How Much Should I Spend on an Engagement Ring in 2023?

How Much Should I Spend on an Engagement Ring in 2023?

Engagement rings and their symbolism come from a long time ago. Nowadays, it has become a promise of marriage, loyalty, and love between partners. Since the ring is a circle and has no start or end point, its significance is clear from its shape alone.

An engagement ring is a lot different than a wedding band. Although they are both meaningful, a wedding band is a ring worn by married people. On the other hand, engagement rings are promises by those who are soon to be married. 

Wedding bands are usually exchanged at a wedding ceremony as the couple says their vows. On the other hand, an engagement ring is given as a part of a proposal. They are both worn on the ring finger of your left hand.

There are also many common myths around them, such as that taking off your wedding rings is bad luck. Buying an engagement ring is certainly up to your personal preferences, but many people choose to do it.

How much money shoud you spend on engagement ring

How Much Should I Spend on an Engagement Ring?

Figuring out an engagement ring budget does not have to be stressful. A lot of people say that your ring budget should be at least two or three salaries. The three months salary rule does not apply to everyone, as some people can afford more than others.

The average engagement ring cost is around $6000. However, if you cannot afford that much or save money, you can always look for diamond sales. Shop around, check out your local jewelers, and you might be able to get off with one month’s salary!

You might also want to consider your wedding budget prior to purchasing a ring. Depending on how much you’re willing to spend on a wedding can help you determine the ring’s diamond, size, style, and so on.

If you’re looking into diamond rings, to get a 1-carat, the average price would be around $5,000.

That does not mean that rings with fewer carats are any less beautiful. It all comes down to personal style and financial situation. 

Engagement ring costs can vary, so make sure to look into different options. Maybe even your local jeweler has the best deal! There are also online retailers selling the most amazing diamonds out there!

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How to Set an Engagement Ring Budget 

Have you been wondering how much you should spend on a ring? If you have thought about sacrificing quality due to your financial situation, that does not have to be the case! All you have to do is create a budget based on your finances. 

  • Firstly, figure out the type of ring. Is it a large engagement ring, and is a diamond the center stone? What type of gold do you want?
  • Then, look into various options to determine the actual price. You might even be able to use an engagement ring calculator for the best ring possible.
  • Once you settle on the price, you might have to adjust your personal budget. Think about monthly payments and your income. 

Carefully consider your annual salary and make sure this expense does not leave you with no money. Only spend as much as you can afford. All couples spend different amounts of money on engagement and wedding rings!

Apart from your income, you also want to think about your expenditures, such as student loan debt. Consider if you can use a savings account or a line of credit. There are many factors you have to think about before you make such a large purchase.

Read More: How to Finance Engagement Ring

What to Consider When Buying a Ring

What to Consider When Buying a Ring

Buying engagement rings can be a little overwhelming. You want to get certain settings and pick the perfect one. For that reason, you have a lot to think about before you make a decision.

You have to consider how much you are going to spend on a wedding and figure out your budget. You also want this to be a personal decision that would make your significant other happy.

It is not all about the big stone but also about marking your shared future.

Apart from making it personal, you also want the ring to look nice but avoid high costs. On average, people spend 3 months’ salary on a diamond engagement ring.

However, you decide how much to spend based on your circumstances. Always make sure that your choice aligns with your partner’s taste. This will be something they wear every day. Look into various options before you decide. 

The diamonds do not have to necessarily be huge, but you can still find a lovely engagement ring. Make sure you pick something that is more appropriate for a proposal over a wedding ring. The money you spend on an engagement can never be a bad idea.

Establish Clear Guidelines for Perfect Engagement Ring Together

Picking out an engagement ring can be a lot easier if you previously discussed it with your partner. If you have ever touched upon your wedding band, then you might be able to figure out the type of engagement ring. It is even easier if you talk to your partner openly beforehand.

What would the average cost of their ideal diamond engagement ring be? Discuss the carat, gold, size, and types of diamonds. Ensure their personal style is also considered.

You might even want to discuss how much should you spend with them. Would they want you to use a two or three months’ salary? Buying an engagement ring can be a lot less stressful if you simply communicate.

Apart from the engagement ring cost, you want to make sure that you follow their guidelines clearly. Listen to what your partner wants, and make sure to get as close to that as possible. A wedding ring is something you can pick together, but the proposal one is all you. 

Make it Meaningful

Guidelines for Perfect Engagement Ring

When you plan your fairy tale proposal, it is not all about how much to spend. You do not have to meet the national average when it comes to your engagement ring. It is not about how much you spend on an engagement but rather how much thought you put into it.

Make sure to pick a ring that will not just be pretty but also a symbol of your love. Your partner needs to recognize the effort over the price. 

Your ring does not have to be one carat, as long as it shows any personality. Show your significant other that you took their style and wishes into consideration. Without special meaning, jewelry remains just that. However, when you put some effort into it, a piece of jewelry can mean the world to someone. 

Exploring the Different Types of Metals for Your Ring 

Rings come in different sizes and shapes and are made of various metals. Does your partner prefer yellow gold over rose gold? Would the diamond size work better with rose gold or white gold?

An untrained eye might not recognize the difference when matching diamonds with their perfect metal. However, a jeweler’s loupe can certainly help you get a closer look and make sure they do not hide flaws. 

A blue nile diamond can be a great option for white gold, but it might not work the same as yellow gold. That is why it is important to check out different types of metal. For example, Brilliant Earth rings offer different types using natural and lab diamonds. 

The “Two Months” Engagement Ring Myth – Does it Work?

“Two Months” Engagement Ring Myth

One of the most popular myths surrounding engagement is the two-month salary rule. Basically, most people give at least two salaries to purchase a ring. If you are making $60,000 per year, you are expected to pay at least $10,000 for the ring.

The myth originates from De Beers, the biggest diamond provider. They came up with it in the 1930s to get more attention to their diamonds. They even put out commercials with this exact message.  

While this concept is acceptable to some, many people cannot afford it. It is mostly a marketing technique to get people to pay more.

The average cost of a one-carat ring is around $5000, but that does not determine how much to spend on your own engagement.

In most cases, you can find rings a lot cheaper than that. You do not have to go for a natural diamond, as the difference is not even visible to the naked eye. 

Average Diamond Size for Wedding Rings 

The average size of diamonds on engagement rings, and wedding bands is from 1.0 to 1.9 carats. However, this would be a much more expensive ring. A lot of people like to stay in the range of 0.90 to 0.99 carats.  The average cost of a 1.9 carats ring is around $20,000. 

The center stone can really determine the look of the wedding ring. However, it certainly does not make the perfect ring. You can easily get a diamond with fewer carats, combine it with some nice white gold and leave with an affordable option.

The cost of jewelry for the proposal is not everything. You can figure out the size of the diamond based on how much money you want to spend on an engagement and the wedding. 

Read More: Wedding Loans in 2023: Best Offers & How to Choose

Average Person Budget on Wedding Ring

Have you been wondering, ‘how much should I spend on a wedding ring?’ The Knot is one of the most popular wedding planning sites out there.

Their estimate for the wedding bands is around $1,100 for women and a little over $500 for men. The cost of your wedding band is certainly determined by how much you can spend on a wedding.

Engagement rings are certainly more expensive than wedding bands. However, you have to consider that you will probably only buy one ring for the proposal and two for the wedding. A woman’s wedding ring generally costs more as they have more intricate details.

Engagement Ring Vs Wedding Band

When it comes to symbolism, both a wedding band and an engagement ring are given as a promise to your partner. However, these rings do have a couple of differences. The key ones are listed in the table below.

Engagement ring Wedding band
  • Are usually more expensive. The average cost is around $6000. 
  • A wedding band is much cheaper. You can find the perfect one for about $1000. 
  • Has a more complex look. It contains a diamond stone that is generally at least one carat. 
  • Wedding bands are a lot more simple. They sometimes do not even have a center stone. 
  • Traditionally, you only need one engagement ring for the bride-to-be. 
  • You need two wedding bands. One for the bride, one for the groom. 

Millennial Spending on Engagement Rings

The average cost of an engagement ring purchased by millennials is $6,500. They are more open to buying a nice diamond one, such as a blue nile. They beat Gen Z by 63% when it comes to this expense. 

They are more willing to follow the myth of spending two salaries. Millennials are sticking to the tradition, and they keep getting diamond rings. They are not all about the cost but rather about quality and the custom. 


How Much Does the Average Person Spend on a Wedding Ring?

Most people pay around $500 for men's wedding bands and around $100 for women's. This is definitely a personal preference.

Are wedding bands the same as wedding rings?

The terms can be used interchangeably. In the past, a band used to be simple and without stones. Nowadays, they include stones and diamonds as well.

How much should I spend on a traditional wedding ring?

This depends on your budget and finances. The average price is around $1000.

How Much Of Your Salary Should You Spend On A Wedding Ring?

Wedding rings are a lot cheaper than engagement rings. You can get a nice wedding band from $500 to $1000.

How much should a man spend on an engagement ring?

The rule says that you should use at least two salaries for a ring. Some couples can afford more, and some less.

What is the average engagement ring size?

The average is 1.5 carats. The price of such a ring would be minimally $10,000. That is why some people opt for smaller diamonds.

When do you buy the Groom's ring?

The groom's ring should be bought way before the wedding. Usually, as soon as the couple gets engaged.