Congratulations, you’ve found the love of your life, and now it’s time to embark on the exciting journey of choosing an engagement ring. However, the age-old question remains: how much should you spend on that dazzling symbol of commitment? While traditions and societal expectations may suggest a specific budget, the truth is, there’s no one-size-fits-all answer.

Gone are the days of strictly adhering to the outdated rule that dictates spending two or three months’ salary on an engagement ring. Today, couples are encouraged to focus on their individual circumstances, financial priorities, and personal values. That’s exactly what our staff member did, and instead of purchasing a big engagement ring, they purchased a small and affordable ring at the time of proposing; then a larger, more expensive ring later in the relationship. This helped by keeping our staff member financially responsible along with being able to pop the question with a respectable ring. Now this may not be the best practice for everyone who is ready to propose, but it does offer a different perspective on how to decide the right amount for you to spend on your engagement ring.

Here are a few factors to consider when determining the appropriate amount to spend
on an engagement ring:

• Financial Situation: Take a realistic look at your current financial situation.
  Consider your income, expenses, and any outstanding debts. The last thing you want is to start your journey into marriage burdened by financial stress.
• Budget: Set a budget that aligns with your financial standing and future goals. It’s crucial to find a balance between a meaningful, lasting symbol of love and financial responsibility.
• Shared Values: Discuss your values as a couple. Some may prefer to invest more in experiences, a home, or saving for the future rather than splurging on an extravagant ring. Others may prioritize the sentimental value of the ring itself.
• Ring Preferences: Consider your partner’s preferences. Some may value the sentiment and emotional connection tied to a modestly priced ring over a high- cost one. The focus should be on the meaning behind the ring rather than its price tag.
• Alternative Options: Explore alternative options, such as lab-grown diamonds or other gemstones. These alternatives often provide a more budget-friendly yet equally stunning choice.
• Quality Over Quantity: Remember that the quality and craftsmanship of the ring matter more than its size or price. A well-chosen, thoughtfully designed ring will be cherished regardless of its cost.

In the end, the amount spent on an engagement ring is a personal decision that should reflect the unique circumstances and values of the couple. Focus on the significance of the commitment you’re making rather than succumbing to external pressures. It’s totally ok to discuss the tips above with your significant other as well; especially since this is not a small purchase and you don’t want to start the relationship with financial problems.

You can also discuss it with us! We can help you put together the correct budget for the big question. Whether it’s a simple and elegant ring, or a more elaborate one, what matters most is the love and commitment you share as you embark on this exciting chapter together.