How Much Money Should You Spend On a Wedding Ring?

The good news is, you don’t have to spend on your wedding bands nearly as much as on the engagement ring.

A perfect wedding band price toes a narrow line between meeting your partner’s expectations and not harming your total wedding budget.

Every couple is different, and the two of you should consider your unique spending patterns and lifestyle when setting your wedding band budget.

The Average Wedding Ring Cost

The average wedding band price isn’t a universal point of reference, as many couples spend significantly more or less than that. However, if you have an average income, this figure can help you set your wedding ring budget.

Note that the average cost of male and female wedding rings differs. While male wedding bands are usually bigger and thus contain more precious metal, they cost only $500-$700 on average.

Most women’s wedding bands, on the other hand, cost about $1,100. Such a difference can be easily explained – female wedding rings more often than not feature gemstones and other design intricacies.

The price of two wedding bands doesn’t exceed 14% of the total wedding budget for most couples. If the average price of a wedding in the U.S. is about $33,000, the wedding bands would cost up to $4,620.

Of course, the wedding band price depends on the precious metal type, ring design, size, and brand.

Platinum wedding bands are the most expensive due to the density of the material. Although platinum and gold price per gram is similar, platinum rings weigh more.

Many couples opt for a classic wedding band for him and an eternity wedding band for her. Full eternity bands feature diamonds of other gemstones along the entire circumference and therefore are pricey.

The total weight of diamonds in a full eternity band typically ranges from a carat to 7 carats, with an average price of about $4,000. Half eternity bands are slightly cheaper, available for $2,500-$3,000 on average.

Some couples spend under $100 on both rings, and others are willing to pay over $500,000. If your income significantly differs from the nationwide average, it isn’t a good metric for you.

Debunking Myths

You may have heard of the two-monthly-salary rule often applied to engagement ring price.

The tradition of spending two monthly salaries on an engagement ring appeared in the 1970s from a De Beers campaign and is rapidly losing its relevance.

You may wonder whether there are similar rules regarding wedding band price. Thankfully, society doesn’t set high expectations on your wedding ring budget.

Still, you may sometimes hear people say you should spend one, two, or three monthly salaries on both bands.

The truth is, everyone’s lifestyle, attitude to spending, and financial situation are different. Two people earning $60,000 per year may have very different expenses and therefore can’t have the same wedding band budgets.

Another tradition that may impose anxiety on couples budgeting for wedding bands is that they must necessarily be gold or platinum. Even a narrow, plain gold wedding band won’t cost under a couple of hundred dollars.

This tradition is reasonable – gold and platinum are the most durable precious metals with a high resale value. Furthermore, gold is hypoallergenic, and precious gemstones aren’t typically set in silver or copper.

However, you don’t have to get a gold wedding ring if you can’t afford it. Many modern couples choose silver, tungsten, damask steel, or titanium wedding bands that are more affordable but equally stunning.

Note that each of these alternative wedding band materials has its drawbacks, so you should seriously consider them before making a purchase. For instance, tungsten rings can’t be resized, and silver is softer than gold.

How to Set Your Budget

When setting your wedding band budget, the first factor to consider is your financial situation. This refers not solely to your income but also your financial obligations and future expenses, such as the honeymoon trip.

You shouldn’t start your marriage with debt, so calculate how much spare money you have left after repaying all your essential expenses.

Weddings are an expensive enough affair, and wedding bands are only a fraction of all the costs involved.

Then, consider your lifestyle and attitude to spending. Sometimes, people with immensely high income are unwilling to spend over $500 on a ring as they find it unreasonable.

In other cases, people with average income are ready to compromise other wedding features to buy expensive bands. There’s no right or wrong – it depends on your and your partner’s perception of material values.

Think about your and your partner’s lifestyle, hobbies, profession, and fashion preferences. Most people wear their wedding bands daily, so your ring should match your style and be comfortable.

Many expensive wedding bands, such as full eternity bands with prong-set diamonds or cathedral-style solitaire rings, are uncomfortable for daily wear.

For instance, an office secretary can afford to wear an exquisite engagement ring with a large diamond. On the other hand, a dentist constantly wears gloves and therefore must take off the ring before work or get a plain band.

Some people can’t wear any rings at work and keep their wedding band in a jewelry box. In this case, getting an expensive wedding band may be unreasonable unless your budget is unlimited.

If you prefer minimalism in clothes, get a simple and elegant classic wedding band.

Or, if you have an alternative, creative style, consider wedding bands with intricate designs or colorful gemstones. Your wedding band should convey your personality.

Consider the Engagement Ring Price

Since you’re through the proposal phase, you’ve likely already had to set the engagement ring budget. Your engagement ring price can help you set your wedding band budget.

Traditionally, a woman’s engagement ring is more expensive than her wedding band.

It isn’t a universal rule, but such a pattern is easily explainable – engagement rings typically feature a relatively large diamond and are overall flashier than wedding bands.

Many women wear their engagement ring and wedding band on the same finger and don’t want them to compete for attention.

On average, the engagement ring price is twice higher than the price of two wedding bands. The average price of an engagement ring in the U.S. is about $4,000, and both wedding bands about $1,600.

Therefore, if you’ve spent $10,000 on an engagement ring, get wedding bands for $5,000, and if the engagement ring costs $600, get cheaper bands for $300.

Following this tip will also ensure that the engagement ring and wedding band go well together (as long as you choose rings of the same style and material).

A 3-carat diamond engagement ring may look odd near a narrow silver band, and a full eternity band with diamonds and sapphires for $10,000 may outshine a 0.5-carat solitaire engagement ring.

How to Save on a Wedding Ring

Struggling to afford expensive wedding bands is normal – you already have so many expenses to take care of before the wedding. Some tips may help you fit rings in your budget without sacrificing the looks.

Many jewelers offer wedding band layaway programs allowing you to reserve the desired bands by paying a small deposit and repay the remaining sum in monthly installments.

You may also consider online jewelry retailers. They tend to have nearly twice lower prices than in chain stores but offer an even better selection. If you prefer to shop offline, visit small local jewelry stores.

If you or your partner want a ring with bling, consider lab-grown diamonds instead of natural gems. They are equally durable, sparkly, and have the same chemical structure but cost less as they don’t require mining.

Alternatively, consider whether you value the size or quality of the diamond more.

If you’re going for an eternity band, imperfections of the color and clarity won’t be as visible, and you can compromise them for the sake of larger stones.

The metal can significantly impact a ring’s price, too. Platinum and gold are costly, but if you aren’t fond of precious metals, consider tungsten or titanium – they are even more durable and much cheaper.

After all, you don’t have to get the wedding bands of your dreams right away. Some couples exchange cheap silver bands at their wedding ceremony and replace them with more expensive rings for the 5th or 10th anniversary.

To Match or Not to Match?

Traditionally, male and female wedding bands match. They don’t necessarily have to be the same, but usually, the rings are made from the same material and in the same style.

However, there’s no harm in getting different bands if you have different preferences or lifestyles.

Sometimes, one of the partners may not wear a wedding band at all, and it’s fine as long as both in the couple don’t mind it.

Mismatched wedding bands are an excellent way to save money. For instance, if the bride wants a platinum band with intricate engravings or diamonds, the groom can get a classic platinum band without adornments.