If you are thinking about popping the question and researching engagement rings then this question is likely to come up. How much should an engagement ring cost?
This is a very tricky question. We are going to give some advice today but let’s be clear, there is no clear-cut rule, it’s really down to your own circumstances and what you feel is right for you and your partner.
You may have heard of a couple of clear-cut rules out there. For example, the one month or three-month salary rule. These state you should spend equivalent to one or three months salary on your engagement ring.
If your circumstances are such that you have to pay a mortgage, you have some debt to clear and mouths to feed, which is the case for most, then these rules are not sensible to follow blindly.
It might be useful for you to know how much other people spend on their engagement ring. Trends show that there has been a reduction in engagement ring spending over the last decade.
Up to 10 years ago the average engagement ring spend was 1,333 GBP, whereas in the past 5 years the average spend dropped to 1,080 GBP.
Interestingly, Millennials spend the most on their rings. The average 16 - 24-year-old spends 1,473 GBP on their engagement ring.
Comparing these stats give us a good indication as to the thought process that generally goes into coming up with an appropriate spend. The younger generations are more likely to think of immediate gratification and enjoyment first, financial stability second.
Our advice when thinking about this question is to think it through sensibly. There is a really great tool you can use to help you come to an appropriate budget for your circumstances; The Engagement Ring Calculator.
Use this calculator to work through your situation with regards to living expenses, debt and more.
There is a huge range of choice when it comes to buying the perfect engagement ring. Starting with a clear budget first is a great way to narrow down the options. Whether you have a large or more modest budget the perfect engagement ring is out there and waiting for you and your partner.
Check out our store for more ideas >> Engagement Rings