#1: The Three Months Gross Salary Rule When it comes to buying a diamond ring, the rule of thumb used in the industry is a 3 month's salary guideline. This is the rule that most people are familiar with especially if you had done some browsing around or research.
General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
It's known as the "three months' salary" rule, and it implies that a buyer should put three months of their salary toward a sparkler for their future spouse. For context, The Knot 2021 Jewelry and Engagement study found that the average cost of an engagement ring in the US is $6,000.
The two-to-three-month-salary rule
For example, if you take home $4,000 a month, you should spend $8,000 to $12,000 a month on an engagement ring; if you take home $10,000 a month, you should feel obligated to spend $20,000 to $30,000.
Is $5,000 Enough for an Engagement Ring? Yes. A budget of $5,000 is absolutely enough to buy a beautiful engagement ring that your fiancé-to-be will love. For example, this stunning 1.2 carat, K color, VVS1 round diamond set in a beautiful 18K yellow gold solitaire ring from James Allen is $4,860.
According to tradition, the amount you choose to spend on an engagement ring should approximate the amount of your monthly salary times two. By this measure, anyone who earns $2,000 a month should be looking at models in the $4,000 range. For someone earning $10,000 a month, a $20,000 ring would be about right.
Definitely. In fact, 62 percent of couples now go engagement ring shopping together. If you don't feel comfortable doing so, be sure to communicate those feelings to your S.O. Simply tell them that you don't want to do a joint shopping trip because you think it's more romantic to be surprised.
According to recent surveys, most American couples expect to spend between $1,000 and $5,000 on an engagement ring. The actual average cost for an engagement ring is over $6,000. With all that said, most women are reasonable and just.
Because of this, it's important to insure your engagement ring right away. To do this, an appraisal will be required to estimate how much the ring is worth. Some jewelers may do this, others may not. It's best to ask to be sure.
Basically it's considered that two years together in a serious relationship should be enough time to establish whether or not you want to commit to being with that person and getting married and if no such sign of commitment is forthcoming at that stage i.e. engagement, it's time to walk away.
Your Ready to Propose!
Based on the info above, you can set your proposal date depending on the engagement ring timeline that fits you best. If you're going with a pre-designed ring, make sure to purchase that at least one month before your proposal date, while two months minimum should be allotted for a custom ring.
The truth of the matter is that there is no right or wrong length of time to wait to get engaged. Some couples wait six years before making it official, while others date for just six months—it all depends on your unique circumstances.
Depending on where you live the average engagement ring size will vary. The 1.0 carat center stone used to be the most desired size chosen for engagement rings, however, more recently we are seeing this shift towards a slightly larger stone, with couples choosing diamonds averaging 1.25 to 1.50 carats.
Yes, $3,000 is definitely enough for an engagement ring. You can get a beautiful, high-quality diamond and a setting with this budget.
According to a 2022 study from Credit Donkey, most couples reported wanting to spend between $1,000 and $5,000, though the average cost of an engagement ring was around $5,225.
Is 10k too much for an engagement ring? $10,000 is not too much for an engagement ring, as long as it fits in with your budget, as you can design a stunning ring with a well-cut diamond that's over 1 carat with this budget.
Engagement Rings Are a Depreciating Asset
Like a car, a diamond is a depreciating asset since it loses a large portion of its value the second you buy it. Think about gold and silver. The market for them is very liquid and fungible since you can store coins, sell them at any time or even trade them later on.
The price of a wedding ring can range anywhere from $1,000 to $2,000 or even more for women. It is time and money well spent to look for a wedding band that can be coordinated with the wedding theme. For instance, if your engagement ring is white gold, the metal of your wedding band should also be white gold.
Most couples date for two or more years before getting engaged, with many dating anywhere from two to five years. Once the question is popped, the average length of engagement is between 12 and 18 months.
It Really is Up To You
If you feel it won't hurt to try it on and help pick it out, then do things that way, whereas if you want the big surprise and memorable moment, let your partner pick it out for you and enjoy the whirlwind of emotions. Either way, the important thing is you are getting married!
It doesn't matter if your partner doesn't like it or it's the wrong size, allowing you to focus on making the proposal special with less anxiety. There are no rules when it comes to choosing a temporary ring to propose with, you're free to be creative with your choices.
How Much Should an Engagement Ring Cost? A one carat engagement ring typically costs around $5,500, but most couples spend over $6,000—and 7 percent spend over $10,000.
Average Engagement Ring Cost
While $6,000 is the national average cost of a ring, the spend per couple varies. Our study found that roughly one-third of all respondents are spending between $1,000 to $4,000 on their engagement ring. In fact, 8% of ring shoppers are spending under $1,000.
Typically, a $10,000 budget can allow you to buy a diamond between 0.75 carats and 2 carats. If you opt for a 0.75-carat stone, it measures about 5.7 mm. Meanwhile, the 2-carat diamond measures about 8.1 mm.