How Much Should an Engagement Ring Cost?
The Two-to-Three-Month Salary Rule
This traditional rule, likely passed down by your elders, suggests spending two to three months’ salary on an engagement ring. For instance, if you earn $4,000 monthly, you’d expect to shell out between $8,000 and $12,000 for a ring. If your monthly income is $10,000, the expectation climbs to between $20,000 and $30,000.
The Problem With That
For one, back in your grandfather’s era, part-time jobs could cover rent in New York City; college tuition was significantly cheaper, and healthcare costs were minimal compared to today’s rates. Priorities were different too — the big “experiences” were the wedding reception and possibly having kids.
Thus, the men who embraced the two-month-salary rule faced fewer expenses and had different life priorities.
Interestingly, this concept originated from the advertising agency of De Beers, a British diamond company. To revive its business during the Great Depression, they launched a successful campaign promoting the one-month salary rule. By the end of the century, the rule had expanded to two or three months, significantly increasing the percentage of diamond rings. “One of the most successful marketing campaigns ever,” said T.C. Melewar, a marketing professor at Middlesex University, to the BBC.
Breaking Up with Tradition: Engagement Ring Cost & Budgeting Today
Couples today are increasingly abandoning traditional expectations. Your financial situation and aspirations are unique, and your ring should symbolize the life you’ve built together, not adhere to a dated rule. (Learn more about buying an engagement ring on a budget here.)
Maybe your shared dreams include goals like buying a house, repaying student loans, or saving for your future children. Perhaps, like many modern couples, you place a higher value on experiences over material items, preferring to spend your budget on travel or hobbies you enjoy together. Nowadays, budgeting for an engagement ring is much more personal and nuanced than it was a few generations ago.
Shopping Together for an Engagement Ring
Today’s couples often turn engagement ring shopping into a collaborative experience, with many shopping together and splitting costs. Rachel Torgerson of Cosmopolitan shared her experience co-buying her engagement ring with her fiancé: “Being there every step of the way helped me understand the magnitude of what really goes into a proposal. From saving up to buying, comparison shopping, to deciding between size and quality, and signing that check — it’s a lot to consider. Experiencing it fully was incredibly eye-opening and intentional.”
Browsing rings online together can be a bonding experience — and with Artful Bracelets‘s range of beautifully crafted, ethically sourced rings, coupled with free shipping, returns, replica home previews, and lifetime warranties, it sets the stage for a series of well-thought-out decisions as a couple.
Beauty on a Budget: Engagement Ring Tips
There are savvy strategies to make the most of your budget for an engagement ring.
Firstly, consider shopping online. Traditional jewelers often mark up diamond prices by 50% or more due to overhead costs. Artful Bracelets, being an online jeweler with direct relationships with diamond sources, can pass these savings on to you.
Secondly, opt for a preset diamond engagement ring. These rings can be more affordable and save you time since they come with the diamond already set.
Thirdly, explore our expert tips for stretching your diamond budget. Following trends like those set by Lady Gaga and Meghan Markle, you can incorporate sapphires or choose a three-stone ring in a halo setting to make the diamond appear larger.
Fourth, consider lab-grown diamonds, which are chemically identical to natural diamonds but are more affordable as they are created in labs. For more details, check out our article on Mined Diamond Alternatives.
Lastly, moissanite is gaining popularity as an engagement ring stone, offering an affordable yet stunning alternative.
The trained gemologists at Artful Bracelets can help find the perfect ring that aligns with your financial and personal priorities. Contact us now to get started.
Benefits of Lab Grown Diamonds
Lab-grown diamonds are not only more eco-friendly but also cost significantly less than their mined counterparts. They are identical in composition, offering a win-win by being both budget-friendly and environmentally responsible. You get more bang for your buck without the environmental impact of mining.
Benefits of Preset Rings
Having decided to propose, you can find the perfect ring swiftly and without hassle with our preset options. These ready-made rings allow you to dazzle your partner within about 12 days, eliminating the wait associated with custom designs and reducing decision-making stress. Each piece is trendy and high-quality.
How to Maximize Your Budget
Maximizing your engagement ring budget without compromising on beauty or quality is quite manageable.
We suggest opting for less popular diamond shapes, which are often more unique and celebrity-favored. Choosing a G color diamond offers a colorless appearance at a reasonable cost. Fluorescence in a diamond isn’t necessarily a downside and can help stretch your budget further while ensuring she gets a ring you’ve both envisioned.
It is a naturally occurring attribute—barely detectable to the naked eye—so there’s no need to stress about it.
Opting for round figures isn’t always advantageous. Feel free to purchase slightly under a full carat to save money while ensuring your diamond looks equally stunning. For instance, selecting a 1.90-carat diamond instead of a 2.00-carat one will still bring joy to her face. Another cost-effective strategy is to stick with a classic design and avoid adding side stones. A single stone can shine splendidly on its own!
Matching the Ring to a Wedding Band
Coordinating the wedding band with the engagement ring is a wonderful way to showcase your personal style. Think ahead and envision how the two rings will complement each other when stacked on your finger.
At Artful Bracelets, we offer matching wedding bands for every engagement ring, making the process simple and straightforward. If you choose to include diamond accents, we can match them between the engagement ring and the wedding band. You can search by Engagement ring name or SKU stock number to find matching wedding rings. Our team of gemologists is always available to assist you in finding the perfect match. We also provide wedding bands for men, ensuring that matches are made here as well.
You can either match the metal type of your engagement ring or get creative by mixing metals for a modern look. Whether it’s white gold with yellow gold or yellow gold with rose gold, the possibilities are only limited by your imagination and preference.
After deciding on the look and metal, consider the type of wedding band you want. Will it be a plain band or a diamond-studded one? Some couples prefer the wedding band to stack perfectly against the engagement ring, while others enjoy it making its own statement. A classic wedding band is ideal if you do not want any gap between the rings. Options like eternity, channel set, or plain bands are available, and our gemologists can advise you on the best fit. Also, consider matching the width of the rings to ensure they complement each other without overshadowing one another.
Your budget will be influenced by the metal type and size of the accent diamonds. Typically, the accent diamonds on the wedding band are matched to those on the engagement ring, so you can estimate the wedding band’s cost to be similar to the engagement ring minus the center diamond.
When matching the wedding and engagement rings, there are no strict rules. Whether you prefer a traditional or unique style, the best way to showcase your love is up to you, and we are here to assist. We can also customize rings based on your preferences. Every ring comes with a lifetime warranty and a certificate card to make shopping stress-free. We offer free resizing for up to 30 days after purchase and provide complimentary engraving for a special message inside the band, making the day even more memorable.
FAQs
How much should an engagement ring cost?
Overall, the cost of an engagement ring should fit within a budget that is comfortable for you and your partner. Forget the outdated “3 months salary” rule and select a number that aligns with your financial and wedding planning goals. Focus on the aspects most important to you, whether it’s a higher-quality diamond or a custom design, and determine your budget from there.
Who traditionally pays for the engagement ring?
Traditionally, the partner giving the ring purchases it. However, it’s becoming more common for the recipient to contribute their opinions and even to the budget. Discussing finances and engagement ring shopping with your partner is advisable.
How much of your salary should an engagement ring cost?
This decision is entirely personal and hinges on your savings and expenses. The average cost of an engagement ring in the USA is around $5,000. If you’re looking for a more affordable option, consider a lab-grown diamond or a less expensive metal like 10kt gold. Regardless, prioritize her preferences and tastes when choosing an engagement ring.
