How much should you spend on an engagement ring? That is definitely the ultimate question you keep asking yourself if you are about to propose to your loved one. Engagement is a very important moment of your life because you are getting closer to opening another chapter in your life.
However, it is not a secret that engagement ring can be very expensive (unless money is not a problem for you), so you need to pay attention to the budget. To help you arrange your budget, let’s find out more about the average cost most people spend to buy an engagement ring.
Engagement Ring Average Cost
According to some studies, the average cost people spend to buy an engagement ring is around $5,000 to $6,000 and that is exactly the amount of money you should pay for a nice diamond ring. $6,000 is far from cheap, especially in this economy.
However, some people still do not hesitate to do their best and even take loans so that they can afford an exquisite ring brightened by an expensive diamond in order to get engaged to her loved one. But remember that this is just the average cost.
If you want the highest quality ring with intricate design and the best diamond, you will need to pay even more money.
The Two and Three Months Salary Rule
When it comes to buying an engagement ring, there is something called the three months salary rule. According to some people and also jewelry store, the best way to get one of the most beautiful engagement rings is by spending three months salary on it.
Three months salary is huge and you certainly will get a nice diamond ring with it, especially if your salary is already big in the very first place.
But since the price of a diamond ring is getting higher, there are a lot of people who think that three months salary is a bit of a stretch. Instead, they use two months or even just one month salary. It will not always get them a diamond ring, but other gemstones can be beautiful as well.
How Much Should You Spend?
Here’s the thing, engagement is such a beautiful and precious moment but you promise and commitment is more than just a simple diamond ring. Do not let other people dictate how much money you should spend and make sure you spend according to what you can afford.
Giving exorbitant diamond as an engagement ring is a very common practice but it is not the only way to make your engagement day more memorable. If you can afford engagement ring with big diamond, go for it.
If you can only use one month salary to buy the ring, it is more than okay. If the diamond is too expensive, you can try looking other cheaper yet beautiful gemstones.
Maybe you can match the gemstone according to your lover’s birth month which is totally more meaningful. So, how much should you spend on an engagement ring? Simply buy what you can afford because when it comes to the engagement ring, the value is not on the diamond but in your sincerity.
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