How Much Should I Spend On An Engagement Ring?

How Much Should I Spend On An Engagement Ring?

Getting engaged is one of the most exciting times of your life. Along with thinking about how you will propose - Where will you go? What will you say? - you will want to choose the perfect ring. Many people know the style of ring their partner would like but are not sure how much they should spend on it. There’s no doubt that it’s an important piece of jewelry that is going to be worn forever, so you want to make the right choice. There are several schools of thought about how much should be spent on an engagement ring but there is no definitive answer, so read on to find out more about some old-fashioned and some more modern guidance on what to spend.

What’s the average figure?

Many people look at what others are spending and believe that spending the national average on an engagement ring is a good idea. In the U.S., the average figure is thought to be over $6000, but because there are such variations between different regions, this figure may not be realistic for many people.

Look at your salary

Taking your personal salary into account is definitely a wise move. It’s always a good idea to look at what you’re earning whenever you make a big purchase. Many people quote the old advice that an engagement ring should cost two months’ wages. But did you know that this piece of advice actually originated from one of the major jewelry companies? Originally the idea was proposed in the 1930s that an engagement ring ought to cost one month’s pay, and this was increased over the years to two. Of course, it makes sense that the company selling the jewelry is going to want you to spend more on the piece, and according to this rule, someone earning around $60,000 per year, would be aiming to spend a huge $10,000 on the engagement ring. Even with a $60,000 salary, $10,000 is a significant figure to be spending.

Personal circumstances

Thinking about your salary is a good starting point, but it's wise to consider your financial circumstances and commitments. For example, do you have savings? What else do you need to spend your wages on? Perhaps you have some debt to pay off, maybe you are saving for a house or need to build up your fund for the big day itself. You might feel it’s more important to put the money aside for something else. Although it might be helpful to consider averages and traditions, it’s vital to take your own personal financial situation into account and look at the long-term impact it will have on your life.

What are the options?

For many Americans, spending $6,000 to $10,000 is just not a realistic option. So what should people do who cannot spend, or choose not to spend, these amounts that the engagement traditions advise? The good news is that more modern thinking leans towards abandoning the “should” element and spending what you can actually afford and what suits you both as a couple. Don’t feel obligated to spend money you don’t have or don’t want to spend just because of tradition - it is still possible to pop the question with a ring that doesn’t break the bank, and when you consider personal taste and meaning rather than the price, you’re sure to end up with a special engagement ring for your partner.

Everyone automatically thinks of diamonds when they think of an engagement, and a large, high-quality diamond can be extremely pricey. If you consider another type of gemstone, you will find you get a lot more stone for your money. A style such as this Pink Classic Solitaire Ring is elegant, sparkly and would make a beautiful engagement ring. The lighter-colored stones reflect the light particularly well, but you might like to think about opting for a more unique style - perhaps something that reflects your partner’s personal style and taste. This Portuguese Art Deco Ring, for example, really has a sophisticated style.

If you still think a diamond is definitely the way to go, you don’t have to spend those huge figures. You can consider a lower-quality diamond, a smaller diamond, or a collection of smaller stones together.

Whatever your budget is, take your time and don’t rush into your decision. The most important thing is to be proposing with a ring that you have chosen carefully because you believe it suits your partner’s personal style.