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How Much Should You Spend on the Ring?

Expectations clouded? Not knowing what to spend on your engagement ring?

So guys – you’ve read our article Propose Already and you’ve decided to buy an engagement ring, get down on one knee, and propose. Fantastic! Where do you begin? With the ring, of course! But how much should an engagement ring cost?

M Lindsay Photography

Photo: M Lindsay Photography

Buying a ring is the most important step to your proposal. Before you step foot inside of a jewelers, it’s important to know what you should spend on the engagement ring. You want something shiny and beautiful that perfectly encapsulates her beauty. Something that renders her completely speechless when you open the box. But spending $100,000 on a one-of-a-kind engagement ring simply isn’t possible. Don’t worry! We’re breaking down exactly how much you should spend on the ring, ensuring that you’ll find the one of her dreams!

The first thing you should do is pick an appropriate price range.

Most experts agree that engagement rings should cost about three months of your salary.

This tried and true method has helped tons of men start their ring search. Here are four things to consider when deciding on your price range.

  • Save Up: Did us telling you to spend three months of your salary on one item get your heart racing? No need to fret, you’re not going to buy the ring today. Start saving now, and in no time at all you’ll have the right amount. An engagement ring is an investment item, similar to a car or a home. Remember, this is a ring she’ll wear forever.
  • Remember, It’s Not Just the Ring: Buying a ring comes with a lot more than the diamond she’ll be wearing. In addition to the ring, your price range should include sizing and insurance costs. When looking online and in stores, be sure to add these expenses in to your overall budget.
  • One Size Doesn’t Fit All: Maybe your coworker didn’t spend three months salary on his fiancée’s ring. That’s totally fine! Everyone’s situation is slightly different. Whether or not the perfect ring for your beloved ends up costing a three months salary, the best strategy is to start with that as a potential maximum price and work from there.
  • Look Within: Regardless of what number you come up with, make sure you take a solid look at your financial status. Be aware of what you can spend now, or what you can start putting away towards your upcoming purchase. A five carat flawless diamond may be appealing, but risking your financial security isn’t. Be smart about it.

Think you’ve got it? Great! Now the fun part begins! Once you’ve really locked down how much you’d like to spend, you can start looking for rings with confidence. Make sure you take a look at another one of our posts about popping the question perfectly. Good luck!

Need more help proposing with confidence? Contact us to learn more about our unique and comprehensive proposal service!

About Jenée Strickland

Visions Event Studio specializes in luxury events, including proposals and couture weddings. Jenée Strickland, owner, and lead visionnaire, has been an integral part of hundreds of weddings and proposals. Her job is a privilege; her work is a passion.

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