How much should I budget for an engagement ring?

Question

Please state if you are a guy or a girl.
Also I'm not necessarily looking for a round number, but maybe a percentage of income or other way to relatively create a budget.

Thanks everyone!

Answer 1

Girl

3 months salary is actually kind of crazy for most hard working young men. A guy making $30,000 a year cannot afford a $7,500 ring (gross pay) or even a $5,000 ring (take home pay). According to Blue Nile the average cost of an engagement ring in this country is $2,700. This means that most men are not spending 3 months salary. I think that 2 months is more than enough unless you are marrying a greedy gal.

Answer 2

My husband and I bought my engagement and wedding ring as a set from a jewler that imports directly...we got both together for a little over $300.00 The diamond is very little but hey at least it's a ring...my brother in law just got married last month too and couldn't afford a whole lot either so they went to the same place we did and he bought his wife just a wedding band for $450.00 Did you try just buying the wedding band cause I now it does cost more if you want both and engagement ring and a wedding ring even if they are not a set ? The place we got ours from was called The Shane Company You could do a google search on the name because I'm sure I heard that they do have a website too. Since they also do all the cuttings and such on the rings they can make custom ones rings too that you design online....that's what I've heard. Good Luck and Congratulations !!!!

Answer 3

I am a woman and my husband spent around $3500 on my engagement ring. I think the percentage was put out there by the diamond industry so you can't really trust that. Spend what you think you can afford while also keeping in mind you'll need to pay for an upcoming honeymoon and possibly putting down a downpayment on a home. The ring you give should certainly reflect (at least somewhat) your income level. I mean, if you make $100,000, then I'm pretty sure you're girlfriend would be offended if you just spent $500 on her ring. Just use common sense honey. If she's a good hearted woman, she won't care!!

Answer 4

Hi...I'm a girl..

Tradition says a rings value should equal 3 months of your income. So, you net $1000 a month- a $3000 ring...

If my husband had spent that- I'd a killed him...truth be told. But also, I really liked what he picked out..

In the end, I say to do what is reasonable, everyone has different limits. Consider her taste/style as well.

To do it over again, if I was picking out a totally new and different ring- probably $1500.

Answer 5

woman - Base it on what you can comfortably afford, not a percentage of income or some random number. And try to make sure you take her taste into account. Different women like different things. For instance, some women won't settle for less than a diamond, but my guy assumed I'd want a diamond I told him no because I don't like them.

Instead, he spent a grand total of $83 on a silver frog that makes me smile every day.

Sit down and figure out what your disposable income at the moment is. Don't go into debt, and don't listen to the old saw about two months' income; that was an ad campaign by DeBeers to sell more and bigger diamonds.

Answer 6

I'm all woman. Spend what you can comfortably afford, don't go by percentage of income. You can get beautiful rings for $100 and up - a really nice one for just under $1,000. Just choose something you can afford, and that you think she might like.

Answer 7

Male. It is said that the average price should equal approximately 3 months worth of your wages. But when we married recently we went to a hock shop and bought very nice rings at about 1/3 their worth. Should let you know however that this was neither of our first marriages and I think that a first time bride might have a problem with this.

Answer 8

The typical is 3 months pay.

But personally I'd be content with a $200 "promise ring".

I'm not all that into expensive jewlery and I think it's the idea more than the price tag that is important.

Answer 9

Guy.

I would say 5% to 15% of your annual salary. It depends on your living expenses and if you have savings already.

I am a firm believer that you should not mortgage your future for an engagement ring or your wedding.

Answer 10

What you can afford mate. The so called "rule" is 3 months salary. If you can save that up, go for it.
Myself, I dont think I could wear anything over $2000 on my finger. I have guilt complexes like you would not believe. So I would feel bad wearing something so expensive.
I would go looking and see what grabs you that makes you think of your loved one, the perfect ring for her. Good luck with it. Dont go into hock for it tho.