Planning a wedding requires careful management of your finances to get what you want. One of the most important choices you make has to be your wedding rings. While most of the other expenses for your wedding are just for the day, the rings should last you for the rest of your life. It’s understandable then if you’re willing to splash a bit more cash on your rings than on other parts of the day. So how much are you prepared to spend, and are there any rules for how much you should spend? Before you make your choice, here are some things to think about.
There is lots of debate about how much you should spend on an engagement ring than on wedding rings. Perhaps that’s because often only one person is buying the former, while two people share the expense of the latter. On top of that, there are other costs to factor in when planning the wedding day. However, you should give a lot of thought to your wedding rings and how much you spend on them. For example, they should be able to last a long time. You might have to consider their practicality if you or your fiancé work with your hands. The expense can be affected by the material, any precious stones, and, of course, the label.
The rings can be a significant expense for any couple getting married, but they don’t have to be. If spending a lot of money on your rings is not a priority, there are ways to save. You can change the material to silver or titanium, or even something unusual such as wood. If you are determined to have gold rings, plump for a lower carat if you’re hoping to save. Avoiding any jewels will reduce the price too, as well choosing smaller ones. Say no to any designer names too, and you could spend under £100 on both rings.
When discussing spending on an engagement ring, the question of salary is often raised. Considering an expense in this way can help to make it fair by making it relative to how much you earn. So you wouldn’t be competing with people who make a lot more than you do. You can do the same with your wedding rings. Some say that you should spend one month’s, two months’ or even three months’ salary on a ring. But even a single month’s salary could be too much for some, even when buying two rings.
Check the Average Cost
Another way to work out how much you are willing to spend on the rings is to look at how much others spend. In 2013, Brides magazine put the average spend at £647. Most figures appear to fall around the same mark – vastly less than the average for an engagement ring. This number might help you decide how much is appropriate for you to spend.
Remember that the choice is ultimately yours. You can spend however much you like and can afford. So how much are you planning to spend on your wedding rings?