Engaged Couple Kissing
Jewellery Advice,  Wedding & Engagement

How Much Should I Spend On An Engagement Ring?

When we are shopping for engagement rings, there are many elements to consider. The style, the diamond carat or whether you’ll opt for a gemstone over a diamond, the size and how you will propose. And one more question that we ask ourselves, the question that we like to avoid, is how much should I spend on an engagement ring?

While money is always a taboo subject, this purchase is an investment, and one that’ll act as a symbol of your commitment and love to your partner. Not to mention, there’s a certain level of expectancy from the recipient. Therefore, you’re almost expected to push the boat out just this once. However, that doesn’t mean breaking the bank.

In today’s post, we’re going to give you our top tips for how much to spend on an engagement ring, preparing yourself for the big day ahead.

An engaged couple linking little fingers

Traditionally, how much should you spend?

Now that you can purchase engagement rings both in-store and online, there is a larger price scale that you can match with the budget that you had in mind. When we asked ourselves how much should I spend on an engagement ring in 2020, there were still stipulations that the proposer should spend the equivalent of three month’s worth of wages.

This is said to be the traditional answer to our question, but is it the right one? Not only is that a lot of saving, but depending on your job, could equate to a very large amount. We can swoon over the celeb engagement rings that we wouldn’t say no to, but in reality, we need to think about our own situations, goals and opinions on the worth. Below we have compiled a list of options on ‘how much should I spend on an engagement ring?’, using both traditional and modern guidelines. 

Three Months’ Salary

Let’s go back to this dated concept. A three month’s salary spending allowance varies from person to person, but if we look at it further, it offers a fairer option. While this is known as a ‘rule of thumb’, you may not always be able to meet this expense, especially if you’re prioritising buying a house or don’t necessarily have job security. 

One Months’ Salary

Still asking yourself how much money should I spend on an engagement ring? What about just one month’s salary? Unlike the above, this option is a lot more attainable, and doesn’t require you to save for as long. Of course, the quality of the ring purchased will depend on your salary, but for the most-part, this option works for everyone, especially if you’re wanting to propose sooner rather than later.

Split It

Have you ever thought about splitting the cost? We’re in the 21st century, sharing costs on such big investments shouldn’t be seen as a cop out in any way, shape or form. Three month’s worth of salary can seem like a stretch, and so, why not use both of your salaries? Failing that, meet in the middle and use just two months’ worth of your salary.

Either way, you’re compromising, especially in order to purchase their dream ring. 

Go Average

There is an average digit for everything. And for how much you should spend on an engagement ring, our latest recordings show that on a national average, people spend approx. £1,865. This number makes for enough leeway to find a ring that hits everything your partner wants but without putting yourself out. Especially if you know where to look for an engagement ring.

Budget

Not everyone has the opportunity to splurge on an engagement ring, and that’s ok. You can still find a ring that turns heads without leaving your bank balance struggling. The best way to budget for an engagement ring, you ask? Shopping online is the best way to save the pennies. Here at Joshua James, we have an extensive collection of engagement rings available to suit all budgets.

Of course, when budgeting, diamond carats, metal carats and everything in between will vary, but that doesn’t mean your ring won’t sparkle. In actual fact, most diamonds look identical, unless you were to be very thorough with a magnifying glass. We recommend opting for a solitaire diamond over a ring that holds many small stones, this’ll keep costs down for sure.

Placeholder Rings

Ever heard of placeholder rings? When asking yourself how much should I spend on an engagement ring, why do you have to know the answer straight away? Placeholder rings, a fairly new concept, offer a temporary solution to the ideal ring. With brands such as Diamonfire & Swarovski out there, why not spend a few hundred on an inexpensive ring to propose with?

Then, once you get your YES, you can come together to find the dream ring. Not only does this give you more time to save, but it ensures that you give them a ring that you know they truly love; a win, win in our eyes. Head over to our blog on placeholder rings for more information on this fantastic concept.

Placeholder Rings

So, how much should I spend on an engagement ring?

Look, the above advice is only a guideline. The truth is, there are no rules. It’s what you’re comfortable with or whether you’ve got your heart set on a certain jewellers; leaving the decision completely down to you. All we would say is when purchasing an an engagement ring, make sure that the jewellers is legit. Finding out if a brand is authentic online can sometimes be a tricky task, so do your research. 

Brands with IGI certification, have several awards under their belts and have an abundance of good reviews are the type of jewellers you want to target.

Engagement Rings at Joshua James

If you’re still asking yourself, how much should I spend on an engagement ring, get in touch with our ring experts today. Whether you pop into our Hessle-based store, or you give us a call, we can help guide you to the right ring for you. If you still can’t find anything on our product menu, we also have a bespoke ring service that allows you to work with us in designing and creating your ultimate ring. Making it one-of-a-kind to your marriage.

Contact us today on support@joshuajamesjewellery.co.uk for our advice on engagement ring buying and for your own personal how much should I spend on an engagement ring calculator