How Much You Should Spend on an Engagement Ring in Toronto, ON

Some weeks ago as I was traveling on a train, I talked to the man seated next to me about purchasing engagement rings in Toronto, and more specifically the amount one should spend on purchasing such a ring. After some post-consideration, I would suggest an expenditure of one full month’s salary. I had in mind $4,000 as the average monthly wage an individual can earn in Ontario. The gentleman insisted on a budget of three months as the most appropriate amount.

Through some estimation, men’s current average wage for about three months to purchase an engagement ring is an approximate $12,000 which, to some people, may seem to be enough. The current generation is making gradual steps to financial improvement, although, statistically, debt levels and household debts are quite high as well.

Unfortunately, $12,000 can seem like a lot of money for someone in their twenties. All you want to achieve is the goal of buying something to symbolize your commitment and love but then how do you manage to buy an affordable engagement ring? Below are some possible options.

Factor’s to consider

Financially: Whether you’ve saved for a ring, or simply a down payment for a ring, you should figure out how much you’re comfortable in paying for an engagement ring. You should consider your current payments, monthly bills, current income etc…  if you plan on financing the entire cost of the ring, you should consider visiting a financial institution so that you are prepared financially.

Partner Expectations: You should have some sort of an idea of what engagement ring your partner would like. Whether you’ve asked them or have taken them window-shopping, you should know what their style is like. This isn’t something you can guess on, or plan to ‘return’ later for a different one. The experience of your proposal should be a memorable one and the ring you give should one that your partner loves immediately.

In most cases, the ring will speak for itself. Having said that, if you have the opportunity to give your partner a family heirloom, the meaning behind this is worth more than a price of a traditional diamond engagement ring.

Diamond Rounding Down

Although couples may prefer gems of one-karat, there exists a huge difference when it comes to the threshold of one-karat. However, can you really identify the difference between a 0.9 karat and one-karat stone? If the size of diamond forms a part of your essential requirements, consider skipping the solitaire look and consider going for a ring with a halo-style. Such variations can make a huge financial impact.

Select a Different Stone

No rule in the ‘engagement ring bible’ states that the ring stone must be a diamond. You can give a chance to birthstones, anything unique or even your favorite color. Also, consider tourmaline stones. Tourmalines are available in almost all colors and stones with multi-colors also available.

Buy Diamonds That Were Used Previously

If you find yourself shopping for diamond ring on a budget, perhaps shopping at a local pawnshop is more your style! Having said that, you might find that by working with a diamond wholesaler their pricing could be similar, if not better depending on the diamond. Regardless of where you shop for your ring, be cautious if you plan on buying on websites like Craigslist or Apps like LetGo. You never know who you’re meeting and how safe the transaction will be. Also, you may consider visiting your local jewelry stores that offer flexible return policies.

Re-purpose Old Jewellery

Custom-made rings by talented jewelers, through re-using of bands of other jewellery or stones, are also an option. Such rings not only bring back to lifelong worn pieces but also creates unique pieces for the family which can be inherited by the coming generation. Additionally, this is also an environment-friendly method of making unique and custom engagement rings.