How much should you spend on an engagement ring?

The topic of engagement rings is both exciting and worrying at the same time. On one hand, you are probably very much looking forward to choosing a gorgeous engagement ring for your future bride and proposing to her. On the other hand, there are lot of questions that come with choosing an engagement ring. For instance, you may not be sure about the size of your lady’s ring finger, what stone cut she prefers or how much money you should spend on the engagement ring. Well, after reading this article you will have the answer to at least one of those questions.

What is the average cost of an engagement ring?

While the average cost of an engagement ring is a good guide that can help you understand how much others are spending on engagement rings for their future brides, it is important to remember that it’s just the average number. There are lots of people who spend less or more than that on engagement rings. As for the average engagement ring price, it tends to rise every year. For instance, in 2017, the average engagement ring cost was a little over 5,000 dollars, in 2018 it was a smidge over 7,800 dollars and in 2019, the average engagement ring cost stayed at around the same level.

How much should I spend on an engagement ring?

The average engagement ring prices outlined above give you some idea of how much people are spending on engagement rings. However, it is important to remember that each person’s financial situation is different and each bride also has her own preferences. While it may feel nice to choose the best ring possible for your bride-to-be, you should never spend more than you can afford or go into debt to buy a spectacular engagement ring. After all, if you choose a more modest option, you will have more money left to have the wedding of your dreams or you can save the extra money for a house downpayment. At the same time, you should carefully talk to your bride and find out what she has in mind. If she wants a simple engagement ring, she probably won’t be happy with a huge, pricey diamond. At the same time, if it is very important for her to have an amazing engagement ring, you should keep it in mind when going ring shopping.

How many month’s worth of salary to spend on a wedding ring?

It is a long-held belief that you’re supposed to spend two or three month’s worth of your salary on an engagement ring. While this may have been a widely used rule in the past, today it has become very outdated. In reality, you should spend as much or as little as your budget allows on the engagement ring, keeping in mind your and your bride’s wishes, your plans for the wedding, honeymoon and other expenses.

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