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How Much Should You REALLY Spend on an Engagement Ring?


So, you’re hopelessly in love and plan to get married shortly. Congratulations! This is an exciting time in your life, but don’t let all that excitement and a salesperson’s pressure hit you in the wallet when it comes time to buy your loved one an engagement ring.

Chances are you have heard that you should spend 1 month’s gross salary on a ring. In the last decade, however, that number has crept up to 3 month’s salary. Is that really necessary?

To be honest, no, it isn’t. If you’re a millionaire, buy what you like, but for most folks, this 3 month or even 1-month salary rule is just the diamond industry’s ploy to get you to spend more money!


Unfortunately, too many ladies have been brought up with the ridiculous notion that a bigger ring (and a big wedding) means bigger love. This is the result of watching too many Hollywood romance movies.

So how much should you spend? First off, this is a great place for a new couple to start discussing finances. While you don’t want to take the romance out the deal, but it’s important for couples to determine financial priorities right away and agree on certain financial obligations and plans, including the ring.

Couples should consider the following when determining how much they want to spend:

Your Financial Situation

Perhaps you’ve saved some money for this expenditure, perhaps you’ve thought about using the money as a down payment for a house. This is the time to take a look at your earnings, your savings, and what monthly payments will be if you decide to finance the ring.

Your Partner’s Expectations

Hopefully, your partner is interested in working with you regarding the ring and not demanding that you purchase X. Of course, you want to please your partner, but at the same time, no one should be forced between having to choose between paying rent or paying for a ring after the wedding. Talk to your partner and go window shopping.

Consider Upgrading Later

There is nothing wrong with choosing a simple band or smaller set of diamonds to start with and upgrading to a fancier, larger diamond ring later on. While most women love to show off their rings, some are proud to say right up front that they didn’t spend a lot on a ring because they are saving for a home or some other purpose.

Remember to shop for ways to save on rings, such as buying a larger diamond, but perhaps one with less clarity. Shopping online is sometimes cheaper, as long as it’s from a reputable source. Last, but not least, consider a pawn shop. Many diamond rings are dumped there after a divorce and can be had for a fraction of the cost. Remember, no one must know that you bought it from a pawn shop unless you tell them.

Kat Begonja

Kat Begonja

Lover of animals, writing and all things Croatian!