How Much To Spend on Engagement Ring (2024)

Purchase any Engagement Ring and receive a $250 Gift Card for your Wedding Band. Ends soon.


Deepen the well of love in the world.

For decades, Americans have been told various percentages and ratios of how much salary they should spend on an engagement ring. I looked for this answer a few years ago myself, when looking for my now wife’s engagement ring. Many blogs have blasted these figures (rightfully so), but they do not provide any guidance on what that correct amount to spend is. I write this blog post with a hope that I can help you arrive at an appropriate range for how much to spend on an engagement ring.

The Correct Answer to How Much toSpend

A lot of blogs blasted the “3 month salary rule” but no one helped clarify how to arrive at that number, or even provided a range. I wrote this blog post with the intent to offer some help to those in the same position as me.

Minimum range: I think to get a decent, very high quality engagement ring, that you willneed to spend at least$550. This means getting a solitaire engagement ring in white gold, and a forever one moissanite or natural sapphire as the center stone. Or, for a few hundred dollars more, getting a small, really good quality diamond. There are cheaper rings out there, but spending this minimum could mean a truly beautiful ring that doesn’t need to be upgraded later on. For example, below is a picture of our 4 prong classic solitaire ($450) with a 5.5 mm round forever one moissanite stone ($509), for a total of $959.

Asha Ring with 5.5mm Forever One Cushion Moissanite Stone for $959

Maximum range: Imagine a terrible situation where you lose the engagement ring you bought. Obviously, you would be very upset, but would it make you change your spending habits the next few months? If so, then you spent too much on the engagement ring. For example, if you bought a $5,000 engagement ring and lost it, would it force you to change your every day spending habits? If so, then $5,000 is too much. If $3,000 is an amount you could cope with (you’d still be upset) and not change your spending habits, then that should be the maximum budget you set. I believe this better reflects an appropriate maximum for how much to spend, and that the 3 months salary spend recommendation is way too inflated. Having insurance can help you recover a lot of your loss if the ring is lost, and I would recommend it, but I still don’t think that’s a reason to spend 3 months salary.

Based on mylogic above, I looked into average costs (home, car, medical, putting money away into savings and retirement accounts, every day expenses, etc.) for various salary rangesof people in their twenties and thirties. From there, I used my logic above to calculatethe maximum someone should spend on an engagement ring. This is not what I recommend to spend, but rather, the maximum I suggestforanyone to spend.Here are the results:

Salary (US Dollars)Minimum To Spend (US Dollars)Maximum You ShouldSpend (US Dollars)“3 Month” Rule
$1,000,000Who am I to give you financial advice?$250,000

Tips on How To Get the Same Engagement Ring for Less

1. BuyYour Engagement Ring Online

In general, online companies do not have as much overhead expenses and therefore are able to price their rings for less. Also, a lot of times with online engagement ring companies, you won’t have to pay sales tax. For example, all of our rings are tax-free as long as it is shipped outside of Texas.

2. GIA Certified Diamonds Only

Do not get a diamond that is uncertified or certified by anyone else other than GIA. GIA is the strictest diamond certificate by about 1-2 clarity grades, and 1-3 color grades. This means, you’re not saving money by getting a diamond with a non-GIA certificate, you’re just getting a worse stone.

3. Make sure your jeweler really knows how to get value

While setting a budget for how much to spend on your engagement ring is one thing, maximizing the value within that budget is even more important. Make sure your jeweler knows how to look for great values on diamonds, and really pick a stone that maximizes dimensions without loosing any brilliance. For example, one thing we always check for after a customer places an order is if there is a diamond that might be a pinch less in carat weight, but offer the same dimensions and sparkle (this can save a lot of money). If you want us to help at any point, please feel free to contact us and we would be more than happy to help.Since I care a lot about finding rings that have the mostbang for the buck, feel free to ask for me personally (my name is Krish).


  • All Posts
  • 4Cs
    • Carat Weight
    • Clarity
    • Color
    • Cut
  • Clean Water
  • Do Amore Couples
  • Gemstones
    • Ruby
    • Sapphire
  • Iconic Jewels
  • Journal
  • Lab Diamonds
  • Men's Rings
  • Moissanite
  • Natural Diamonds
  • Our Rings
  • Precious Metals
    • Platinum
    • Rose Gold
    • White Gold
    • Yellow Gold
  • Ring Advice
  • Ring Styles
  • The Company
  • The Engagement Ring
  • The Wedding Planner

Verifiably Ethical & Sustainable

Guaranteed 1:1 Impact

Personalized 1:1 Customer Service

handcrafted & american-made

you before us, always

Diamonds, Gemstones, & Metals

Verifiably Ethical & Sustainable

How Much To Spend on Engagement Ring (23)

Every piece of Do Amore jewelry begins by not hurting the world. All our natural diamonds are either ethically sourced in Canada, recycled to eliminate additional demand, or accompanied by a blockchain ledger showing every hand your diamond passed through, proving your stone is truly conflict-free.

We also offer sustainable lab-created stones and guarantee all precious metals are recycled to eliminate the environmental impact of mining. Since March 2022, we carry absolutely no Russian diamonds and continue to urge the industry to follow suit.

Clean Water

1:1 Impact

How Much To Spend on Engagement Ring (24)

We desire to deepen the well of love in the world. We guarantee that every single purchase—whether engagement ring, wedding band, or piece of jewelry—directly impacts one person’s life by giving them access to clean water.

We do this by directly matching jewelry purchases to people in communities to ensure our funding has a one-to-one impact. We also show you the exact GPS coordinates and a photo of the water well your ring or piece of jewelry helped fund.

Customer Service

1:1 Support

How Much To Spend on Engagement Ring (25)

As a small, 100% founder- and employee-owned team, one-to-one encounters are at the heart of our values. Whichever way you want support throughout your engagement ring or jewelry purchase process, our team is here to accommodate you.

From high-touch to hands-off, video calls to text messages, you have our dedicated, responsive team on your side from the moment you start your search, to the day your well is built, to the time we meet again.

Engagement Rings, Bands, & Jewelry

Handcrafted & American-Made

How Much To Spend on Engagement Ring (26)

Every Do Amore design, whether one of our own or unique to you, is beautifully handcrafted in America and made specifically for you. Each ring is made to order, every time.

From classic to custom, you have the option to select from dozens of gorgeous settings or work with our design team to create something entirely bespoke. Plus, you are always covered for free inspections, polishing, cleaning, stone tightening, rhodium-plating, and resizing for life.

Our Promise

You Before Us, Always

How Much To Spend on Engagement Ring (27)

We care about what matters most to you, not what’s easiest for us. If it’s a minor change to a setting or arriving at a completely custom design, we work to ensure you get precisely what you love.

From statement-making to understated, we have options at any price point. Plus, you always have our team on your side searching to bring you every stone within your specifications. We also offer 30-day returns and a limited lifetime warranty to cover you in the rare event of a manufacturing defect.

How Much To Spend on Engagement Ring (2024)


How Much To Spend on Engagement Ring? ›

Traditionally, it is suggested to spend the equivalent of two to three months' salary on an engagement ring. However, this is not a hard and fast rule, and it's important to consider your financial situation and the expectations of your partner.

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.

Is $5000 enough for an engagement ring? ›

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 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.

Is $1000 too much 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.

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.

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.

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

Three months' salary looks very different for different people. 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.

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 2080 salary rule? ›

If you are in a 1.0 full-time equivalent (FTE) position and are moving from exempt to nonexempt status, your hourly rate will be determined by dividing your salary by 2080. (One full-time equivalent is equal to 2080 hours per year.)

What is the 3 paycheck rule? ›

When budgeting, a three-paycheck month means a higher level of income. If you normally make $4,000 per month, it could mean you'll make $6,000. If you're paid biweekly, there are two months in 2024 that you'll be paid three times. The months you'll receive an extra paycheck depend on when you received your first check.

What percentage of your salary should an engagement ring be? ›

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 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.

Is 2k too cheap for an engagement ring? ›

No, a $2,000 engagement ring is not cheap, and can be quite stunning. The quality of your ring depends on the diamond's cut and your setting, along with which vendor you choose. You can find high-quality budget diamond engagement ring through online vendors like Blue Nile and James Allen.

How many carats is a $10000 engagement ring? ›

If you're looking for an engagement ring under $10,000 then I would recommend that you go with something around 0.90-1-carat and 1.5-carat stones depending on your budget and what quality of diamond suits it best! A 2-carat diamond or slightly bigger diamond may be possible if the grade isn't too high.

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.

How much should a guy spend on a wedding ring? ›

The average cost of a wedding band for men is about $510, according to The Knot. The price can vary significantly based on the metal used. Titanium is the least expensive, while platinum costs the most.

Is $20000 a lot 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.

Top Articles
Latest Posts
Article information

Author: Geoffrey Lueilwitz

Last Updated:

Views: 6032

Rating: 5 / 5 (60 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Geoffrey Lueilwitz

Birthday: 1997-03-23

Address: 74183 Thomas Course, Port Micheal, OK 55446-1529

Phone: +13408645881558

Job: Global Representative

Hobby: Sailing, Vehicle restoration, Rowing, Ghost hunting, Scrapbooking, Rugby, Board sports

Introduction: My name is Geoffrey Lueilwitz, I am a zealous, encouraging, sparkling, enchanting, graceful, faithful, nice person who loves writing and wants to share my knowledge and understanding with you.