If you’ve ever contemplated getting engaged, you’re likely to have wondered how much your ring should cost at the very least. When it comes to how much to spend on an engagement ring, there are so many different regulations and expectations about the cost that it may be stressful, confusing, and unpleasant (especially for the person making the purchase).
We’ve got your back! For your convenience, we’ve gathered as many distinct engagement ring pricing ranges as we could find and organized them for you. When the time comes, you and your significant other will thank us for reminding you that engagement season (also known as the whole month of December) will be upon us before you know it.
Principle No. 1, or the Three-Month Rule
On Brides.com, an expert-driven analysis states that the ring should cost the buyer roughly three months’ wages. As a general rule, those who are “heavily in debt or anxious about their job stability” would want to consider reducing the price of the ring.
Rule #2: Take a salary of one month.
There is a more common rule of thumb that a person should spend around one month’s pay on the ring—and you can thank De Beers for that little wisdom nugget. To save money, De Beers initiated a marketing push in the 1930s urging customers to spend one month’s income on the ring.
Disagreements Should Be Settled Amicably
You may be able to compromise by spending two months’ pay on the rock if three months is too much for your significant other, but one month is too little for you. If you’re seeking to spend a modest fortune but don’t want to risk ruining your finances, this is a smart alternative.
Rule #4: Spend as much as a ring would normally cost.
Couples in 2012 spent an average of $4,000 on an engagement ring, according to a Jewelers of America survey from 2013. Presenting this information and recommending that your future spouse spend the average amount is always a possibility. But bear in mind that it has nothing to do with his or her particular financial situation. It’s a fair figure.”
Rules are for losers, not winners.
Buying an engagement ring should be a personal decision, at least in our thoughts and those of many recession-strapped Americans. However, if you are not the one who is really purchasing the item, it’s not really up to you to make the final decision. “A lot of women wouldn’t want their fiancé to spend that much money on a ring,” Kit Yarrow, a former diamond salesman turned psychology professor at Golden Gate University, told AskMen.com. “It’s up to you,” advises the author.