How much did you spend on an engagement ring?

Question

Just spent £540 on a ring - am I a skin-flint or is that the going rate?

Answer 1

£25 thirty two years ago. And I paid for it myself as my husband to be had just left university and couldn't afford one for me. Oh and we're still married

Answer 2

First of all the cost shouldn't matter unless it's for investment purposes - and NO you are not a skinflint. She's a lucky lady. Wish you'd asked before you bought it though - I would have directed you to the Jewellery Channel on TV. There are some REAL bargains to be had on there. You just spent £540 on the ring - is that it's true worth? Cos on this channel if you pay that for a ring, chances are it's starting price is probably £2-£3 thousand. It's amazing! My hubby has been buying me diamond rings from Bid TV, etc - wish I'd known about Jewellery channel first. Can't grumble though. Got a beautiful 1.0 carat diamond cluster for £120.00 worth £320 and an eternity ring .50 ct for £99 worth £400. And that's only the diamonds! Glad I stopped smoking!!

Answer 3

I always thought the old fashioned standard was a months wages, but I don't think it works like that these days. It used to be that the value was a sign of commitment, so saving up a months wages showed you meant it. But these days the bride-to-be is just as likely to be involved in choosing and even paying (maybe indirectly, but if the couple live together...) and it is therefore down to taste, affordability and sense.

I'd say you did ok, but that depends on your job and financial position. If you're a labourer with a mortgage and a family to support then shes a lucky girl. But if you're a barrister and footloose and fancy-free, then yes you are a skinflint!

My spent £220 on my engagement ring, but I chose it - it was half price which was a bonus, cos that was the one I liked! He is a mechanic, and was already paying a mortgage, so he did have to dig a little, but not too deep!

Answer 4

That is a little low on the scale. From what I hear the average is two months salary but in my opinion that is a little steep. You're young and probably don't have a ton of "extra" money just lying around. As long as the ring is pretty and you don't have a history of being a "skin flint" or cheapskate then she probably will love it.

Is she in to have the "best" or the most expensive? Is she a princess? If the answer is no then I would expect that she will just love it.

If it's not the best ring you would like to get just tell her you would love to replace it later when you are more financially stable.

Most girls are thrilled just to be engaged.

I know I am!!

Answer 5

There are a shed load of 'rules' such as 1.5x monthly wage and 3x monthly wage and that kind of thing, but in fact, if it is a ring that she likes then the more important thing is how you go about proposing and what is between you. Don't get yourself into mountains of debt.

I was very sceptical but my girlfriend was raving about The Jewellery Channel on Sky. I watched it a few times and in the end decided it was a legitimate ring-maker, more than a 'shopping channel' (I hate shopping channels..). They source all their own precious metals and stones and sell their rings at trade prices, not shop, RRPs.

There's testimony from people who have bought rings that say they are worth 5/6 times more and it's true.

I paid around £600 for a 1.5 carat diamond, white gold ring and it is worth in the region of 3,000-4,000 (I compared its specification to high street shops). They also give you a 30/90-day gurantee so you can get it valued and send it back if you're not happy.

If you have Sky, 640 Jewellery Channel. Website below.

Overall though, it doesnt really matter what it's worth. Good luck. I hope it goes well.

Answer 6

When my husband paid for my engagement ring, he spent about 700 euros, too (he's French) and compared to some of my American friend's rings, it is small but I love it--it is so beautiful. I have some friends who are still paying for their rings (even 1 year after the wedding!!) and I think that is sad. So, spend what you can afford, according to your budget, because a real lady will love the ring that the man she is going to spend the rest of her life with gives her.

Answer 7

THe cost really doesn't matter as long as you both love it. It is what it signifies that is important. My husband spent around £300 and I adore my ring. It is worth more than £5000 to me in sentiment and I would be devastated if I lost it. It is separately listed on our house insurance even though it is not the most valuable thing we own. As other answers have said, it is the sentiment and the thought and the fact that you have spent what you can afford. If she loves you she won't care how much you spent on it.

Answer 8

Traditionally an engagement ring should cost a week or a months wages, depending on how often the man is paid.
That said if you are both happy with your choice who cares how much it cost?
Mine cost less than £50 just over 15 years ago and I love it, wear it all the time and would not be parted from it ever.

Answer 9

The real question is:
Does yoru fiancee like it?
and
Could you afford it?
Keep in mind that the 2 month salary thing is FROM THE JEWELERS!!! It's amazing that so many people fall for that! If a car dealer told you that you should be spending 2 years salary on a car, would you just accept it as, "the way it is"?

Answer 10

Supposedly, you are supposed to spend two months salary on the engagement ring according to the jewelry and diamond people. I say, spend how little or how much you want and if she really loves you, the ring is just a bonus. When my finance proposed last year he asked me and I said yes before he pulled the ring out.

Answer 11

That sounds about average. My husband paid about 800CDN (about 400 pounds) for my engagement ring - a solitaire with shoulder stones, and about 400CDN for the wedding band, with three diamonds.
Good luck with the proposal!
DO NOT believe the stuff about it being a certain number of months' salary - simply what the jewellers want you to believe!