The average cost of a wedding in the UK is between £24,000 and £30,000, depending on what reports you read. That’s more than the average UK salary spent on a single day, so it’s unsurprising that many people are looking at ways to reduce the amount they spend on their wedding wherever they can (e.g. on wedding rings). People are DIY-ing their decorations, taking the photos themselves and getting married in the middle of the week all in the name of saving a tidy amount of money on their big day.
However, it’s very rare to hear people discussing scrimping and saving on the wedding rings. Perhaps that’s because it’s the permanent part of the wedding – you won’t have to look at your centre pieces ever again after the big day, but the wedding ring is going to be sat on your hand forever.
But that doesn’t mean that there aren’t ways to save money on your wedding rings if you wanted to – or that there aren’t ways to finance your wedding rings to spread the cost of your big day out.
(We’ve already written quite a few posts about weddings on a budget – if you’re planning your dream wedding or are just starting to think about tying the knot, there’s loads of great advice in there.)
Average cost of a wedding ring
According to Perfect Wedding, the average couple spends £600 on their wedding rings.
Now, compared to an average £4,000 on the honeymoon or £2,750 on the catering, the wedding rings are not the priciest of wedding expenses, but they’re still not cheap. Luckily, there are a few things you can do to keep the costs down:
Keep it simple
As simple as this sounds, the more basic the ring, the less it is going to cost. 10K gold wedding rings are cheaper than 14K wedding rings (which are, in turn, cheaper than 24K wedding rings).
Plus, 10K rings are durable and longer-lasting. They might not have the high, yellow shine that as 24 carat gold ring has, but it’ll last a lot longer. Gold is a soft metal and the higher the carat, the softer the ring. That means that – for all their prestige – 24K wedding rings are a little impractical.
A 10K or 14K ring will be cheaper and will last longer – the perfect reason to scrimp a little.
Financing options for wedding rings
If cutting back on the expense of the rings isn’t for you – or you just have your eye on a pair of really nice rings (with an ever-so-slightly-eye-watering price tag) – then there are options for you.
0% Financing Options:
Some jewellers and jewellery shops offer 0% wedding ring financing options with very fair repayment options.
If you qualify for these (they’re usually for people with good credit) – and you’re completely sure that you’ll be able to pay the balance off before the interest rates (which are normally very high) kick in – then these options can be a good way of buying a wedding ring and paying it back over time.
(Alternatively, if you have a credit card, you can do things in much the same way. Buying a wedding ring with a credit card – and paying the amount back over time – is one of the most common ways of funding that dream ring. However, it’s not without a catch – if you can’t pay it off quickly, it can end up costing more over time.)
Consider a personal loan
If you’re not wild about the idea of a credit card or 0% finance deal – or about buying cheaper rings – then it might be a good idea to consider borrowing money. Not only can you use a wedding loan to buy the rings of your dreams, but you can put it towards other wedding-related costs too. A band, a DJ or the venue, perhaps.
Depending on your credit score, you could be eligible for either an unsecured or guarantor loan. (Why not take a look at our article on ways to fund a wedding for a bit more information?)
Although we know how important it can feel to get the perfect ring, it’s important to remember that you should only spend (or borrow) what you can afford.