Cocktail rings are one of my favorite accessories.  They’re an easy, effortless way to make any outfit more dressed-up.

When it comes to cocktail rings, there are a few rules to remember.  One, the bigger the better!  Cocktail rings make a statement, so the bigger or more flashy the ring, the bigger the statement.  And two, since they do make such a loud statement, keep the rest of your accessories to a minimum.

Cocktail rings can cost hundreds or even thousands of dollars for real gemstones, but you can find gorgeous ones for much, much less.  Each one of these rings definitely makes a statement, but costs less than $20!  At those prices, you can afford to buy one for every occasion!

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With the start of the school year comes many, many invitations. Whether it’s to house warmings, frat parties, or even just a night out at the bar, there is always something going on. And with this great responsibility (because socializing is a great responsibility) comes long periods of time in front of the closet deciding what to wear, throwing clothes all over your room, then avoiding the giant pile of discarded outfits as you run around the room looking for hair pins to tuck back those bangs.

And when that’s all done and you’ve found the perfect look, you stop and realize you still need accessories for it. Sigh.

Well allow me to clue you in on the best fashion secret you’ll ever hear: the fabulous statement ring.

Statement rings serve several different purposes.  First and foremost, they can act as a solo accessory, easily adding excitement and interest to your outfit.  They can also work as a conversation piece, opening the door to fashionable females (“OMG, where did you get that?!”)  and desirable dudes just looking for a reason to talk to you (“Whoa, that’s a ring…”). And lastly, if anyone tries to mess with you, taking on of these puppies to the face would most definitely leave a mark. Fashion and function? Now that’s what I’m talking about.

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Cocktail rings add elegance and glamour to any ensemble. Celebs like Catherine Heigl and Jamie Lynn Sigler rock them on the red carpet (above), but you don’t need a formal event to show off your bling. Cocktail rings can make a simple outfit, like a sweater with jeans and heels, pop as well.

According to WiseGeek.com, cocktail rings became popular during US prohibition. At cocktail parties, they flaunted the fact that women were drinking illegally (but fashionably). Prohibition is no longer in effect (thank GOD), but big, bold cocktail rings are still in style. And we are grateful.

For most rings, the bigger the stone the better. You want to draw attention to it! However, to keep it from looking ridiculous if you have small hands, search for rings that don’t extend any farther than the bottom of your knuckle. And while most people wear cocktail rings on their right ring finger, they look chic when worn on your index finger, too.

Don’t blow all your cash on a cocktail ring, though! You can find fake stones for almost nothing, and many real stones for under $200, if you feel like a splurge. Here are some rings that fit every budget:

Big jewelry continues to be a major trend, so one key tip is that if you’re gonna go big on the accessories, you need to go minimally on the clothes so you don’t end up looking like a walking Vegas Strip.

Nature is a main theme throughout jewelry pieces for the summer; you’ll see flowers, leaves and moons & stars in everything from pendants to rings and especially in drop earrings, so go ahead and get in touch with nature.

One of the “must have” pieces of the season is the not-so-subtle medallion. Medallions and pendants are back, as designers turn to the seventies and eighties for inspiration. A sub-division of this trend is another one; zodiac pendants. Say good-bye to wearing your name or initials on your neck, showing off your star sign in silver, gold or even diamonds is the way to go.

Channel your inner Jackie O. by putting a twist on the classic pearl necklace with giant pearl pieces, whether chokers, multiple strand necklaces or even necklaces with different colored pearls tied together paired with giant pearl earrings or bracelets.

Time to raid that local flea market or your Grandma’s jewelry box. Cameos and bangles are another new/old trend and going vintage is the best way to go. The best thing about this look is that you really can do it on the cheap (or free, if you are into swiping things from g’ma).

Want to go a little more fun & funky this year? Pop art has inspired jewelry designers and you can find a slew of brightly colored plastic bangles, hair ties and bracelets in big, bold shapes. Abstract designs are also big and these pieces are great for weekend and casual wear.

A popular color combo this season is black & gold, a throwback to the 70′s/disco era, with an emphasis on oversized links and chains. For some eye-catching accessories, go with enameled bracelets, necklaces and chokers.

Last but not least, continue rockin’ out those big and blingin’ cocktail rings because baby, they ain’t goin’ anywhere and who doesn’t love showing off some fabulous bling?

No matter what trend you choose to follow, as is always the case with fashion, go with what makes you feel comfortable and sexy, and have fun with it.

If you’re on a budget like most of us are, Urban Outfitters has some fun pieces that follow the trends well, but my favorite place to get cheapie pieces that I always get compliments on is my tried and true Forever 21 . Just remember, you don’t have to break the bank to have fabulous accessories.

I should have been more receptive to her affection — I could have inherited a few of her ruby stunners. I want them now because cocktail rings are decidedly back in style.

While these rings aren’t necessarily the most sensible of accoutrement, nothing says party like a huge, obtrusive rock on your finger.

Because of their glittery largesse, cocktail rings aren’t too hard to find — but New York Magazine already did some work for you here, and if you’re looking to spend a little less, head to that reliable old favorite Claire’s.

And the best thing about cocktail rings? No hangover.

According to Harper’s Bazaar magazine, “this season it’s not just about the big single stone. More intricate designs with a boho bend are exactly the thing to give our flirty dresses a down-to-earth feel.” You definitely don’t need to pay Harper’s Bazaar prices; I’ve found some great steals from Forever21 and Urban Outfitters that will give you the high-fashion look at a low price.

$4.80, forever21.com $4.80, forever21.com $16.00, urbanoutfitters.com