Engagement Ring Calculator - How Much Should You Spend? (2024)

Are you trying to decide how much to spend on her engagement ring? It’s a tough question!

There are so many others who struggle with the same problem. The good news is that we’ve sold tens of thousands of engagement rings to people with the same problem. In this article, we created a groundbreaking calculator to tell you how much money to spend.

Click here to skip down to our advice on how much to spend on an engagement ring.

Engagement Ring Budget Calculator

EXCITING UPDATE: This Engagement Ring Budget Calculator has gathered quite a lot of fame across the internet. News Blaze, Evan Carmichael, Smarter Ware, and the University Chronicle have all written articles about this calculator.

Please note: This calculator generates a projected budget based on our 40+ years of experience in the market. The total budget is not a definitive scientific amount, but rather a ball-park figure. The data provided (without using any personal information) may be used in our engagement ring market research.

How much should you spend on an engagement ring?

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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. See below for how we debunk this theory.

There are already a few payment “systems” that everyone uses to determine the “traditional amount” that couples should spend on their engagement ring. These “systems” have been pushed by big bloggers and jewelry websites when talking about budgeting for your engagement ring.

Our calculator (above) incorporates the positive parts of the famous budgeting schemes and rejects the parts that we feel are archaic. We have also added many more factors to make the calculations more accurate and personal.

Our hope is to eliminate this current out-dated budgeting systems and instead to create a tailor-fitted budget scheme that better fits each couple and their lifestyle.

Our calculator reinvents the answer to the famous budgeting questions. Hopefully, after using our calculator, no one will still ask, “How much am I supposed to spend on my engagement ring?”

CLICK HERE to read our research on the engagement ring statistics for the USA in 2024.

The Engagement Ring Budget Systems

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As mentioned above, there are so many popular existing budgeting systems. They’ve made their way into popular culture and unfortunately the most toxic ones are the ones that won’t go. Here’s a breakdown of all the systems, including our opinion on what we think about them.

  1. Two Months Salary on Diamond Ring (Most Popular)
  2. Spending the Average Cost on Ring
  3. Purchasing the Average-Sized Diamond

1. Two Months Salary

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The two-month salary payment system means spending two months of your salary on a ring. So, if your yearly salary is $45,000, you’ll spend $7,500 on your engagement ring.

This is the most popular system for calculating how much to spend on an engagement ring.

That being said, we, at Estate Diamond Jewelry, strongly discourage the “Two-Month Salary” system. This system doesn’t account for value, debt, assets, or lifestyle.

Pros:Extremely simple to calculate. This system almost feels like a tradition. For people with a small salary but many assets, they feel like they have an alibi to spend less.

Cons: The couple’s debts, assets, and expenses don’t figure into the budgeting plan. This system puts ridiculous pressure on the couple as if they have to meet a threshold.

Summary: The engagement ring is a personal gift for one of the most significant moments in one’s life. No one should be dictating a set price.

2. Spending the Average Cost on Ring

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Based on our independent research, the average spend for an engagement ring so far in 2024 is approximately $6,100. Many factors have caused the price to rise in the past few years, but that is approximately where it currently holds.

For those who base their budget on the national average, they’d be shopping and trying to keep their budget within $100 of $6,100.

After the Two-Month Rule mentioned above, this system is without a doubt the second most popular method.

Your financial means should determine your budget rather than a worldwide average. No one should go into debt in order to pay off their engagement ring.

Pros:Extremely simple system. You will both feel that you got an engagement ring that is not below standards.

Cons:Most couples can not realistically afford to spend $6000 on a ring. Spending the average amount on an engagement ring will financially cripple couples for years. On the flip side, there are couples who would like to splurge on a beautiful, expensive ring and will feel stifled by the national average budget.

Summary: We strongly recommend picking a budget that is tailored to your personal requirements.Using a number generated based on the entire country is not suggested.

3. Purchasing the Average-Sized Diamond

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There are those who want to calculate their budget based on the national average carat weight of the center diamond.

Based on our independent research, the average diamond size for shoppers in the USA is a little over 1.10 carats.

The average in the Commonwealth countries (UK, Australia, NZ, and Canada) seems to be approximately 0.70 carats.

Pros: It’s much easier to control the budget while remaining within the couple’s budget bracket.

For example, a 1.10 carat, round, D color, flawless diamond will cost approximately $19,000, and a 1.10, round J color, SI2 clarity diamond will cost approximately $4,200. They are both 1.10 carats, but the price varies dramatically.

Cons:This system will leave many people dissatisfied with their diamonds. Consumers also care about clarity, cut, and color. This budgeting method will greatly hamper the control of all the other details of the diamond.

Summary: This system doesn’t really enable one to control how much they’re spending.

What if I can’t afford to buy a ring?

If you can’t afford to buy a ring, don’t buy it. It’s that simple. The engagement ring may be a monumental item, but it’s not a good enough reason to go into debt. You can still propose without a ring.

Additionally, if you can’t afford to buy “your dream ring”, but you can afford to buy a cheaper diamond ring, just stick with what you can afford. There will always be plenty of time to upgrade your ring at a later date.

Summary: Don’t go into debt because of an engagement ring!

Tips to Keep Within Your Engagement Ring Budget

Here are a few simple tips when you’re ring shopping to ensure that you keep within your ring budget. Some of these are obvious, but based on our experience, some of them are not known at all!

  1. Negotiate with the Jeweler for a Discount. Don’t hesitate to bargain with the jeweler. Often, there’s a markup on jewelry, and jewelers expect some haggling, so you might get a significant discount. Here’s our guide to negotiating with a jeweler.
  2. Don’t Reveal Your Budget Immediately. Instead of telling the jeweler your exact budget straight away, give them a range. This prevents them from showing you rings that are just at the top of your budget, giving you more flexibility.
  3. Avoid Lab-Grown Diamonds. Although they are presented as a more affordable option, we believe that lab-grown diamonds are a massive scam. Be cautious and research thoroughly before making a decision.
  4. Buy a Diamond at the Bottom of a Bracket. Prices can jump significantly at certain carat weights (e.g., 1.5 carats). By choosing a diamond under these popular weights, like 1.49 instead of 1.51 carats, you can save a considerable amount without a noticeable difference in size.
  5. Search for Promo Codes Online. Before making a purchase, look for any available promo codes or discounts online. Many jewelers offer promotional discounts that can be applied at checkout.
  6. Buy During the Shopping Seasons. Jewelers often run significant promotions throughout the year. Plan your purchase around these times to take advantage of big savings.
  7. Compromise on Diamond Color and Clarity. While still ensuring the diamond looks good to the naked eye, choosing slightly lower grades in color and clarity can lead to substantial savings without compromising the gem’s beauty.

Remember, the allure of a perfect ring can be strong, but it’s crucial not to go over your budget unless your actual budget increases.

Engagement Ring Price Brackets

Once you determine how much to spend on an engagement ring, you will need to understand the pricing brackets. Although there are many formats, we’ve categorized the price bracket below.

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Click here for engagement rings between $1,000 and $8,000.

For engagement rings between $8,000 and $11,000, click here.

Click here for engagement rings between $11,000 and $15,000.

For engagement rings between $15,000 and $20,000, click here.

Click here for engagement rings above $20,000.

Add the calculator to your website

Do you want to add the ring budget calculator to your website? Copy this code:

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Engagement Ring Calculator - How Much Should You Spend? (2024)


Engagement Ring Calculator - How Much Should You Spend? ›

Two Months Salary

How much should you realistically spend on an engagement ring? ›

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 pay for an engagement ring? ›

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.

How much should I spend on a ring if I make 100k? ›

The Correct Answer to How Much to Spend
Salary (US Dollars)Minimum To Spend (US Dollars)Maximum You Should Spend (US Dollars)
7 more rows

How to figure out engagement ring budget? ›

The general rule of the 2-month salary theory is: Purchase an engagement ring with the price of at least two months' worth of your salary. Others use the three-month salary rule with the same concept. For example, you earn $5,000 a month; then, you can afford to buy an engagement ring worth $10,000.

What is the golden rule for engagement ring prices? ›

The 3-Month Salary Rule:

This is one of the most popular engagement ring cost rules, stipulating that one must shell out the equivalent of 3 months' gross or net salary for purchasing an engagement ring.

What is the etiquette for engagement ring cost? ›

Two Months Salary

The two-month salary payment system means spending two months of your salary on a ring. So, if your yearly salary is $45,000, you'll spend $7,500 on your engagement ring. This is the most popular system for calculating how much to spend on an engagement ring.

Is 3 months salary engagement ring? ›

Earlier, people spent their three-month salary on engagement rings as it was a popular notion. The cost of living back in the day was indeed much lower, and people could afford to spend 3 months' salary on a ring. However, times have changed and millennial couples don't generally follow this rule.

What is the rule for a man buying an engagement ring? ›

Traditionally, the man buys the woman's engagement ring without her present. However, it is becoming increasingly common for couples to purchase an engagement ring together or for a woman to choose her own ring. Buying an engagement ring for a man is no different. Ultimately, the decision is up to the couple.

How long after ring shopping did he propose? ›

The best time to buy an engagement ring is at least six weeks before the proposal, but generally, three months prior is a better timeline. Is it ok for couples to pick the engagement ring together? Yes!

Is $20,000 too much for an engagement ring? ›

An engagement ring budget of $20,000 is much higher than the median amount spent on diamond rings. While $6,000 is the national average cost of a ring, everybody's financial situation is different.

What is the engagement ring rule? ›

There is a widely cited “rule” that you should spend three months' salary on an engagement ring. This stems from a 1930s De Beers advertising campaign that convinced men to spend roughly one month's salary on this purchase. By the 1980s, one month's salary was no longer the rule. It turned into two months.

Is $10000 alot for an engagement ring? ›

Perhaps one that offers a bit more than just a diamond? If so, then $10,000 is an excellent budget to work with. You may have heard by now that $10,000 engagement rings are becoming more and more popular. The average of spending $5,000 on your engagement ring may soon be a thing of the past.

What is a realistic amount to spend on an 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.

Should you ask how much engagement ring cost? ›

You may ask where they bought it if you are interested in similar rings, but it's rude to ask someone what something cost.

What percentage of a man's income should he spend on an engagement ring? ›

For a more manageable salary metric, Paddock advises his clients “to spend no more than 5% of your salary on an engagement ring.” For those earning $61,937, the U.S. median household income, that's about $3,000.

What is an acceptable amount to pay for an engagement ring? ›

How much should you spend on 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.

Is $20000 a lot for an engagement ring? ›

The answer to whether $20,000 is a lot for an engagement ring depends on your personal financial situation, preferences, and what you believe the ring represents. It's a significant amount of money for many people, but it's essential to find a balance that aligns with your values and budget.

Is $30,000 a lot for an engagement ring? ›

Diamond cut, weight, and quality are the biggest factors in an engagement ring's final cost. With a $30000 budget, you can easily find a ring with an impressive diamond of high color and clarity grades. However, the wide range of options available for this price may be overwhelming.

Is $10,000 a good price for engagement ring? ›

$10,000 is often cited as a substantial amount to allocate for an engagement ring, but it's essential to consider the average and median amounts spent by other couples to put things into perspective.

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