Every year, millions of people wonder how much should you spend on an engagement ring because they’re ready to tie the knot and they want to ask their significant other for their hand in marriage. But at the same time, they want to get the best ring they can possibly buy based on their engagement ring salary.
This may seem difficult to figure out, but many people have come up with formulas to tell you how much to spend on an engagement ring. So, you’ll know the proper amount to spend based on certain factors that we’ll share with you below.
How Much Are You Supposed to Spend on an Engagement Ring – Two Month’s Salary Method
According to many experts in the engagement ring space, they tell you point blank to spend the amount of money you’d make working for two months based on your salary.
As an example, let’s say you make $1000 a week after taxes. Since your average month consists of 4 weeks, you’d need to save $8000 to spend on an engagement ring.
Add it up yourself and see with you come up with.
8 weeks x $1000 per week = $8000. That’s pretty simple and straightforward and easy to come up with.
But is this really the proper amount to spend on an engagement ring? Many people might feel like this isn’t enough money depending on the person that you’re about to marry. On the other hand, many people might feel like this is way too much money depending on the person you’re about to marry.
Remember, all things are relative. If you’re planning to marry someone who doesn’t spend exorbitant amounts of money on extravagant things, then spending $8000 on an engagement ring might be way too much for them to handle.
If you’re about to marry somebody who’s lived comfortable financially their entire life, they may expect you to spend $15,000, $20,000, or more on their engagement ring.
The moral of the story is that this method is probably outdated at this point. It may have made sense at one point in the past, but it isn’t likely the best way to determine how much money should a man spend on an engagement ring in the 21st century.
But you can certainly use this as a guide if it makes the most sense to meet your personal needs and wants and desires.
If you are looking to save additional money, I highly recommend you read my take on when is the best time to buy an engagement ring. There are times of the year when you can save money.
Average Engagement Ring Price
As you think about how much should my boyfriend spend on an engagement ring, you may want to start paying attention to the average price or going rate of engagement rings at this time.
Ladies and gentlemen, try not to get too scared because I know you think this number is going to be outrageously expensive. But believe it or not, it’s actually not that bad.
In the year 2020, a major wedding website did a jewelry and engagement ring study. During this study, they discovered that the national average price for an engagement ring is $5500 and they base this on a few different factors.
Region is one of the factors that they used to determine the average price of an engagement ring. They broke down the regions based on the Northwest, Midwest, Mid-Atlantic, and Southeast.
Here’s what that study discovered:
- Engagement rings in the Mid-Atlantic sold for an average of $7600
- Engagement rings in the Northwest/West sold for an average of $5400
- Engagement rings in the Southeast sold for an average of $5250
- Engagement rings in the Northeast sold for an average of $6000
So, definitely consider your geographic location when determining the price of your engagement ring. You can also use a similar regional price breakdown when trying to discover how much money you should spend on a wedding ring as well. But that’s a different topic for another day.
Have a look at my top places to buy engagement rings article. (Hint: there are a few good options online.)
The Best Ways to Lower Engagement Ring Prices
After asking yourself the question, “How much are you supposed to spend on an engagement ring,” the next thing you’ll likely wonder about is if it’s possible to lower your expenses without sacrificing the quality of the gemstone.
Guess what? There are certainly shopping hacks to consider that will make it more than possible to lower the price overall.
Consider the following…
Does She Really Need a Diamond Engagement Ring?
Yes, I understand that diamonds are the traditional stone for engagement rings. And I understand that it is a very beautiful gemstone that most women love. But it’s not your only option. And I’m not trying to pass off a cheap knockoff cubic zirconia because that would be crazy and counterproductive.
But what about a white sapphire? White sapphires are similar in color and strong enough to hold up under even the toughest wear and tear. Yet they’re much less expensive than a traditional diamond.
Other options to consider include emeralds, rubies, and blue sapphires, because they are all popular gemstones and people use them for engagement rings. Even better… They definitely cost less money than a diamond if this is a major factor.
Use the 4Cs to Slash Engagement Ring Prices
Believe it or not, you can cut your engagement ring costs down significantly if you manipulate certain aspects of the 4Cs to your advantage.
Clarity is the perfect area to make cuts. You do not need the highest graded diamond based on clarity.
When you look at the diamond with the naked eye and you do not see any inclusions, you have an excellent diamond on your hand. And since this will not have a negative effect on brilliance, you’ll have a great stone that costs much less than some of the more expensive inclusion free diamonds.
If you want a first class experience, I urge you to shop with my #1 diamond seller.
As you can see, there’s a lot that goes into determining how much money are you supposed to spend on an engagement ring.
You can consider the old method of the past and save two month’s salary. Or, you can base the amount of money you spend on the average national price or the average price for your region in the US.
No matter which way you go, just know that there is no wrong way to determine how much to spend on one of these rings. Just do what feels right and I’m sure you’ll choose an amazing engagement ring that your partner absolutely adores.