How much should I spend on an engagement ring?
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Well, the receivers of an engagement ring certainly have their own ideas as to how much an engagement ring should cost...
However, there is one rule that seems to stand the test of time (and love): 2 months worth of wages. This means that however much you make in one month, double it, and that's how much an engagement ring should cost. So if you make $72,000 a year, maybe you should be looking at the $12K rings.
Egads. That just sounds silly to me. No wonder some celebrities will spend millions on a rock for a finger. The rule works great, so long as you can count on no financial problems popping up in the near future... which you can't.
In reality, a couple should work together to decide how much an engagement ring should cost. There are a few considerations to keep in mind while making such a decision:
- Have you made any large purchases that will require payments in the next few months, such as a house or car? Maybe you're going to school, or there are kids to consider.
- How much do both of you make? What are your credit histories?
- How much does the reputation of the jeweler mean to you? Do you prefer looks to quality, or vice versa? How much effort are you willing to put into the upkeep of the ring?
- The desires of the bride; a big diamond? A band?
- What kind of work does the bride do? Does it involve her hands?
- How do you plan to pay for the ring? Cash? Credit? Loan? Store financing? Try to keep away from options that will tie you up for more than a few months.
Also, don't forget about the wedding! That will cost enough in itself.
A lower-end engagement ring may start at around $100. You can get a wonderful ring for $1,000 or $2,000, with the high end at around $5,000. Tiffany's most expensive rings at its mall locations may run up to $10,000.
If you're uncomfortable about purchasing the ring, don't do it and get something else. Your fiancee will understand if it's really meant to be.
And don't be sad if you can't afford the exact ring you both want. You can tweak it so that it can be affordable; for instance, getting a different gemstone of the same cut, or a different kind of gold in the ring.
Good luck!
Diamond Engagement Rings
Engagement Rings: A Gift or a Contract?
Additional resources
- How Much to Spend on an Engagement Ring
- How much did your engagement ring cost? | Answerbag.com
How much did your engagement ring cost? - Cost of an Engagement Ring - Get Prices and Estimates - CostHelper.com
Find out how much an engagement ring should cost. Get average costs and information for an engagement ring. - Where to buy an engagement ring
- Google Shopping Results for Engagement Rings
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Comments
I completely agree that buying an engagement ring should be a choice made by both members in the relationship. My engagement ring & wedding band combined cost less than a grand & I would have been PISSED if he'd paid anymore than that, it's money better spent on the honeymoon, IMHO. And, by the way, my rings are some of the most beautiful I have <ever> seen, better than the rocks on most of the rich & famous, we went to a jewelry wholesaler & I couldn't have been happier with what I got.
Thanks for your stories, you guys! I would hope that most women wouldn't expect ridiculously expensive engagement rings... it's just for the engagement, after all! Especially after my Hub about how building a school in a third-world country costs $8,500...
Spending money on the engagement ring has never made sense to me. Nothing has been finalized and it can fall apart. Get something cheap for the engagement. If you're going to spend significant money on a ring, spend it when the deal is consumated (as it were): the wedding. Over all though, I think that, as with weddings, save the money and have a marriage...stop wasting cash on parties and symbols.
CJ
Ha-ha-ha, my engagement ring costed 55 EUR. I was very proud, because I choosed nice one and cheap one. With beautiful opal stone. But...to tell you the truth, since I started to live together with my fiancee, I´ve started to be a little bit sorry I did not choose something more expensive. Maybe some big diamond ring plus diamond necklass or something like that, ha-ha, I sometimes think, I deserve that. Only his bike costs 15 times more than my ring, and bike cannot cook and clean etc. But...I like my way, after all. That was my choice. And the day he put this ring on my finger, was special. And ring is special. And he is special. I started with balancing giving-receiving energies on time and now is everything in perfect progress. Thank you for your interesting hub, Glassvisage.
It has always seemed silly to my wife and I to spend that kind of money on a ring. Truth be told, I would have been willing to spend more, but I was a student and she had just graduated. Should you really go into debt for an engagement ring? We didn't think so then and we don't think so now.
As it happens, I am at a point now where I could purchase an upgrade ring for her, but she is absolutely not interested.
I married well. 18 years next month.
Paul and I are celebrating our 10 year anniversary in a week and we always thought we would get a bigger diamond for my ring to celebrate. However, now that we've come to it, I really don't want a bigger diamond. I actually only wear my band now and am perfectly happy with it. There are so many things that I'd rather spend our money on than a diamond.
I liked how you said that the couple should discuss it. If a big diamond is in your budget, good on ya, but if it's not, then it's probably not worth the stress. I agree with Paul, if you feel pressure from your social group to have a bigger diamond, that's a red flag for me.
Its very nice hub about engagement ring. Receivers will have their own idea how much they can spend for ring. Nice information from you hub.
very informative hub. Thumbs up for a job well done. :)
Good informative hub. Nice information.
well, I'm not going to bs. . . .I love diamonds. . .and well. . .i never really had one and my boyfriend has taken me to try on dozens of beautiful rings. so, if I am offered or given an expensive wonderful glittering piece of wonder, I'm not complaining. Practicality is overrated sometimes and I think most women who say 100 dollars is enough for a ring are lying to themselves. . . .
Great article, I am now a fan!
We chose my engagement ring together and we'd just finished university and in our first real jobs so it seemed silly to spend a fortune on it. So we spent a couple of hundred pounds on it and 9 year later I'm still happy with my choice.
Paul Edmondson says:
17 months ago
We've been discussing this a bit in our office, so I thought I'd throw it out to the community. There is a strong contingency in our office that supports buying a ring that fits your social circle and the expectations of the girls family. If you have a fiance from a wealthy family and she has friends that all have $25K rings, then you need to step up. I totally disagree with this and think you are probably marrying the wrong girl if she wants you to spend this amount on a diamond.
When I purchased my wife's ring, I had a friend that was a wholesaler. I told how much I wanted to spend and he told me, "You can't get much for that." It worked out fine and this month we will have our ten year anniversary.