How Much Should I Spend on an Engagement Ring?

The question of how much to spend for an engagement ring is something that will eventually surface at some point. Here are some suggestions, as well as the ways some people do it.

Spend Within Your Means

This is the most important thing to keep in mind. If you’re well off, then by all means spend as much as you can. There shouldn’t be any sense of guilt over spending large amounts; it is after all, very important and an expression of your love.

That being stated, there is no need to borrow large sums just to get an expensive ring. There’s no need to get yourself buried in debt just to get a fancy ring. If you’re going to marry, you should start making financial plans. You don’t start off by getting mired in debt. Be reasonable: take a look at your savings and make an estimate of how much you can afford.

The Average Amount Spent

Here are some specific numbers on how much to spend for an engagement ring. The average cost of the ring bought in the United States ranges from $2,600 up to $4,000. Given that the average income is $30,000 for young couples (18-24; average marrying age is 25), it means they spend a month and half salary on it.

The Two Month Rule

Some websites have suggested that the amount you spend should be two months of your paycheck. While some think that this is the rule of thumb, it isn’t. Based on the figures above, the average cost of the ring should be $5,000.


When discussing how much to spend for an engagement ring, the subject of carats will come up. This will have an effect on the cost as well. The average carat on the ring is 0.38 up to 1 carat. The costs depends on where you buy, but online a 1 carat diamond ring costs from $2,600 to $3,000.

The quality of the carat will influence the price. A cheap 0.5 carat can be bought for $400 in some stores. Cheap rings don’t necessarily mean that they aren’t attractive. Unless you are an expert, the flaws in those rings can be rarely seen by the eye.

Discussing the Matter

One of the ways to determine how much to spend for an engagement ring is to just talk about it. Some may find this situation rather awkward. In fact it is a good idea. By talking about it, you’ll know exactly what type to buy. There is nothing more disappointing than buying a ring he / she won’t like.

Even more important is that the other person knows the amount you spent beforehand. If you spent too much, he / she might think that it’s an exorbitant amount. This could lead to some unpleasant discussions.

If you don’t feel comfortable talking about money with your partner, you need to think about the situation carefully. Before you start thinking about getting married, learning to discuss things like money is a must.

For most, the matter of how much to spend for an engagement ring is a personal decision to make. Whether you talk with your partner or not, always consider your financial situation first.

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