The big day is finally coming up. You’ve made the decision that you want to spend the rest of your life with your current partner, so you’re going to pop the question. Now you just have to find the right ring.
But how much should you spend on an engagement ring anyway? Money is tight, so do you need to spend three months of your salary? What if you can’t afford to do that?
We’re here to talk about it. Read on to learn all about how much you should spend on the best engagement ring for your spouse-to-be.
So, Do You Spend Three Months of Wages?
The idea that you have to spend three months of wages on an engagement ring is outdated and mostly an advertising tactic made by De Beers diamond company. They knew that they could sell their products at a premium if they associated them with how much you love your partner.
Before the 1930s, the idea of spending that much money on an engagement ring was absurd. Of course, some people decided to empty their wallets, but it’s never been common.
Most people in 2022 cannot afford to spend three months of wages on a single purchase, so never feel obligated to do so.
Things That Influence The Cost
Engagement rings prices vary depending on several factors. Those factors include (but aren’t limited to):
- The type of metal
- Gemstones
- The brand
If you’re choosing a precious metal for the engagement ring, like gold or platinum, you’re going to spend more than if you were to buy a titanium ring. Try London Gold for a few popular metal options to see what looks best and fits your budget.
If you’re not committed to diamond rings, consider other gemstones. Moissanite is a popular option because it mimics diamonds, but opals, rubies, and sapphires are also popular. Diamonds are often inflated.
Your Partner’s Wishes
If you’ve already discussed engagement with your partner, they may have their own opinions about how much you should spend on their ring. Remember that you’re also saving money for your lives together, as well as a wedding.
Many people aren’t interested in rings that cost thousands of dollars. Your partner may like non-diamond stones even if they prefer gold (which should cut down the cost).
At the end of the day, your partner is going to be the person wearing the ring. Take their wishes and personal style into account.
Your Own Budget
You should start saving for a ring as soon as you start thinking that you want to marry your partner. Save a small amount of money every paycheck (if possible).
Never let that money cut into your “needs” or “savings” budget.
So How Much Should You Spend on an Engagement Ring? It Depends
If you’re wondering “how much should you spend on an engagement ring?”, keep this guide in mind. Remember that the amount of money that you spend doesn’t correlate to how much you love your partner. You’re planning a life together, so don’t let the ring cut into your budget!
You can find beautiful rings at every price point.
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