Are Utah Residents Cheap? For This One Particular Item, The Answer Is Yes

When it comes to spending on engagement rings, folks living in Washington State are shelling out the most.

That's according to a new study by custom engagement ring site Faithful Platform.

The study found that on average, Washington residents spend just over $10,000 on an engagement ring.

California came in second, followed by Illinois, Kansas and New Jersey in the top five.

New Englanders have also been known to break the bank when it comes to engagement rings, with Vermont and New Hampshire spending near 10K for the rings as well.

As for Utah, well, we're a bit, um, frugal, when it comes to picking up that big piece of commitment.

The study found that Utah residents pay about $4,500 for the engagement ring -- that's the fourth lowest total in the United States and a good $700 below the national average.

Of course, there are three other states with even lower expectations.

In fact, women in South Dakota must have already lowered their expectations as the Mount Rushmore State is dead last in the study. South Dakota men fork out $3,682 for that engagement ring, nearly $1,600,below the national average and a whopping $6,300 less than men in Washington spend for the same ring.

The website TheKnot.com says the rule of thumb for an engagement/wedding ring traditionally has been "the three-month salary rule," but added that, "You can disregard (that). An engagement ring budget is a highly personal decision. Think about your long-term financial goals and expenses to set a savings plan that works for you."

TheKnot says to, instead, use this criteria:

• Assess Your Financial Situation: Our study found that one in three proposers who buy new rings will incur some kind of debt, whether it be through credit cards, loans or borrowing from friends or family. Before committing to a ring (and its price), consider your current monthly expenses and whether you can comfortably add another bill without compromising your financial stability.
• Save for the Ring: About one in four respondents used savings, including funds from long-term investments, to pay for their engagement rings. Remember, there's no need to rush into a purchase the moment you decide you want to get married.
• Know Your Partner's Expectations: Your partner's ring preferences should be a significant factor when determining how much their engagement ring should cost. Ultimately, your goal is to choose a ring they'll love.
• Personalize the Ring: Haven't you heard that bigger isn't always better? A ring that speaks to your partner's personality, values and lifestyle can hold more significance than simply choosing the largest diamond.
• Consider a Starter Ring: Consider opting for a temporary engagement ring while you save up for the real deal or design your dream ring as a couple. Believe it or not, the concept of the "starter ring" is on the rise. Temporary engagement rings are typically less expensive than traditional engagement rings, as they're often made with diamond alternatives.

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