How much should you spend on an engagement ring?

You have made the exciting decision to proposed to your partner, how exciting! Next is to decide how you will propose and how much you will spend on an engagement ring. Unfortunately, there isn’t a calculator, or a one-size-fits-all answer because it just doesn’t exist.

Most people know the three month salary rule, meaning you should spend three months worth of your salary on an engagement ring. However, this is a very old traditional rule created as a marketing tactic by De Beers. As much as it’s nice to have some form of guide on how much to spend, it’s not something you have to abide by. When this rule was made cost of living was much lower, the housing market was better and many people had children after they were married so generally speaking disposable income was much higher. If the thought of spending 3 months salary is not something you can do then you don’t have to! You should spend whatever you are comfortable with whether that is less or more. The beauty of bespoke jewellery is you can cater the design to your budget as well create something that represents your relationship.  

Things to consider when buying an engagement ring:

1.      What do you feel comfortable spending without causing any financial stress?

2.      What are the values and expectations of your partner?

3.      If you are buying the ring together, discuss openly about the budget, priorities and what feels right to you both.

I hope this helps answer some questions you may have had about budget. If you would like a guided price on a design then fill out our contact form and I can give you an estimated quote.