Introduction
This is the question I get asked most frequently: "Should I spend x amount on my engagement ring?" The answer is that it depends, of course. If you have a small budget and can't afford any more than $1,000, then don't spend more than that. But if you have a bigger budget, or are planning to save up for a future down payment on a house – or both! – then consider spending more than that.
Before we go any further with this topic, let me start by saying that there is no one right answer as to how much people should spend on an engagement ring. What's important is finding out what works best for you and your partner based on your individual finances and priorities.
The old rule of thumb is to spend two months' salary on an engagement ring.
The old rule of thumb is to spend two months' salary on an engagement ring. It's not based on any actual data, but it was created in the 1950s as a way to keep men from spending too much money on their wives' rings.
The reason for this rule is simple: if you were going to buy your significant other an expensive gift, why not save up and get something bigger? Not only does this allow for more flexibility for when you're ready (or maybe even never), but it also helps prevent overspending. In case anyone was wondering what "too much" meant when considering this particular calculation, let me explain: If a man spends $1 million on his wife's ring and her response is "No thanks," then clearly he went overboard!
The three Cs are a good place to start: carat, cut, and color.
The three Cs are a good place to start: carat, cut and color.
Carat is the size of the diamond. A bigger stone means more glitter on your finger—but it also costs more to buy! You can find diamonds with different cuts and colors that range from .42ct up to 10-12 ct stones (the largest known diamonds). In general, though, you want something between 5-6 cts if you want an engagement ring with some sparkle but not too much bling; anything over 6 cts will likely be too large for everyday wear (unless you're planning on being married forever).
How much you should spend depends on what you can afford
- How much you can afford depends on your income, savings, and debt.
- How much you can afford depends on how much you are willing to borrow.
- How much you can afford also depends on how much money you want to save for the future.
The top 5% of people who get engaged annually spend an average of $14,000 on the ring.
The average cost of an engagement ring is $5,836. The average cost of an engagement ring is $1,829. The average cost of an engagement ring is $2,100. And the most expensive ring in America? A diamond solitaire that retails for over $12 million!
So how much should you spend on your wedding band? Well, it depends on what kind of person you are and how much money you want to spend on it (and maybe if you have any ideas about what type of jewelry would look best with your personality). But here's a general guideline: if you're planning on getting married soon or already engaged but haven't picked out rings yet, aim for somewhere between $200–500 total; otherwise start saving up now because one day soon when we arrive at our destination together as husband/wife (or husband/wife), we'll need something pretty special too!
Newer rules are starting to emerge.
Newer rules are starting to emerge.
The average amount spent on engagement rings has increased, but the trend has been fairly consistent over the years, with a slight dip during recessionary periods. In fact, it’s been rising steadily since 1999 — though there have been some minor fluctuations along the way (like when people spent less money on rings in 2009).
The average amount that people say they expect to be spent on their rings is $2,000.
The average amount that people say they expect to be spent on their rings is $2,000. The average amount that people actually spend on their rings is $1,200.
When you ask someone how much they think it will cost to buy an engagement ring, it's important to note that what feels like a reasonable price may not be the same as what feels like a good deal for your budget—and vice versa! Some couples who are planning an engagement are in fact looking at much higher prices than those listed above (as long as they can afford them). But if you're doing your homework and comparing multiple options before deciding which type of engagement ring would work best for both of you, then chances are your budget won't have any issues accommodating any unforeseen costs down the road.
Some financial planners suggest a 5% rule – the latter being the monthly income of one of the partners.
It's important to think about how much you can afford to spend, but this isn't always an easy question to answer. It's also important to remember that there are many factors involved when setting limits on what you should spend on your engagement ring:
- How much would I like my partner's parents' reaction?
- Am I willing to take out loans or go into debt?
- What kind of job do we have and how much do we make each year?
Spend what you can afford without going into debt and buying a fake ring from China.
When you're planning your engagement, it's a good idea to put some thought into the ring. You don't want to spend too much money on Diamond engagement rings nyc and risk being in debt for years after the wedding, but you also don't want to buy something that will be rejected by your future wife (or husband).
You should spend what you can afford without going into debt and buying a fake ring from China. If possible, find out what kind of diamond quality is more popular among jewelers so that when it comes time to pick out an engagement ring, all look similar in terms of quality and price point.
Conclusion
I hope this has given you some insight into what you should expect to spend on an engagement ring. You can start by researching your options and finding styles that are right for you, then begin saving up for the ring of your dreams. If you're looking for some more expert advice on how much money is required for an engagement ring, read these articles from real-life couples who were asked how much they spent on their rings.
