How Much to Spend on an Engagement Ring: A Guide to Making the Right Choice

If you are choosing an engagement ring right now, that must mean you are on your way to a milestone: your wedding! Of course, such an exciting time does require picking the perfect ring.

All the excitement should also come with setting a budget. This should be a special memory rather than a financial burden. If you are wondering how much to spend on an engagement ring, we are here to help you out!

What’s The "Three-Month Salary" Rule?

The three-month salary rule suggests that you should spend three months’ worth of wages on the engagement ring. It came from a 1930 De Beers marketing campaign, it was a way to boost diamond sales. Since the rule is from almost a century ago, is it possible to do it in today’s economy?

Pros and Cons of the Three-Month Salary Rule

Following this rule helps you set a specific budget immediately, but the cons might be much greater, as the amount can be a lot. Newly married couples have so many expenses. You may need the money to plan your wedding or save up for a home. In such cases, an expensive ring can and should not be a priority.

Alternative Approaches to Determining a Budget

The rule might work really well for some people, but it’s not a one-size-fits-all situation. It’s much better to take some time and set a budget that considers your personal finances, savings, and future goals.

How Much Should You Really Spend on an Engagement Ring?

Wondering “how much is a typical engagement ring”? Here are some Do(s) to know how much you should spend on an engagement ring.

Spend an amount that won’t negatively affect your life.

Get to know your partner’s preference and use that to guide the style of the ring and the budget. Study the market properly to make sure you are getting the best price possible.

How much does the UK spend on engagement rings?

On average, engagement rings are usually bought within the range of £2200 to £3500. However, you shouldn’t set that as a standard in a way that harms your personal preference and financial standing.

Balancing Your Dream Ring and Budget

To find your dream ring does not mean breaking your bank account. Even a limited budget will get you a stunning engagement ring. There are minimalist designs and affordable jewellers that you should keep in mind. 

Is £1,000 Enough for an Engagement Ring in the UK?

Yes! You can get a good quality engagement ring for £1000. You can even get a decent sized diamond with high quality. While people like big-sized engagement rings, focusing on a clean cut can still give you the brilliance you are hoping for. You will also get simple, classic settings. Halo and solitaire are very adorable and fashionable.

Which Finger is an Engagement Ring Worn on?

People all over the world, as well as in the UK, wear their engagement rings on the fourth finger, which is why it is called the ring finger. Many believe that the veins of the finger go straight to the heart, making it the vein of love. 

Cultural Differences

What hand does your engagement ring go on? Russians, Germans and some other cultures believe that you have to wear it on the right hand. Therefore you should research your and your partner’s culture if that’s something you want to adhere to.

Non-Traditional Ring Placements

If you are a couple that doesn’t want to go the conventional way, wear it wherever you want according to your preference and comfort. The engagement ring finger doesn’t matter; the symbol of the ring does!

Engagement Ring Costs - What You Need to Know About the UK Market

Retailer Influence on Pricing

Absolutely. High-street jewellers often have higher markups, while independent retailers may offer better value without sacrificing quality. It pays to explore both options.

Shopping Locally vs. Online

Online shopping can be more budget-friendly due to lower overheads, but visiting a local jeweller lets you inspect craftsmanship firsthand. Choose what feels right to you.

Financing an Engagement Ring: How to Buy Without Breaking the Bank

If your dream ring stretches your budget, consider financing options. Remember that failure to repay in time can lead to debts, so plan carefully and wisely!

There are credit cards which offer rewards or interest-free periods which you can tap into to avoid paying high interest rates.

You can also get your ring on an installment plan. Instead of spending too much at once, you can manage with small payments over time.

Lastly, personal loans may offer lower interest rates than credit cards, but they still need careful management.

Lab-Grown vs Natural Diamonds: Which Should You Choose?

A lot of people prefer lab-grown diamonds because they find them more responsible and affordable. While it does have its pros and is definitely something to consider as a legit option, natural diamonds’ appeal is just much more.

However, that doesn’t mean you cannot question its source. Many natural diamonds are ethically mined, adhering to the rules and regulations in practice. This way, no labourer is hurt, and environmental damage is minimized.

How to Pick an Engagement Ring: Tips & Tricks

Choose a reliable jeweller

Go online and research who is doing great as a jeweller, but also take recommendations from your friends or family to get an online store or an in-person one.

Assess the quality

You have to check for the 4Cs which are cut, clarity, carat, and colour. This will help you understand the worth of your ring.

Time it right 

Look out for sales around Valentine’s Day, Black Friday, and post-holiday promotions to get a great deal.

FAQs

How much should I spend on an engagement ring based on my salary?

An amount that opens up enough options for you while being comfortable in your finances

Can I buy a beautiful engagement ring without spending too much?

Yes, you can, just explore the market and you will stumble upon something that fits your budget and is stunning as well!

Should I buy a diamond or another gemstone for my engagement ring?

Diamonds are a classic, but people are also going for sapphires, rubies, and emeralds. What does your partner like? Is she someone into trends or likes the classics?

Do engagement rings have to be a surprise?

If you have a proposal planned out, then yes! But you can also consult with your partner and choose the ring together.

Is it okay to get cheap engagement rings?

Absolutely! As long as it is something you both like, don’t worry about the price tag!

How do I know if I’m getting a good deal on an engagement ring? 

This is why you have to explore, compare prices and ask friends and family for reviews. It’s recommended to go for reputed jewellers.

Conclusion

So how much to spend on an engagement ring? Remember that at the end of the day, this is your decision. Your budget should be comfortable for you rather than upholding societal expectations. All you need to do to set an ideal budget where you don't spend too much or go cheap is to consider your preference, finances and how important it is for your partner.

The cost of an engagement ring doesn’t matter as much as what it means to you and your partner.

At Argent & Asher, we understand this very well. Choose us for your perfect engagement ring, one that lasts a lifetime, just like your love for your partner.

Explore our collection today.