The traditional rule for engagement rings is to spend three months' salary. However, your decision to get married should not be dictated by financial ratios. Choose the engagement ring that feels right and that you can afford.
General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
Average Engagement Ring Cost
According to The Knot 2022 Jewelry and Engagement Study, the average cost of an engagement ring is currently about $6,000. If you're deciding how much to spend on an engagement ring, there are several factors to consider.
Spending $5,000 diamonds on an engagement ring puts you in a great place. That is the most common budget for an engagement ring nationwide. If you follow our guidelines on quality, retailers, and what to avoid, you will find a stunning engagement ring that you will be proud to show off.
According to a recent Australian wedding industry report, the average amount spent on an engagement ring in Australia is $5,367. With Australians earning an average annual salary of $67,902, this figure is almost equal to one months' salary.
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.
Since engagement rings come with hefty price tags, some couples sometimes turn to other options— all of which we're covering below. Read on as we take a closer look at the three most common ways people pay for engagement rings: cash, financing programs, and credit cards.
According to tradition, the amount you choose to spend on an engagement ring should approximate the amount of your monthly salary times two. By this measure, anyone who earns $2,000 a month should be looking at models in the $4,000 range. For someone earning $10,000 a month, a $20,000 ring would be about right.
A $10K diamond engagement ring budget gives you many options for ring styles from simple solitaires to ornate vintage designs. What does a 10k engagement ring look like? A 10K engagement ring is usually made of 14K or 18K gold or platinum and features a stunning, well-cut diamond of at least 1 to 1.50 carats.
While we're hesitant to throw out a number, we will say that according to a survey by Diamondport Jewellers, the average price of an engagement in Australia is $5367. To get the scoop on how much is normal to spend on a ring, we asked a handful of local jewellers to weigh in.
Expensive engagement rings aren't just overplayed, they may actually be bad for your marriage. One study even revealed that couples who shell out more cash for the engagement ring tend to have a higher rate of divorce. When you think about it, this isn't particularly surprising.
While there may be a compulsion to find an engagement ring and wedding band that are a perfect match, there are no rules that say this is a must. An alternative option for creating a cohesive aesthetic between rings is to choose pieces with similar elements to tie the pair together, such as the ring's metal color.
Your Ready to Propose!
If you're going with a pre-designed ring, make sure to purchase that at least one month before your proposal date, while two months minimum should be allotted for a custom ring.
The Rule: One person has to foot the bill.
Regardless, there's no denying that an engagement ring is a sizable expense. And while it's common for the proposer to buy the ring, either partner can contribute any amount they'd like.
The more precious and scarce the metal, and the more of this precious metal is used, the higher the price of the engagement ring. A wide platinum engagement ring costs more than a delicate engagement ring in gold, which in turn has a higher price than a silver 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.
In general, a $10,000 budget should allow you to purchase a diamond between 0.75 and 1.75-carats. At the higher end, the 1.75-carat diamonds are considered a non-standard size and you might be able to get a bargain.
Based on a recent study we performed, the average spending on a diamond engagement ring in America is roughly $6,000. So, a budget of four thousand dollars is slightly less than the average amount.
In fact, it is rude to ask anyone how much they paid for anything. It's none of you business. If they wanted you to know they would tell you. I can't even imagine anyone ever asking me how much my rings costs.
According to data published by Rapaport, the average amount spent on an engagement ring is $6,000, with around a third of all couples spending between $1,000 and $4,000. So, with a $25,000 engagement ring budget, you'll be able to afford something far above average.
If you're planning to ask your girlfriend to marry you, and she sees the ring before the proposal, the chances of something bad happening afterward are no greater than they would be if she hadn't seen the ring.
Choosing to split the cost of the engagement ring (or bands, should the groom also be interested in a ring of his own) seems to be the more financially practical and emotionally sensitive approach. So should you split the cost of the engagement ring? Overwhelmingly, we think yes!
Definitely. In fact, 62 percent of couples now go engagement ring shopping together.
When it comes to who pays for the wedding or the engagement ring, there's no hard and fast rule that “the proposer” needs to shell out all the money. In fact, more and more, couples are choosing to buy engagement rings and wedding bands together or consider it a team purchase.