The wedding itself is a matter of hassle and overthinking. Deciding how much to spend on a wedding ring can be a stressful addition to the process.
With so many opinions and guidelines, it's easy to feel overwhelmed and uncertain. Should you follow traditional rules or focus on what feels right for your budget?
No worries. We are here to help you balance personal preferences and financial realities and make a decision that ensures satisfaction and peace of mind for this significant purchase.
Let’s get started!
Average Cost of an Wedding Ring in the UK
The average cost of an engagement ring in the UK has recently fluctuated. Back in 2016, the typical expenditure was around £573. By 2023, the average amount spent on engagement rings had increased to approximately £700.
Despite the rising cost of living and inflation, many couples are spending modestly on their rings.
However, these figures are just averages. The actual amount can vary greatly depending on personal preferences and financial situations. Some couples may choose more affordable options, while others might splurge on a more extravagant ring.
Worth noting that traditional budgeting rules, like spending a multiple of your annual salary, are becoming less relevant. Many couples today prioritise what feels right for them rather than sticking to conventional guidelines.
Ultimately, deciding how much to spend on an engagement ring should be based on personal financial circumstances and mutual agreement.
How Much Should You Spend on a Wedding Ring?
There are no strict rules on how much to spend on a wedding ring. Whether you follow traditional guidelines or set your own, the key is to choose a ring that symbolises your love without causing financial strain.
If you still want a recommendation, we suggest you keep the budget between £500 and £1,200.
Your wedding ring symbolises love and commitment, so you must feel comfortable with your budget. Various payment options are available, and it's crucial to integrate the ring's cost into your overall wedding budget.
Consider what aspects of the wedding are most important to you. Some may prefer to allocate more funds to the venue, dress, or honeymoon, while others might prioritise the ring since it is worn daily.
Some couples purchase wedding rings early in planning, ensuring ample time for adjustments or custom orders, typically allowing 8-10 weeks. Others wait until other wedding arrangements are made to see what funds remain. Regardless of the approach, leave enough time for resizing or customisations.
Which Type of Metal Should You Choose for A Wedding Ring?
Different metals offer unique benefits, affecting the ring’s cost, maintenance, and overall look. Here’s a guide for you.
Gold
Gold is a classic and popular choice for wedding rings, available in yellow, white, and rose hues. The purity of gold is measured in carats, with 18K and 14K being common choices.
Higher-carat gold, like 18K, is more expensive due to its higher gold content, but it's also softer and more prone to scratching. While still beautiful, 14 K gold is more durable and slightly more affordable. Investing in gold is wise due to its timeless appeal and durability.
Platinum
Platinum is a premium choice for wedding rings, known for its exceptional durability and natural white sheen that doesn’t fade. It is denser and rarer than gold, which makes it more expensive.
Platinum is hypoallergenic, making it ideal for those with sensitive skin. While the initial cost is higher, its longevity and minimal maintenance make it a wise investment. Given its robustness, platinum is less likely to wear down over time, ensuring your ring remains stunning for years.
Palladium
Palladium is part of the platinum family and shares many qualities, such as a natural white colour and hypoallergenic properties.
Palladium is less dense than platinum, making it lighter and often less expensive. Its rings require less maintenance than white gold, as they don't need rhodium plating to maintain their colour. Palladium is a good middle-ground option if you want the benefits of platinum without the higher cost.
However, it is still more expensive than other metals like gold or titanium.
Titanium
Titanium is an excellent choice for a modern, lightweight, durable wedding ring. It's much more affordable than platinum or gold, and its strength makes it highly resistant to scratches and dents.
Titanium is also hypoallergenic, making it a good option for sensitive skin. However, its hardness makes resizing difficult, so ensure you have the correct size when purchasing.
Titanium is a practical and budget-friendly option, perfect for active lifestyles.
Silver
Silver is a more traditional and less expensive choice for wedding rings. Sterling silver, 92.5% pure silver, is the most common type used in jewellery.
While it offers a classic look, silver is softer and more prone to scratches and tarnish than other metals. It may require more frequent maintenance to keep it looking its best. Silver is a good option if you're looking for an affordable ring but be prepared for its upkeep needs over time.
White Gold
White gold is an alloy of gold mixed with metals like nickel or palladium, giving it a white hue. It is often coated with rhodium to enhance its whiteness and shine.
White gold is more affordable than platinum but requires periodic rhodium plating to maintain its appearance. It offers a contemporary look and combines the prestige of gold with the modern appeal of a white finish.
While it may need more maintenance, white gold remains popular and cost-effective.
Rose Gold
Rose gold blends gold and copper, creating a warm, pinkish hue. Its unique colour has gained popularity for its romantic and vintage appeal.
Thanks to the copper content, rose gold is durable and less prone to tarnishing than white gold. It is usually priced similarly to yellow and white gold. Rose gold is an excellent option for those seeking something distinctive and beautiful, balancing durability with an elegant, timeless style.
Also Read: What Is The Average Ring Size for Women?
How to Save Money on a Wedding Ring
A few smart strategies can help you save money on a wedding ring without compromising on quality. Here are some tips to help you find the perfect ring within your budget.
1. Set a Budget
Determine how much you will spend on a wedding ring before shopping. This helps narrow down options and prevents overspending. The average UK couple spends around £700 on wedding rings. But you can find beautiful rings for less or more, depending on your preferences.
2. Choose the Right Metal
Opt for more affordable metals like 14K gold instead of 18K gold, or consider alternatives like titanium or sterling silver. These metals are durable and attractive but cost significantly less than platinum or higher-carat gold.
3. Simplify the Design
Elaborate designs and custom settings can increase the cost of a ring. Choosing a more straightforward design with fewer details can significantly reduce the price. A classic band or a solitaire setting is elegant and timeless without being overly expensive.
4. Consider Lab-Grown Diamonds
Lab-grown diamonds offer the same visual and structural properties as natural diamonds but at a fraction of the cost. They are an excellent choice for those looking to save money while still getting a stunning diamond.
5. Buy from Local Jewellers or Online Retailers
Local jewellers often offer competitive prices and may be open to negotiation. Online retailers can also provide great deals and a wider selection than high-street stores. Ensure you buy from reputable sources to avoid scams.
6. Look for Sales and Discounts
Take advantage of sales, discounts, and promotions. Many jewellers offer significant savings during certain times of the year, such as after Christmas or during wedding season promotions.
7. Consider Vintage or Pre-Owned Rings
Vintage or pre-owned rings can offer unique designs and excellent value for money. Antique shops, estate sales, and online marketplaces are great places to find these treasures. Ensure the ring is in good condition and consider professional cleaning or resizing if needed.
FAQs
How Much Is a Really Good Wedding Ring?
A really good wedding ring in the UK typically costs between £500 and £1,200. This range ensures quality materials like gold or platinum and excellent craftsmanship. Factors like design complexity and the inclusion of gemstones can increase the price.
Does a Wedding Ring Have to Be Expensive?
A wedding ring does not have to be expensive to be meaningful. The value lies in its symbolism rather than its price. Many affordable options are available that are beautiful and durable. Choose a ring that fits your budget and personal style. What matters most is the love and commitment it represents, not the amount spent on it.
How Many Rings Should a Wife Have?
In the UK, a wife typically has two rings: an engagement ring and a wedding ring. The engagement ring is given at the proposal, while the wedding ring is exchanged during the ceremony. Some may also add an eternity ring later to mark a special anniversary. However, a wife's number of rings can vary based on personal preference and tradition.
Conclusion
Hopefully, you had a clear idea about how much to spend on wedding rings.
Deciding this involves balancing personal preferences, financial situation, and overall wedding budget. Traditional guidelines suggest a significant investment, but modern couples often choose a budget that feels right for them.
Shop smartly, explore various options, and ensure a comfortable fit.