What is the Correct amount to Spend on an Engagement Ring?

Question

I'm a school teacher... and already bought the ring... So I'm checking to see if I over spent or under spent... My annual Income for 2006 way $54,000...

Answer 1

They say 3 months of your salary, which would be $13,500. I say that is a lot of money that can be put to better use for a couple just starting out. If your fiance is a stickler for things like that I would get her a ring that appraises for that amount but I wouldn't pay that amount. With women it's more about the look of the ring than the price. Me personally, I have found the ring of my dreams for $4000 which is considerably less than 3 months of my boyfriends salary. Are you sure it's the style/type of ring she would like? Check with her best friend to get her opinion if she can keep a secret. Good luck!

Answer 2

Don't fall for the jeweller's and their 2 months salary thing! That's ridiculous! At the same time, you make a decent income and you don't want to be giving your fiancee a tiny chip of a diamond that you need a magnifying glass to see either! She's going to be wearing it pretty much constantly for the rest of her life.. personally I think the bride should be involved in choosing the ring but it sounds like it's too late for that now.

Spend what you are comfortable spending.. and that will depend a lot on your age and circumstances in life. If you're older and have a lot of savings or a home already you could spend more on the ring, but if you're a young couple just starting out, spend less on the ring and get a downpayment for a home. You can always upsize the stone later!

But.. guess that doesn't help much.. so I'd ballpark a reasonable figure between $1000 & $4000 :) And remember.. Costco has minimal markups... you want to put more money into the diamond than into the jeweller's overhead!

Answer 3

I'll tell you one thing: only a crazy person would spend 2-3 months wages on a ring. That is ridiculous. Most people have to live off their wages, so that is simply not realistic for normal people. That old "how much you should spend" amount is antiquated and based on an unrealistic and arbitrary amount that only a rich person could really afford.

How much should be spent on the ring depends on you and your fiance. I didn't spend a lot on the engagement ring. If I had, she would have been PISSED. All the money that went into that ring could have gone to paying bills, or going on a really nice trip, or buying a boatload of clothes. Those things were more important to her.

If you did spend a lot, I don't mean this as an insult to you. If you've got the cash and want to spend it on a ring, then all the power to you! A friend of mine spent $9,000 on his. Personally, I could not help but think how much better their honeymoon and wedding could have been had that money been directed toward other expenses? It depends on what your priorities are. In other words: THERE IS NO CORRECT AMOUNT TO SPEND!!! It is completely relative to your own circumstances and priorities.

Answer 4

There is no "correct" amount; a guy should just spend what comfortably fits into his budget. The stuff about it being one or two months' salary is bogus; just marketing hype. The average is close to $1K. Mature women value the sentiment and symbolism of the ring, just that it was chosen for the man especially for her, not how much the ring costs.
Good luck, and am sure whatever you chose will be fine.

Answer 5

A smaller ring and a bigger downpayment or a wonderful honeymoon (or vacation) is much better. The rule is 3 monthly salaries, but when I got married, I took a smaller (and much more wearable) ring and an amazing first anniversary vacation. It's not the ring, it's the love that matters- if she truly loves you, she'd take a house with you over a diamond.

Answer 6

I heard a radio commercial several years ago: "DeBeers says you should spend three months salary on a ring. Great idea, if you're DeBeers."

I spent about 10 days take-home pay on my fiancee's ring.

More important, though, I bought it at a local jeweler with a solid reputation for fairness, competitive pricing, and good customer service.

Answer 7

What you can afford to pay in cash. Do not go into debt for this. If you took out a loan or put it on credit card you spent too much.

My husband takes home about what you do, and my ring was $900. He bought the best for what he could find for the budget. That's what he could afford and I love it.

Answer 8

Ahem... I resent the previous statement about women who appreciate engagement rings being "whores." Highly offensive to those of us who care about tradition and sentimental tokens of love and appreciation.

As to your question, it's more about the way the ring looks than how much you spend. It's important to know your lady's taste in rings, and if you've done your homework (i.e, taken her past a few jewelry stores, looked at magazines with her, etc) then it really isn't about dollar signs anymore.

When you purchase something that you took time and effort and care to choose to suit her, she'll feel loved.

If I had to put a formula to it, I would say that 5% of your income is a healthy number to work with... in fact that would be amply enough in most cases.

My fiance purchased a $3500 ring, however because his family has done business with the jeweler's for several decades, he purchased it for much less. I wouldn't care if it were plastic... he took the time to select something that he feels is an expression of both who I am and how much he loves me -- and that is worth saying yes to!

Answer 9

Some people say that 3 months salary is adequate for an engagement ring. I think it really depends on how much the guy feels comfortable spending and also depends on the couple.

Answer 10

ok but you didn't tell us how much you spent on the ring.

I know I'd rather him spend not a lot of money on an engagement ring and use the money he didn't spend for a house, or a car, instead of a ring.