How Much Should You Spend on an Engagement Ring?

Posted January 28, 2022 by in Lifestyle
Red box with golden engagement ring placed on table with invitation cards

When the turning point of a man’s life finally arrives, he often feels overwhelmed. The reason for that anxiety is the need for a perfect engagement ring. 

Whether he’s been looking for the one his whole life or met her accidentally on a daily jog, he wants to make her happy. Ring is a token of eternal love that embodies the vows and promises he’s given to her over their shared time. It’s practically the way to say, “I’m putting my 100 %, will you join me on this promising journey?.” Because of such symbolism and high expectations, many husbands-to-be have no idea how to set the budget for an engagement ring. They can’t afford to appear greedy in the eyes of their beloved, and they can’t dive right into debt either.

Let’s get this out there now…love is not about the cost, but having guidelines on how to handle the expenses will make both your and her experience more pleasant. So, worry not; we are here to help you out!

The first thing you should know, the answer to the notorious “how much do I spend on an engagement ring” question is always subjective and multi-faceted. Take the following three most popular budgeting theories and watch us easily debunk them:

Crop of man's handing holding a woman's hand to showcase her engagement ring

Dispelling the Jewellery Price Myths

The Two-Month Salary “rule”

Two months salary. The driving principle is reflected in the name. If you haven’t figured it out, you are to spend at least two months’ salary on the engagement ring. For instance, if you earn $24,000 per year, the accessory should cost you about $4,000$. While it’s an extremely straightforward calculation method, it doesn’t necessarily fit modern couples. 

Most lovebirds now prefer to invest in their honeymoon or future house rather than in a little shiny stone that loses value. And let’s be honest, saying goodbye to 2 salaries in a row is burdensome. To allow such a purchase, you’d have to start saving up a year ahead as acquiring a credit will be stressful and not worth it. This whole concept is a marketing manipulation to open your wallet. If you confine to dictated numbers, the sacredness of the proposal will fade into oblivion. Remember, she loves you for who you are and not for size of the ring.

The Average Engagement Ring Cost

According to a recent The Knot survey, the average price of an engagement ring is $6,000. Most bands feature a round diamond in a solitaire or trilogy setting. The size of brilliants varies from 0.70 to 2.0 carats. What’s the downside of this system, you ask. To begin with, by sticking to the national figures, you compromise the uniqueness. An engagement ring should complement the owner’s personality; opting for a run-of-the-mill band because it’s convenient is not a way to enter the marriage. 

Not to mention, your financial means should determine the budget, not the worldwide average. If a person’s income is $100,000, splurging on a $6,000 band won’t make a huge difference. Unfortunately, that doesn’t go for people with an income of $30,000. Don’t imprison your future by trying to pay off the growing jewellery debt. Money is the #1 thing couples fight about, so why start your life together with a financial burden over your head?

The Average Diamond Size

The third option is to set the budget based on wishful carat weight. While this helps to keep shopping within reason, it deprives you of the possibility to find the best deal. For example, a 1.10 carat, round, D colour, seamless diamond will cost approximately $19,000, and a 1.10, round J colour, SI2 clarity diamond will cost roughly $4,200. They are both 1.10 carats, but the price differs drastically. If you choose black diamonds for your ring, ultimately it will cost you 10x lower price in comparison to white/colorless diamonds. Treated 1 carat loose black diamond costs you approximately 200-300$. So you will get your 1ct black diamond ring under $1000. Women care about clarity and cut as well. Don’t lose sight of other characteristics because of the selected size. 

Learn more about the 4c’s here.

If Common Strategies Don’t Work, What Should I Do?

We’ve assembled a short guide on forming a tailor-fitted budget for an engagement ring:

Start by pointing out the priorities. Are you hunting for a first-rate quality? Are you willing to sacrifice 4C’s for the more prominent look? Are you aiming for a plainer or a more sophisticated band? In keeping with this advice, here are some crucial factors for you to consider:

Know your limits. Assess your current financial situation to determine what you can afford.  

Hear Your Partner Out. Your ultimate objective is to buy an engagement band she’ll cherish, regardless of the price tag. So be forthright and inquire your partner about her preferences. If you want to keep things secret and prepare a grand surprise, try asking her friends or family. Women enjoy sharing this kind of stuff. Furthermore, consider her lifestyle and evaluate presents you’ve gifted over the years: which ones did she like and why. 

Tips to Get a Cheaper Yet Spectacular Ring

Shop online. The total savings you can get from shopping online may come in at 30% to 50% less versus a regular store. In addition, you’ll be presented with a broader assortment. Online shops often display original collections on their website to minimize shipping fees. Check out GS Diamonds engagement rings collection, and you’ll see what we are talking about. 

Give up on the “more carats” idea. Instead of a 1.0-carat diamond, go for 0.9 carats and get the identical look for a much lower price. Both cost-effective and fabulous! 

Ignore the solitaire rush and adorn your ring with a couple of magical luminous diamonds. 

Once you’re ready to whip out your wallet, be sure to get the meaningful ring. The best gifts are not the ones that attract cameras but touch souls.

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