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How much should you really spend on an engagement ring?

How much should you really spend on an engagement ring?

You have met the woman of your dreams and you're ready to pop the question. This an exciting time in your life and your future looks bright. So you want to make the proposal perfect by not cheaping out on an engagement ring, but you also don't want to go broke. It makes perfect sense. So here are some things to consider when working out your engagement ring budget.

What can you afford?

Think about your current financial situation. Do you have debt? Or are you ahead? Do you have a high or low income? If you have debt but a high income or even the opposite of this, you can afford to spend a little more. If you have no debt and high income, definitely don't go cheap. If you have low income and/high debt, keep it conservative, I mean after all, she's not marrying you for your money and would probably rather you sorted out your finances than splurging on an impractical, high end ring.

So what is a little more or less anyway? In Australia, the average cost of an engagement ring is around the $5000 to $6000 mark. This may be alarming if you're not a high earner, and you certainly don't want to disappoint her during a proposal, but please keep in mind that you can buy absolutely stunning gemstone or diamond rings for far cheaper than this. Check out our collection here:

If you're filthy rich, well perhaps now it's a good time to buy a very precious jewel for your bride to be. Although you don't have to spend a stupid amount if you don't want to (some rings go for 2 million dollars!), at least show her that you value her greatly by making a little dent in your finances as a sacrifice. 

There is a thought out there that you should spend 2 or 3 months of your salary on an engagement ring, so if you have a salary of $48k, you should spend $8k to $12k on a ring, but this may not be applicable to a current circumstances where house prices, and therefore your monthly repayments can be through the roof. If this is the case for you, definitely decrease the budget. Gone are the days when a mortgage was a tenth of your income, now it can be over half of your earnings! Not to mention the other increases to the cost of living.

That's not to say that you should settle for a ring that she may not love. You may want to consider saving up for 6 months to a year to get the ring you really like for her, or you can get finance approval in some cases if you are certain you can make those repayments, but if it's going to cause unnecessary stress during your honeymoon period, best to not break the bank.

Cost of engagement ring

If you're still struggling to come up with a budget, you can check out this engagement ring calculator for some more guidance.

In conclusion, if your budget is limited, never fear because there are many beautiful rings closer to the $1000 or $2000 mark. Just make sure you buy from a reputable jeweller such as Stunna Designs to make sure you are getting genuine gold and gemstones.