How much should I spend on an Engagement Ring?

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The first questions that comes to mind when you are shopping around for an engagement ring are most likely price related.

How much should I spend on an engagement ring?” and “How much do engagement rings cost?”  are often the most common questions. These questions are probably the most difficult to answer and can often leave you torn between choosing the perfect ring and whether you can put a price on love.

We are made to believe that the price that we spend on an engagement ring should reflect the amount of love that we have for our significant other. It is difficult to know where to draw the line between love, extravagance, and insult because its different for each couple. Here are a few pieces of advice we’ve learnt over the years to determine how much you should spend on your ring.

The 3 Month Rule Hoax:

This is a very old school saying and if you have been shopping around for an engagement ring you’ve probably heard it before. The ‘3 Month Rule’ is a stereotypical engagement saying that says an engagement ring should cost you 3 months of your salary, and if you spend any less than that you are not giving your partner what they deserve.

The reality is that there is no rule which dictates how much you should spend on an engagement ring.

What it really comes down to is the sentimental value attached to the ring, in reality we believe that your price point should be fixed based on three things:

  • Whether your significant other will like it.
  • If you can afford it.
  • The quality of the ring.
Stay Realistic

The first step in selecting an engagement ring is to set yourself a flexible budget. Flexibility is key. Be open minded and visit various stores. Discover what you think might suit both your budget and the person who will be wearing the ring. It’s important to know what your partner might like in terms of design. Try some hint questions to understand how much your partner thinks is an appropriate amount to spend on an engagement ring. Ask them questions about what their ideal design would be. Collecting small pieces of information over time will help make sure you don’t give away the surprise. Plan enough time between the proposal and saving money for your ring of choice. A marriage is for a lifetime so take your time and don’t rush. Save your money, ask questions, shop around and seek out professional advice.

Consult a jeweller

Visiting a jeweller will give you a better idea of how much an engagement ring should cost based on the quality of the work and quality of the gem. Consulting a professional will help you determine what your budget should be, based on what you are looking for. We can help determine the clarity, cut, colour and carat that will work best for you and your budget. Our speciality in custom jewellery means we’ll always have the perfect ring for your partner.

If you have any questions regarding engagement rings feel free to contact us or visit our store anytime for free expert advice!

Lastly, engagement rings are a lifelong investment so don’t forget to get them insured and enquire about care packages to keep your ring shining forever!