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A Guide to Paying for an Engagement Ring

A woman holding a wedding engagement ring. Photo: Jeremy Bishop / Unsplash

Engagement and wedding rings are a symbol of love and commitment, so it’s important to choose the right bling for you and your partner. After all, the plan is to be wearing them til death do us part. Here are some helpful tips.

How much should I spend on an engagement ring?

Reality is, what you spend is totally up to you and your partner.

While clever marketing campaigns might tell you to budget for 3 months’ salary, there’s no minimum on what you spend on a ring. Ultimately what matters most is your budget and the bride’s personal style. 

According to a 2020 Australian wedding industry report, Aussies typically spend around $5,367 on engagement rings, with only a small number of couples spending over $20k. 

And you don’t have to spend anywhere near these numbers if you don’t want to. Wedshed says most jewellers are happy to work with any budget, and secondhand or vintage rings are also very popular. 

If you’re unsure how to chat about engagement ring costs with your loved one, read our guide on how to discuss money with your partner.

How much do wedding rings cost?

Wedding rings tend to be more lowkey than engagement rings, and again what you want to spend is up to you. 

Wedshed says the cost depends on the metals you choose gold, silver, platinum etc, the ring quality, the jeweller and where you live.

Plain bands can range from hundreds to thousands of dollars. 

If your budget is tight, there are plenty of affordable options including; simple gold bands, titanium rings and sterling silver.

Pro Tip

Thinking of getting hitched? Here’s how much it costs to tie the knot in Australia.

How to pay for a wedding ring

Wedding rings are a significant expense, and there are several options for financing the purchase.

  1. Save up and pay in cash: The most straightforward way to pay for a wedding ring. This can help you avoid interest charges and debt, and it can also help you stay within your budget.

  2. Personal loans: A personal loan typically has fixed interest rates and fixed monthly payments, which can make it easier to budget for your ring purchase. However, make sure that you can afford your monthly payments and that you're getting the best rates and terms before taking out a loan. Find out what your monthly repayments would be for a Wisr personal loan.

  3. Use a credit card: It might be convenient to use a credit card to pay for a wedding ring, but make sure that you can afford to pay off the balance when the bill arrives or deal with any interest. 

  4. Financing through your jeweller: Many jewellers offer financing options that allow you to make monthly payments on your ring. However, these financing options may come with high-interest rates, so read the terms and conditions carefully and make sure that you can afford the monthly payments.

  5. Borrow from family or friends: If you have family or friends who are willing to lend you money, you may be able to borrow from them to pay for your wedding ring. However, make sure that you have a clear plan to pay them back and that you're comfortable with the terms of the arrangement.

    Read our guide on how to pay for a wedding in Australia.

What if I can’t pay outright?

If you can’t afford to pay for your engagement or wedding rings upfront, some options are still available. 

  1. Look at a personal loan: You may qualify for a personal loan to pay for your wedding rings. Personal loans typically have fixed interest rates and monthly payments, which can make it easier to budget for your repayments. However, it's essential that you make sure you can afford the monthly payments and that you're getting the best rates and terms.

  2. Consider a less expensive ring: There are plenty of affordable wedding rings available that are beautiful and meaningful. You can also consider alternative materials like titanium, which can be much less expensive than traditional gold or platinum.

  3. Look for financing options: Some jewellery stores offer financing options that allow you to make monthly payments on rings. However, it's important to read the terms and conditions carefully and make sure that you can afford your payments.

  4. Consider a pre-loved option: You can often find beautiful preloved rings at a fraction of the cost of new ones. Just make sure that you're buying from a reputable seller and that you're getting a good deal.

  5. Delay your purchase: If none of these options work for you, you may want to consider delaying your ring purchase until you're in a better financial position. Remember that the most important thing is the love and commitment between you and your partner, and a wedding ring is just a symbol of that love.

Do what's best for you as a couple

There are many ways to pay for an engagement or wedding rings. The best option for you depends on your financial situation and personal preference. Before you dive in and splurge on your bling, do some research and consider your options. 

At the end of the day, ring cost isn’t the most important factor in your choice to get married. Set a budget that works for you and your partner and choose a ring that you’re both in love with. 

Need a little help for your big day? Consider a Wisr wedding loan.

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Disclaimer: This article contains general information only, and is not general advice or personal advice. Wisr Services does not recommend any product or service discussed in this article. You must get your own financial, taxation, or legal advice, and understand any risks before considering whether a product or service discussed in this article may be appropriate for you. We have taken reasonable efforts to ensure that the information is accurate at the time of publishing, but the information is subject to change. We may not update the article to reflect any change.

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