How Much Should You Really Spend on an Engagement Ring?

How Much Should You Really Spend on an Engagement Ring?

July 26, 2018

You probably don't have Kanye's budget, but luckily your partner doesn't expect Kim's ring. Just because you don't have that kind of money to spend on a ring, it doesn't mean it can't be gorgeous and awe-inspiring.

Other than actually picking a ring out, the biggest question comes down to how much you should spend on an engagement ring. Decades ago, there was a rule of thumb: two months' salary.

This rule is no longer the case and has become much more flexible. However, there are still a few guidelines for spending on an engagement ring.

Keep reading to find out the cost of an engagement ring and how to find a stunning piece of jewelry that you can afford and your partner will love!

No More Rule of Thumb

The two months' salary rule doesn't quite work at this point. In fact, this rule was set by a diamond company in the 1980s.

This rule is not exactly realistic because it doesn't include factors like student debt or earning potential in the future. Most people don't want to finance an engagement ring over a long period of time or at all. Several others place more value on buying a house or creating memories.

So, How Much Should You Spend on an Engagement Ring?

The answer to this depends on the person buying it as well as what value the couple places on an engagement ring. Realistically speaking, 10% of a year's income can be spent.

However, this rule is not solid--if you're not comfortable with this amount, find a number that you like! Once you find that number, stick to it!

Stretching the Dollar

Just as the two months' rule of thumb was put into place by a diamond company, the notion that an engagement ring had to be a diamond was set forth by that same business in 1938.

If you or your partner have your heart set on a diamond engagement ring, go for it. Realize which of the 4 C's matter most, and consider looking at several carat weights.

Oftentimes, the price of a diamond jumps at the 1 and .5 marks--so consider a stone that isn't a perfect 1.5 or 2 carats. (Think 1.3 carats, .45, etc.)

Another thought is to consider other gems that express something to the couple or has been favored for a long time. Plenty of women love the idea of sapphires, morganite, or emeralds as their engagement stone.

It's also worth remembering that online retailers often have a better selection and price point than local stores. Also, the setting of the stone can either add great expense or save you a ton of money.

Final Thoughts

How much should you spend on an engagement ring is a question only you can answer. Of course, you want to give your partner the world, but a ring is meant to be symbolic of the love and commitment between parties.

There isn't anything wrong with spending a little now and upgrading the ring at a later date. Regardless as to what you choose to spend, the focus should be love, not carat weight.

If you're ready to begin looking for an engagement ring or want to design your own, contact us!

Also in Tampa Bay Jewelry Blog

Custom vs. Pre-Made Jewelry: Crafting a Tale of Uniqueness and Legacy
Custom vs. Pre-Made Jewelry: Crafting a Tale of Uniqueness and Legacy

September 22, 2023

Navigating the world of jewelry, the choice between custom and pre-made pieces often takes center stage. At Johnston Jewelers, with our 50-year legacy, we harmoniously blend the allure of timeless designs with the intimacy of personalization. Whether you're drawn to the tales of pre-made masterpieces or the allure of crafting your own narrative, our expertise ensures your journey in selection is as radiant as the jewelry itself.

Read More

Choosing the Perfect Bridal Jewelry: A Deep Dive into Trends, Types, and Timeless Choices
Choosing the Perfect Bridal Jewelry: A Deep Dive into Trends, Types, and Timeless Choices

September 20, 2023

In the vast realm of bridal jewelry, the quest for the perfect piece blends timeless traditions with modern trends. From bohemian-inspired necklaces to minimalist pendants, the choices are as varied as they are enchanting. Join Johnston Jewelers, with over 50 years of expertise, as we guide brides-to-be through this shimmering journey, ensuring each selection resonates deeply and dazzles endlessly.

Read More

Sterling Silver vs. White Gold: Delving into Distinctions
Sterling Silver vs. White Gold: Delving into Distinctions

September 18, 2023

Sterling silver and white gold, two luminous choices in the jewelry spectrum, have distinct characteristics and appeals. While sterling silver offers affordability and a classic shine, white gold boasts durability and a touch of luxury. Dive into their unique stories with Johnston Jewelers, where over 50 years of expertise helps discerning customers navigate the intricate world of jewelry choices.

Read More