Engagement Rings: How Much Should I Spend?

diamond ring

So it’s come to that point in your life where you are thinking about getting engaged. No doubt you’ve also been thinking about how much you should be expected to pay for this engagement ring. As there is no set amount you are required to spend, there are definitely many rules and expectations when it comes to the cost of engagement rings that can be overwhelming, confusing, and frustrating.

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What we’ve done in this article is compiled as many different price suggestions as we could think of and laid them out for you to easily understand. Whether you plan to propose to your loved one tomorrow or in a few months’ time, we trust that this list will be able to successfully guide you on the best way to spend your money on your loved one.

The Traditional Three Months’ Salary

This is a suggestion that is typically spoken about when the subject of buying engagement rings comes up. However, it is more of a rule of thumb and will always depend on the financial position of the buyer at the time. If you have the means to adhere to tradition, go for it!

One Months’ Salary

Continuing on from the previous point, spending one months’ salary is for those who are on a budget. In fact, diamond manufacturer DeBeers ran an ad campaign in the Depression Era suggesting that it was okay to spend one months’ salary on engagement rings because it would save money, while also allowing the buyer to get what he wants. Certainly a win-win scenario here.

Splitting the Difference

If you feel that three months’ salary is a tad too much, but one month is a little cheap at the same time, why not split the difference and make a compromise and spend two months’ salary instead? This can certainly be a more favorable option if you are wanting to spend a small fortune without potentially breaking your bank.

Spending the Average Cost of a Ring

According to a research report conducted by Jewelers of America back in 2013, couples were spending an average of $4,000 on engagement rings in 2012. If your loved one knows you are shopping for her engagement ring, you can always present this information to her and discuss whether she is okay with this amount. It’s a reasonable amount to spend on an engagement ring, but keep in mind that it has nothing to do with your personal financial standing.

Forget the Rules and Spend What You Want

Alternatively, you could forget the four previous suggestions and spend what YOU think is a sufficient amount to spend on an engagement ring. When it comes down to it, the amount spent on engagement rings should be 100 percent up to the person who is buying it. It’s all well and good to take on the advice of others, but remember they aren’t the ones who are buying it. If your partner loves you enough, it won’t matter how much you spend. The only thing that should matter is if the ring matches her taste and style. If it does, then she will be happy and proud to show it off to her friends and family.

At the end of the day, regardless of which of these suggestions you decide to go with, what you need to keep in mind is that this ring needs to represent your love and affection for your partner. It is a tangible symbol of what she means to you. So while what you spend is certainly a significant factor in your purchase, the type of ring you buy should take priority over everything else.

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