, a college student has also got to be realistic. Rings can be very expensive and can turn into a costly nightmare if you’re not careful.
So, of course, I then have to wonder how that one fiance could buy his lady a 3 carat stone when they are both still undergraduates...
So what is a reasonable amount to spend on an engagement ring? How much are Gen Zs and Millennials spending on rings? What if you’re a college student?
Don’t fret. We here at June decided to scour the internet and ask experts all about what people are paying for engagement rings and what you can expect to get for the price you want.
While there isn’t a perfect answer of how much you should spend while in college, we’ve got an idea of what people are spending and how you can nail down a budget that works for you.
For years there has been a long-standing theory that your engagement ring cost should be equal to two or three of your month’s gross salary. (Or three years if you’re Michael Scott.) While that isn’t necessarily a bad rule of thumb, young Americans don’t follow this at all anymore.
TD Ameritrade, a financial services company, conducted a survey about young Americans and marriage in May 2019. They found that while the average engagement ring costs around $5,000, the majority of younger Americans expect to spend less than $3,000.
So what exactly does this mean?
It means that the younger generation isn’t as concerned with spending ridiculous amounts of money on an engagement ring. Which is great right?
But how to know exactly how much to spend? And how do you guarantee that you’ll get a quality ring even when you’re wanting to spend less?
The truth is, everyone’s situation is different. The statistics above tell us that there is a trend that people are spending less on rings, but exactly how much you spend is completely up to you and your future fiance.
One thing to remember is that you should not put yourself into a large amount of debt in order to buy an engagement ring. When you’re a college student, you’re likely already dealing with student loan debt, and the stress of adding engagement ring debt is inadvisable.
Take the time to examine your current financial situation. Credit Donkey recently published a blog post where they talk about some questions to ask yourself before considering how much you should spend on your engagement ring:
After asking these questions and assessing your situation, you should be able to come up with a reasonable estimate of how much you should spend on an engagement ring. Again, remember you want to aim for a debt-free or low-financing option in order to avoid extreme financial stress.
When you’re in college you’re thinking about furthering your education, preparing for a career, and getting ready for life!
You probably aren’t thinking about what jewelers are going to give you the best deal for your ring. But, when thinking about how much college students should spend on engagement rings, it’s crucial to realize how much the store you shop at matters.
Oftentimes, big jewelry chains won’t always give you the best deal. They are more concerned with selling their already set rings, rather than customizing a ring to your price.
All the budget savvy millennials and gen z’s who want to find their dream ring for less should consider looking into online and custom ring shops that give you a little bit more flexibility when it comes to the design and the price of your ring.
June offers an online tool that allows you to send in inspiration pictures and decide on the design of your ring while also deciding on a price cap that makes it so much easier to get what you want within the price bounds that you’ve set. We also design 100% custom rings down to the materials so you can get exactly what you want at a price you can afford.
So, the truth is, we really don’t know exactly how much college students should pay for engagement rings. It is basically a matter of your financial situation, what kind of ring you want, and what’s most important to you.
If having a higher quality ring is important to you, you may just need to buckle down and spend the money. If spending less money is most important to you, you may want to look at buying a “starter” ring or a smaller ring that you could add too later on in life. It honestly just comes down to you and your BF/GF sitting down together and deciding what your priorities are when it comes to engagement rings.
Remember, there’s no perfect answer to how much you should spend, but finding the perfect ring isn’t impossible. Talk about your desires, look at your finances, shop for jewelers, and don’t settle until you find it. Even for college students, the ring of your dreams is out there - at a price you can afford, as long as you choose to shop smart.