How much should you spend on an engagement ring?
An engagement ring is a symbol of your love and commitment, and it’s essential to find the perfect ring that suits both your partner’s preferences – but also your budget. One of the most common questions that arise during the engagement ring selection process is: How much should you spend on an engagement ring? Let’s discuss what you should consider on your quest to find ‘the one’.
1. Consider your finances
Setting a realistic budget for the ring is crucial to ensure that your purchase won’t strain your finances. Remember, an engagement isn’t just about the ring, so prepare to factor in other elements of the proposal to your budget!
2. The ‘two months salary’ rule
You may have heard the guideline that suggests spending two months’ salary on an engagement ring. This isn’t a hard and fast ‘rule’ at all, it’s simply a guideline that became popular – so don’t try to stretch to something you can’t comfortably afford because ‘it’s the rule’.
3. Prioritise your partner’s preferences
A ring is a symbol of your love, and the style can show how well you know your partner. If you choose a style they will absolutely love, the size of the carat, or the cost of the ring, will likely not matter at all. Remember that sentimentality always trumps monetary value.
4. Explore alternatives
Don’t feel limited to traditional diamond engagement rings. Many stunning and meaningful options exist that may be more budget-friendly, such as gemstone rings, vintage pieces and lab-grown diamonds. If a ring isn’t your partner’s ‘thing’ at all, you could even opt for a different piece of jewellery that they can wear daily.
5. Financing options
Some jewellery companies offer financing options, so that you can pay off the ring over time. This can be a great way to split the cost of the ring, should you need to. Always ensure you can afford the repayments, and that you understand the terms of the contract clearly, before going forward with any finance options.
Haven’t found ‘the ring’ yet?
How much you should spend on an engagement ring ultimately depends on your unique circumstances and priorities. Always keep in mind that the ring is simply a symbol of your journey ahead – how much it does or doesn’t cost will truly become an irrelevant detail once your partner accepts your proposal. But if you’d like to speak to someone, chat to our friendly experts here. Want some inspiration? You can browse our beautiful selection of engagement rings, here.