You possibly can’t put a worth on the proper proposal, however you’ll be able to put one on the proper engagement ring. Many years in the past, the advised funds for this buy was sometimes one month of the giver’s wage. But over time, this guideline slowly shifted towards two months—after which three. Nevertheless, the components that decide your engagement-ring funds are way more advanced than merely taking cues out of your paycheck. As an alternative, it’s best to think about every little thing from the design of the band and the kind of heart stone to your monetary state of affairs and the wearer’s style in jewellery. “Whereas the ‘three-month wage’ rule continues to be referenced, it’s extra frequent now for the spend to be based mostly on particular person monetary circumstances and private choices, reasonably than an ordinary components to be adopted,” says jeweler Olivia Landau of The Clear Lower.
Each engagement ring-buyer handles the factor of shock otherwise: Some purchasers have a selected request from their accomplice, whereas others use a household heirloom or current a hoop on which the recipient had zero enter. However in case you and your accomplice have mixed your financial institution accounts—or have joint monetary targets, reminiscent of funding your retirement accounts or ending your fixer-upper—then the funds for an engagement ring needs to be a mutual determination. “Deciding on a funds collectively may be a good suggestion, as spending habits may cause lots of friction in lots of relationships,” says Cassandra Rupp, a licensed monetary planner and senior wealth advisor at Vanguard. “Shopping for an engagement ring is an thrilling first step towards marriage, and it is likely to be the primary main short-term monetary objective you encounter as a pair.”
And whereas the value tag in your engagement ring might need you elevating your eyebrows at first, keep in mind that you’re not simply investing in your relationship; you’re additionally investing in a future heirloom. “Engagement rings ought to positively be thought of as funding items, particularly if the ring is a pure diamond,” says Landau. “Not solely is there potential for a hoop to develop in worth, however these are additionally heirlooms that may be handed down for generations. Rings with distinctive gems or sure vintage items could maintain or enhance in worth, so investing in high-quality craftsmanship and materials is a smart determination, particularly if resale down the road is a consideration.”
Photograph by Lacie Hansen
How A lot Do {Couples} Sometimes Spend on an Engagement Ring?
The price of an engagement ring usually begins with the middle stone, as you select from diamonds or gems that could be lab-grown or pure. A 2024 survey from Angara put common spending for one-carat pure diamonds at $6,000 and for two-and-a-half-carat lab-grown diamonds at $3,750. Different forms of gems, reminiscent of sapphires, emeralds, and rubies, have a mean worth of $4,500 for a 1.25-carat pure stone and $3,000 for a three-carat lab-grown model.
Customized designs from luxurious jewelers have a fair wider worth vary, as {couples} pair heirloom or new stones with customized settings and embellished bands. “This vary varies, however the majority of our {couples} are searching for one thing inside the $5,000 to $10,000 vary, with, in fact, some ranging decrease and far greater than this,” says jeweler Jennie Kwon of Jennie Kwon Designs. Landau usually sees shoppers with a variety of $3,000 to $25,000—and even greater.
How A lot You Ought to Spend on an Engagement Ring: 3 Methods to Decide Your Funds
Whereas specialists advocate contemplating a number of components as you set a funds for an engagement ring, they collectively agree that crucial facet is guaranteeing it is a person determination—not one influenced by your pals’ rings, your social media feed, or what your dad and mom say. “{Couples} ought to base their spending on their private monetary state of affairs reasonably than outdoors pressures,” says Landau. “Make sure you prioritize no matter facet is most vital to you, and keep in mind that the sentiment behind the ring is commonly extra worthwhile than its worth.”
Look Over Your Monetary State of affairs
Rupp recommends contemplating all of your monetary targets as you resolve which ring will work together with your spending plan. “This seems to be like clearly figuring out the ring of alternative, understanding the way it suits into your funds, and establishing a practical timeframe to buy,” she says. In case you have a number of years to avoid wasting in your dream stone, you’ll be able to incorporate cash market funds or small investments to assist increase your funds—with out jeopardizing your total monetary well being. “This will additionally assist stop you from tapping funds safeguarded for different targets, like retirement and high-interest debt from bank cards,” she says.
Do not forget that a rise in wealth usually comes with age, that means a just-out-of-college couple may go for a smaller ring than a pair with two established careers. “Monetary safety performs a significant function, with extra budget-conscious {couples} selecting smaller diamonds or extra mass-market choices, reasonably than customization, to decrease prices,” says Landau. “Older {couples} could have more cash saved and subsequently extra to spend, whereas youthful {couples} may prioritize affordability,”
Think about Your Wedding ceremony Plans
For those who and your future partner have already mentioned a imaginative and prescient in your marriage ceremony, then your engagement-ring spending is likely to be affected by these plans. An occasion with a seven-figure price ticket may name for a flawless, gumdrop-sized stone, whereas a extra low-key occasion may shift your priorities towards a one-of-a-kind heirloom. “The price of the marriage can positively affect how a lot one is prepared to spend on the ring, as does the timeline between the engagement and the ceremony itself,” says Landau. “Rings may be factored into total marriage ceremony prices for some {couples}, whereas others see it as a completely separate funding.”
And in case you haven’t talked about your marriage ceremony spending upfront of your engagement, it needs to be a top-priority dialog after the proposal. “[Considering] an engagement ring, bachelor and bachelorette events, marriage ceremony apparel, the ceremony, and the honeymoon, an engagement and marriage ceremony all add up in a short time,” says Rupp. “So having open communication round budgeting, saving, tackling debt, and short-and long-term monetary targets from the beginning can assist set you up for clean crusing.”
Private Preferences
For those who’re anticipating your future partner to put on this ring each day for the remainder of their life, you’ll want to steadiness your funds in opposition to the stones and kinds they like. “Customization and elaborate designs sometimes enhance prices, so if a accomplice prefers a novel design versus a extra minimalist method, that might drastically affect the funds,” says Landau. In case your accomplice requests a design constructed round a passed-down or classic diamond, then the prices will range based mostly on the metallic, workmanship, and measurement. “It is determined by whether or not, for customized tasks, we supply a stone for the consumer or if the consumer decides to offer one for us to construct a setting round,” says Kwon. “There are a ton of variables that play into how a lot a consumer finally ends up spending on a hoop.”
Photograph by Will Reid
Learn how to Select the Proper Ring for Your Funds
Spending your complete funds on an engagement ring doesn’t all the time imply getting essentially the most out of your cash. “We now have seen shoppers who’re extra budget-conscious lately,” says Landau. “Whereas they is probably not spending lower than they plan, most are urgent for the very best total worth for his or her funds.”
Select Your Cs
Diamonds are famously priced in line with the 4 Cs—lower, colour, readability, and carats—however an expert jeweler can assist you identify which Cs it’s best to emphasize to profit from your funds. “When a pair has a set funds on a chunk, we attempt to choose their mind on what’s vital to them,” says Kwon. “The standard of the stone? The scale? The general really feel? From there, we will advise the consumer on what to prioritize. As an illustration, if a consumer focused on a diamond ring has a reasonably tight funds and needs a yellow gold ring, we generally advocate that as an alternative of colour, which might be affected by the colour of the setting, they need to focus extra on readability.”
Intensify the Stone’s Character
Know that an engagement ring may be distinctive and crowd pleasing—even when your funds doesn’t permit for a number of carats. “A smaller stone may be simply as impactful as a bigger stone if the ring is designed thoughtfully,” says Landau. “Working with a trusted gemologist to information the stone choice and design course of is vital right here. What a pair needs to prioritize of their ring could be very private. A seasoned skilled can assist steadiness out the 4 Cs of the diamond versus the design components chosen for the ring.” Kwon agrees: “Our shoppers have traditionally been much less involved in regards to the 4 Cs, and as an alternative, actually focus in on what uniquely resonates with them,” she says. “We love that the Jennie Kwon Designs bride is not boxed in by carat measurement and is assured in choosing one thing which will stray from custom.”
Look Past Diamonds
Whereas custom (and gross sales pitches) have related diamonds with engagement rings for generations, you may make your funds go additional—whereas nonetheless making a one-of-a-kind piece—by selecting a ruby, amethyst, pearl, sapphire, or emerald as your heart stone. “We now have a ton of shoppers who love coloured stones as engagement rings,” says Kwon. “For these shoppers who’re so overtly prepared to buck custom, the funds actually varies relying on the kind of stone they’re focused on and the size of the piece as an entire.”
Make It Customized
Probably the most dependable method to flip a set funds into a particular piece is to create a customized ring with the assistance of a jewellery designer. “The vast majority of our shoppers do not comply with one thing just like the three-month rule,” says Kwon. “They usually come to us with a selected design of ours in thoughts, whether or not that be one which includes a diamond or coloured stone, and a variety that they’d ideally wish to spend on their engagement ring.”
