You’ve found a quiet, secluded beach to pop the question, and picked out the perfect bottle of champagne for a celebratory toast. Most importantly, you’ve found that special someone who’s captured your heart — the one you want to spend the rest of your life with. Now all that’s left is to find the right ring, a token of your eternal love, to seal the deal.
While you want something beautiful that encapsulates your special love story, you also want to stay true to your financial aspirations as a couple as you begin the next chapter of your lives together. Here are tips to help you find the right ring for you and your partner, and for your budget, as you seek a symbol of your connection — while honoring your commitment to a secure financial future together.
Design Decisions Can Drive Cost
The average cost of a diamond engagement ring is between $3,500 and $5,000. Opting for a different size or diamond cut can alter the price substantially, but so can the setting and the material for the ring itself. Using a vintage ring or a family heirloom, which can often be re-set into a new band, can be a great sentimental and cost-saving option.
Think Outside the Rock
Though many people think diamonds are synonymous with engagement rings, a mined diamond isn’t the only option available. Lab-created diamonds typically cost 50% to 70% less than mined diamonds. Other stones, such as rubies, sapphires and emeralds, can reduce your cost while giving a unique look that may even stand out more than a traditional diamond. And if you like the look of diamonds but not the cost, moissanite is a beautiful, clear, sparkling stone that mimics the look of diamonds at a fraction of the price — typically around 1/10th the cost of a similar size diamond.
Budget for the Ring You Want
Whether you plan to be frugal or more extravagant with your ring purchase, it’s important to budget in a way that supports your goals. Once you have the right ring picked out, spending-tracker apps and automatic savings deductions can help you set money aside. A ring that’s out of your immediate price range might be eligible for a payment plan, but be sure to check the financing terms carefully — look over the interest rate, how often it’s compounded and any late payment penalties or other fees. Think realistically about your price range — it’s best not to put a ring on a high-interest credit card, which will increase your cost even further.
Your Journey Begins Here
When you’re budgeting for a ring, put this significant purchase into perspective. Remember that you’ll need to balance the expense with the other costs you’ll incur as you begin your lives together, like buying a house or starting a family. And unless you plan on a low-key ceremony, small reception or a frugal honeymoon, when you budget for a ring, you’ll have to make sure it doesn’t cut into your wedding budget too much. Consider consulting a financial professional to help you plan for this expense, and remember that regardless of which engagement ring you choose or what it costs, what matters most is the one who’ll be wearing it.
Sources
Jewelry.com, How Much Should I Expect to Pay for an Engagement Ring?
Diamonds.pro, Lab-Grown Diamond Prices & Value Analysis
Brides.com, Moissanite Versus Diamonds: What’s the Difference?
FAQs
According to a 2022 study from Credit Donkey, most couples reported wanting to spend between $1,000 and $5,000, though the average cost of an engagement ring was around $5,225.
How much should a man spend on an engagement ring? ›
Most people believe you should spend at least two months' salary on your engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
What is the 3 month salary rule for engagement rings? ›
It's known as the "three months' salary" rule, and it implies that a buyer should put three months of their salary toward a sparkler for their future spouse. For context, The Knot's 2023 Jewelry and Engagement study found that the average cost of an engagement ring in the US is $5,500.
What is an acceptable amount to pay for an engagement ring? ›
According to the classic engagement ring cost rule, you should spend three months' salary on an engagement ring for your loved one – after all, they'll be wearing that ring for the rest of their life.
What is the golden rule for engagement ring prices? ›
According to this 'standard,' you should spend two months of your salary on your beloved partner's engagement ring. While it's not wrong to follow this rule, it's not required! The two-month rule isn't rooted in any cultural tradition. It started out as a marketing strategy by the diamond corporation De Beers.
Is $2000 too little for an engagement ring? ›
The study found that nearly half of all respondents are spending between $1,000 to $4,000 on their engagement ring, so the average cost truly varies. This data highlights that while some may opt for more expensive rings, many people find more affordable options that suit their budget and preferences.
How do most people pay for an engagement ring? ›
It's best to stick with no-interest or low interest options when possible, which can include zero-interest credit cards, “buy now, pay later” payment plans or in-store financing. Personal loans for engagement rings are another popular option, but interest rates may be high depending on your credit score.
Is $1000 too cheap for an engagement ring? ›
A $1,000 budget for an engagement ring is a practical starting point that aligns with many people's financial realities. At this price point, you're typically looking at a smaller carat weight or considering alternative options such as lab-grown diamonds which often offer a better value.
How much should a woman spend on an engagement ring? ›
The ideal amount to spend can vary based on your circ*mstances and preferences. Customarily, spending about two months' salary on an engagement ring for women is often suggested. This old-school rule is the most popular way to calculate how much to spend on an engagement ring.
How much should I spend on an engagement ring if I make 100000 a year? ›
Think about it. If you make $100,000 a year, you're supposed to spend $25,000 on an engagement ring. If you make $200,000, the ring clocks in at $50,0000.
To put that number into perspective, the three-month rule means that someone making $50,000 per year ought to spend $12,500 on the engagement ring. If a budget of three months' income seems like too big of a stretch for your lifestyle, you've got plenty of company.
How much to spend on an engagement ring in 2024? ›
Compare prices.
In summary, the average cost of an engagement ring in 2024 hovered around $5,000 to $7,000 USD, but it's not set in stone. Set a budget that works for you, and don't be afraid to think outside the box when it comes to choosing the perfect ring.
What should be the budget for engagement ring? ›
While engagement rings are a pricy investment, the usual cost tends to be below $10,000, with a national average of $6,000, according to The Knot's 2022 Jewelry and Engagement Study.
Is 5000 too cheap for an engagement ring? ›
Understanding the Average Costs
The national average cost of an engagement ring hovers around $5,000, but prices can vary significantly based on factors like the cut, carat, clarity, and setting of the diamond.
What are the rules for engagement rings? ›
The wedding band traditionally goes on the left-hand ring finger first, nearest the heart, with the engagement ring stacking on top. Again, this practice is not law, and the rings can be arranged in any way that is most comfortable and aesthetically pleasing to you, including wearing the rings on separate fingers.
What is the average salary to spend on an engagement ring? ›
The two-to-three-month-salary rule
For example, if you take home $4,000 a month, you should spend $8,000 to $12,000 a month on an engagement ring; if you take home $10,000 a month, you should feel obligated to spend $20,000 to $30,000.
Is $3000 dollars good for an engagement ring? ›
With natural diamonds, you can get approximately a 1 to 1.25-carat diamond for $3,000. If you choose a lab-grown diamond instead, you can get approximately a 2.5 to 3 carat stone. Just remember that if your budget is $3,000 total, you will need to opt for a smaller diamond in order to afford the setting, too.
