How Much Money Should You Spend on a Wedding Ring? (2024)

A great philosopher once told us, “If you liked it, then you should have put a ring on it.” But what Beyonce didn’t tell us is how much money you should spend on a wedding ring.

People have all sorts of opinions about this. Let’s sort through them and find an answer that works for you.

How Much Should You Spend on a Wedding Ring?

So, how much should you spend on a wedding ring? Well, there are two answers—the traditional one and the actual (aka better) one:

Traditional Answer for Engagement Ring Cost

Once upon a time, a brilliant marketing team for the De Beers diamond company talked us into believing 1) diamond engagement rings are the way to go and 2) you should spend at least one month’s salary on that diamond engagement ring.1

That one month eventually grew to the current tradition of three months. Diamond ring sales improved, and now many people consider this the norm for spending on engagement rings.

Actual Answer for Engagement Ring Cost

Guess. What. Your wedding ring budget shouldn’t be based on a marketing campaign designed to boost diamond jewelry sales in the post-Great Depression era. If you want to know how much to spend on an engagement ring, that answer is extremely personal. So, our actual answer is this: It depends!

Set a budget based on what you can afford. That’s the key here. Spend only what you can afford—without going into debt or throwing your money goals out the window.

Also, while you’re shopping, keep the personal preferences of your future fiancée in mind. Because when you buy an engagement ring, it should be about you as a couple—not a tradition designed to make money off one of the most important questions you’ll ask someone. (“Do you want to get tacos?” is a close second.)

Average Engagement Ring Cost

Turns out, the most popular engagement ring is still a diamond (85%), and the average engagement ring cost is $5,800.2 And what about the two wedding bands for you and your soon-to-be spouse? That’s another $2,200.3

That’s a total average of $8,000 for all three wedding rings. But remember, being average when it comes to spending a ton on a piece of jewelry is a fast way to go broke. So don’t think you have to hit some “standard” number to impress anyone. Even yourself.

Also, not everyone spends $5,800 on the engagement ring. Around one-third of couples pay between $1,000 and $4,000.4

Now, you might ask yourself about the range in costs and why some rings seem reasonable while others cost more than your grandparents’ first mortgage. Those prices depend on the stone, the setting and the four C’s:

  • Cut (not the shape, the symmetry and proportion)
  • Carat (not the size, the weight)
  • Clarity (the fewer flaws, the more you pay)
  • Color (the less color, the more you pay)

That’s right: The more symmetry, weight, flawlessness and transparency the diamond has, the more it will cost. But remember, you can’t always see the difference between a nice (affordable) diamond and a really nice (super expensive) diamond with the naked eye. And how many people will be checking out your finger with a microscope? Hopefully zero. That’s weird.

Okay, where does all this fit into that “three months’ salary” standard? Well, the average household income (pre-tax) is $70,784.5 That ends up being around $4,764 a month in take-home pay (because, you know, taxes, social security, etc.).

Every savings goal starts with a budget. Create yours today with EveryDollar.

With that number in mind, we did some math, and the average ring is a little over one month’s salary. Of course, that doesn’t mean you’ll have that cash in hand in one month. You still have to pay your bills, after all. But this gives some new perspective on the old tradition.

Tips for Buying Your Wedding Rings

These days, the way you propose might be a surprise, but the engagement ring itself probably isn’t. About 70% of couples select and even purchase the ring together.6

But whether you’re shopping for a ring as a couple or surprising your future fiancé, these tips can help the moment and the bling be a fantastic blessing—and not a financial burden.

1. Set a budget that works for your finances and goals.

Remember, this engagement ring is just one piece of your overall future wedding budget. A shiny, pretty piece—but just a piece! Don’t spend more than you can afford and start off your marriage on the wrong financial foot.

2. Shop around.

Did you know the average proposer visits three retailers and looks at 15 rings before making a purchase?7 Here’s your chance to go above average. Don’t settle for three and 15. Go to all sorts of stores. Try your hand at the fine art of haggling. Ask your grandmother if she has an heirloom stashed away you can repurpose.

Don’t settle for the sticker price on the first engagement ring you see. Shop. Around.

3. Buy during seasonal sales.

December is the most popular proposal month, and diamonds aren’t an uncommon Christmas gift. Jewelry stores might be running super sales at this time, but you’re competing with lots of other shoppers. So keep that in mind.

A quick search on Google shows multiple jewelry companies saying September and October are slower seasons for wedding ring purchases. That can be a good thing for your bank account. In an effort to boost sales in that slow season, jewelry companies often run promotions during these months.

You’re a savvy shopper. You know to wait for a sale on other stuff you buy. Well, it’s a great way to save on this pre-wedding cost too!

4. Look for alternative wedding ring options.

News flash: You don’t have to have a diamond engagement ring. And you don’t have to have solid gold wedding bands. Go with a different gemstone. Buy a fake diamond. Get silicone or wooden bands.

Don’t forget: Your love should last forever—not your ring payments.

5. Don’t get caught up in the status symbol or pressure.

Are you ready for a take that’s hotter than your burning love for each other?

“With this ring, I thee wed” might be a line used in most wedding vows, but that jewelry you’re slipping on each other’s fingers isn’t magic. The amount you spend on a wedding ring won’t equate to a happier life together. It won’t keep you from having money fights or ensure every part of your married life is total bliss.

Yes, it’s a beautiful symbol of your commitment to each other—but the ring itself is still just an object. This is your budget, your purchase and your relationship. Don’t let a marketing campaign from nearly 90 years ago pressure you. Don’t let your dream of showing off your new rock on social media pressure you. Don’t. Be. Pressured.

6. Budget and save up to pay cash.

We aren’t against you paying a decent chunk of change for an engagement ring if you get it in the budget, save up, and pay cash—without it messing up your other financial goals. Don’t sacrifice a solid financial future together for any of those wedding costs.

By the way, if you’re in the market for a budgeting tool as well as that engagement ring, check out EveryDollar! It makes it easy to budget for all your expenses and combine all your finances when the two become one.

In the end, remember what another great philosopher once said, “I like shiny things, but I’d marry you with paper rings.” T. Swift was most likely commenting on this truth: Your love is what should shine the brightest anyway. And that doesn’t have a price tag.

Get That Ring in the Budget

The best way to save up for the ring, the wedding and everything happily ever after? An EveryDollar budget. Get started for free.

Budget With EveryDollar

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About the author

Ramsey

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners. Learn More.

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How Much Money Should You Spend on a Wedding Ring? (2024)

FAQs

How Much Money Should You Spend on a Wedding Ring? ›

There is no single appropriate budget for a wedding band. In fact, unlike the engagement ring (with the three months' salary rule), there isn't a similar rule for wedding bands. However, on average, a couple spends around 5 percent of their total wedding expenses on wedding rings.

How much money are you supposed to spend on a wedding ring? ›

TL;DR: That's up to each couple.

If you look at what real couples are spending, you'll find the average cost of a ring is about $5,800, according to The Knot's 2022 Real Weddings Study. And a full third of couples spend between $1,000 and $4,000 on the ring.

Is $1000 enough for a 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.

Is $10,000 enough for a wedding 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.

Is $5000 a lot for a wedding 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. (This is actually down from 2019, when the average rang in at a whopping $7,750.)

Is 20k a lot for a wedding 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 etiquette for buying wedding rings? ›

As for the wedding bands, the bride traditionally purchases the groom's wedding ring while the groom pays for the bride's wedding ring.

Is $3000 a lot for a ring? ›

Yes, $3,000 is definitely enough for an engagement ring. You can get a beautiful, high-quality diamond and a setting with this budget.

What is the average ring payment? ›

While most couples have moved on from the idea that an engagement ring should cost three months' salary, it's still a fairly significant purchase. In 2023, the average amount spent on a ring was $5,500, according to The Knot.

Is $4000 too much for a ring? ›

That's also where the average cost of a wedding is high. Midwestern couples spent the least, averaging around $5,200 for a ring. And despite the $6,000 national average, about 1 in 3 couples spent between $1,000 and $4,000 on an engagement ring.

What is the rule for the wedding ring cost? ›

One of the most infamous wedding etiquette rules revolves around how many months' salary one should spend on the 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.

Is 10k a realistic wedding budget? ›

Still, 10k isn't hay, and you can totally plan an amazing wedding with that kind of budget. You just need to be a little creative and cut all your key expenses by one-third on average. Ok, granted. Some expenses are pretty hard-set, like the marriage license.

Is 15k a lot for a wedding ring? ›

If your budget for an engagement ring is as high as $15,000, you'll be able to focus on personal style preferences, more so than simply figuring out what you can afford that fits your budget. In our article discussing how much should you spend on an engagement ring, we note that 15k is well above the average consumer.

What is a good budget for a ring? ›

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.

What is a good amount for a wedding ring? ›

Good news: wedding rings don't usually cost as much as engagement rings. On average, they cost about $1,100 for women and around $550 for men, according to one estimate from The Knot. But the ultimate price often depends on the metal you choose.

Is $6,000 too much for an engagement ring? ›

More average folk spend about $6000 on an engagement ring, according to a 2023 survey by wedding planning platform Easy Weddings.

What is the 3 month salary rule? ›

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 your partner spend on a ring? ›

Should I spend 2 - 3 months' salary? We have all heard of the saying 'an engagement ring should cost 3 months' salary' and although this is a great way to set a goal for saving there is no set rule for this.

How much should a man's wedding ring cost? ›

With that diversity in mind, our clients expect to spend around $250 for a relatively simple contemporary metal men's wedding band and about $2200 for a fine-jewelry men's wedding band made from gold or another precious metal with diamonds, gemstones, or other accents incorporated.

How much should I spend on a wedding ring tradition? ›

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.

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