How Much to Spend on an Engagement Ring

How Much to Spend on an Engagement Ring

Probably the number one question I get when discussing engagement rings is how much you should spend. It’s just usually not phrased that way. People really want to know how much is enough, so you can scrape by with a good ring and not pay too much. If you ask anyone in the industry, they’ll tell you it comes down to a personal choice… yada, yada, yada. But, if you came here asking this question, you want an answer. So, I’m going to give you one, even if it’s just a general guideline.

What’s the Least You Can Spend on a Ring?

It might take some finagling, but you can get a legitimately lovely engagement ring for $1,250 to $1,500. It will have to be a solitaire setting on a Yellow Gold ring with one of the more affordable diamond shapes, but it can be done, and it’ll be a ring you can show with pride. If you want to see how this can be done, follow our $1,000 Engagement Ring Challenge posts. We usually can’t get under that number, but we get darn close.

Only Spend What You Can Afford

Paying only what you can afford should be assumed, but the secret to figuring out how much to spend on an engagement ring is just figuring out how much you can afford. What do we mean by that? The amount you can afford on an engagement ring is the amount you can pay for it at that time. Not the amount you can pay over time. Not the amount that you feel your partner deserves.

The critical thing to remember is not to burden your relationship with a poor choice. Please don’t pay for it with credit, zero percent cards notwithstanding, and don’t take out a loan. What could you afford if it was cash? That, at the end of the day, is what you can afford.

With modern Engagement Rings, it’s important to remember that the only thing that counts is the couple’s happiness. Maybe a simple gemstone solitaire, like this Opal on 14k White Gold example here, is what will make you happy. Just because this ring is less than $400 doesn’t make it any less unique.

Plan Out Your Engagement Ring Purchase

Remember that adage, “2-Months’ Salary”? Even if you wanted to follow that antiquated and completely arbitrary calculation, you can’t separate your entire month’s salary for your ring. Beyond that, what people make can vary significantly, and most people can only save a small percentage of their salary. Thus, you have to plan out your purchase. Sure, this takes away the spontaneity of the process, but you won’t regret it.

This example costs just over $1,000 from James Allen and features a 14k White Gold solitaire mount with a .59 Carat, H-S1 Marquise Cut diamond. This is a classically beautiful ring that anyone looking for love would be thrilled with, and best of all, it is affordable.

You wouldn't randomly wake up and decide to purchase a car. Then why would you randomly choose to buy an Engagement Ring? The more time you can devote to researching your purchase, the more satisfied you'll be.

By utilizing the three points above, you can put together a proper guesstimate for your ring purchase. You know it’s going to be at least $1,500 if it is a diamond ring, and anything after that can and should be controlled and calculated. The key is not allowing yourself to be put in a difficult financial position. Remember that getting married is about finding eternal happiness. It is not about buying the love of your significant other, and it’s not about showing off to your friends. Love is free, and placing yourself in a difficult financial position can only stress a relationship. Be smart about your purchase, and you’ll thank me later.

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