Color is a personal preference. For myself, J color is a bit too tinted, even for earrings (most forgiving jewelry type, much more so than necklace or bracelet). "I" color is the lowest that I would accept. I would rather pay more money or go smaller in size.
Although certain carat marks, such as 1-ct, 2-ct, and etc., are nice on paper or for bragging rights, the size of the studs also depends on the size of your earlobes. If you have small or average size earlobes, sub-2-ct sizes that are above 1.5ct mark should be large enough. Besides, you can always get jackets when you want a boost in size or a change in earring style/appearance.
When budget is important, I would go as low as l color and Si1 clarity (but eye-clean) in order to get the largest possible size of top cut diamonds for earrings.
Another advice is to stretch your budget as much as you can to get the best, because 1. This is an important, large purchase, 2. Any upgrade, regret, second thought, or change of mind will be very expensive.
I am just learning about diamonds and Ame is the best teacher paired with the above advice. I am purchasing a diamond pendant and did stretch the budget to ensure that I am totally happy with it. Good luck!