How Much You Should Be Spending on an Engagement Ring

How Much You Should Be Spending on an Engagement Ring

So you want to get engaged. Congratulations! You are about to take one of the biggest steps anyone can take in their lives. It’s time to dial up the romance, and make sure it is a special and memorable event for your loved one. For many, knowing where to start can be difficult, so let’s unpack one of the most important things to consider ahead of heading over to your favourite jeweler: how much should you be spending on an engagement ring? 

The Age Old Myth: Two Months Salary

For as long as one can go back, the assumption has been to spend two months' salary on an engagement ring for your better half. This is a benchmark that has been established in part thanks to the expectations created by popular movies, culture and in general, expectation setting between friendship groups and family. In fact, rather than using this as a rule, it’s important to ask yourself two key questions. What are your partner's expectations, and what is your current financial situation?

Considering Your Partners Expectations

The ring you buy matters a lot. This is not a time to skimp and cut corners, as it symbolises your love, and a lifelong commitment you are making to each other. That said, it’s wise to learn more about your partner's expectations. Have you talked to their best friend, or a close family member, about what they have talked about in the past? Better yet, is it something that may have come up across your relationship? Explore all avenues and evaluate what you know will work best for them. Rather than jumping to conclusions, find out as much information as you can. If you’re not looking to keep the engagement a secret, and would like to have a practical conversation with them, it’s a good time to ask about what they’re wanting, and what makes the most sense.

Evaluate Your Current Financial Situation

Speaking of practical, have you taken an in depth look at your financial situation? If so, you may see that it simply isn’t practical to be buying something worth two months salary. On the contrary, you may notice that you have a bit of extra savings, that you’re willing to part with in order to make your soon to be fiance happy. Take a step back and assess where you are at, before carving out a budget, as part of your greater budget. Taking out high interest loans, or buying rings on credit, may be something that bites you later down the line, so be mindful of this before embarking on the journey towards engagement and marriage. 

Don’t Be Shy To Go Digital

Research suggests that online retailers are often up to 40% cheaper than local jewelers and many offer free shipping and returns. Don’t be shy to explore the option to go digital when purchasing the ring. A lot of retailers are also happy to organise fittings and exchanges, especially if there are issues with the size of the ring (even after the proposal). Jenna Clifford, which is renowned for its one-of-a-kind designs, has a wonderful website with a range of product specials, so head on over there is you’re looking to get a sense of their range, and wanting a greater idea of what you may end up spending in the process. 



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