Engagement rings are forever. Getting the love of your life to say “Yes, I will marry you” in a timeless and extremely valuable ring is always the dream. 

But, wait a minute! We understand that you’re willing to spend all the money in the world to adorn their finger and have them in your life forever. Before you spend a fortune or buy cheap jewellery, you must know the ideal price for an engagement ring.

So, how much is too much or too little for an engagement ring? Let’s help you decide with these 7 rules

1.The Three Months Salary Rule

The Three Months Salary rule goes as far back as the early 80s. A luxury diamond retailer, De Beers with the help of a marketing agency created this rule to help them sell out their collection of diamond rings. And of course, this worked!

The idea behind this rule is that a high-quality engagement ring should cost. Back then, the average salary ranged from £480 to 616, which means they had to spend between £ 1,440 and 1,850 on a diamond ring.

However, times have changed and so has the average salary. As of 2021/2022, the average salary in the UK, according to the ONS, was £3,177. This means if you’re trying to go by this rule, you’d be spending about £9,000. 

The rule is quite misleading, as you can always get a nice engagement ring for way less. So, don’t put yourself under too much pressure.

2.The Average Cost

As of November 2022, the average cost of a diamond engagement ring in the UK ranged from £1,865 to £2,100. This is way less than the “three months salary rule” estimated. That aside, these prices are influenced by location and the current state of the economy.

If you want to work with the average cost, then prepare for at least a £500 increase. If you still have some money to spare, great! At least you won’t have to walk out of the jewellery shop because you came underprepared.

3.Save As Much As You Can

Let’s be honest, everybody is on a budget. Unless you’re a celebrity earning millions of pounds, you don’t need the most expensive engagement ring. There are ways to work around overspending and stick to your budget.

To cut costs, you can go for a diamond ring with a lower carat or one with a solitaire stone setting. These ring options are cheaper and will still serve their purpose. You can also go for diamonds with lower clarity if you’re trying to save money. 

However, we recommend that you don’t compromise the quality of the engagement ring by using cheap metal. The metal is the largest, most visible part of the ring, you must choose the best like platinum or silver. If not, you’ll end up spending money on repolishing more frequently than you think.

4.Explore Other Gemstones

There are no rules that restrict couples to using only diamonds for their engagement jewellery. You can always try out other captivating gemstones like sapphire or emerald. They both work perfectly fine as a symbol of love.

If you must use diamonds based on your partner’s preference or your desire, go for moissanite stones or lab-made diamonds. They are cheaper and share similar qualities to diamonds. 

5.Get Creative

Engagement rings exist as proof of love and a lifetime of commitment. Their cost or style is just an added advantage.

But there’s more to an engagement ring than luxury and fashion. Instead of splurging thousands of pounds, purchase something more personal. Have their name or something special engraved into a regular ring. You can also use their birthstone in place of diamonds. 

6.Consider Bespoke Rings

Bespoke rings are not as expensive as you think. You can get an engagement ring for a few hundred. All you have to do is communicate with your designer and they’ll work according to your budget.

7.Buy What You Can Afford

There is an engagement ring for everyone. You don’t need to go into debt to get one. Just work with what you can afford. All that matters is the priceless feeling of knowing that you’re getting married to THE one.

What to Consider Before Deciding

There are a few important factors you need to consider before following the above rules. Once you have these figured out, knowing how much you have to spend becomes a lot easier:

1.Your Partner’s Expectations

Discuss with your partner and get to understand their expectations. When you get a clearer picture of what they want, you don’t have to spend time searching for options. You also get to know how important the price is to them or whether the cost could be split between the both of you.

2.Payment Plans

Many jewelers only attend to customers who want to make a one-time payment. So, look out for the ones that allow you to pay on finance or make a purchase with your credit card. Being able to conveniently pay for an engagement ring is one of life’s greatest joys.

3.Your Financial Condition

Consider how paying for that engagement ring will affect you right after. Will you still be able to afford the same amount of food, rent, or current lifestyle? Don’t purchase rings that’ll make you financially unstable or have you repaying for the rest of your life. You still have a wedding to plan, amongst other responsibilities.

Is an Engagement Ring Important?

Well, it depends on what you and your partner agree on. For some, an engagement ring isn’t as important. They would rather spend that money on their wedding band and future wedding plans.

Final Thoughts

There is no direct answer on how much you should spend on your engagement rings. Just make sure you’re not going above your budget and you’re getting something that your partner would love. Remember, the real value of an engagement ring lies in the moments you get to share with your partner as you embark on a journey of love.