Buying your engagement ring is one of the most memorable experiences you will have in your life. Like almost every other decision you have to take for a wedding, it will be both emotional and rational. I certainly had a hard time figuring it all out but the experience taught me some of the wrong ways and right ways to go about it. So, How much should a guy spend on an engagement ring in 2022?
Regardless of your financial situation, you should NEVER spend more than 1-2 times your monthly earnings on an engagement ring. Do not get manipulated by the jewelry industry that tries to force you to spend sickly money.
Ok but what if i want to spend more should I do? Yes and no. It all depends on you. If you have money to burn, this will be a simple decision but if you are in a position where you need to make a more financially responsible decision, then there are a few things you need to consider. Let’s take a deep dive into this.
How much should a guy spend on an engagement ring?
The two main factors I have found to be vital in the decision of how much to spend for an engagement ring are the expectations of your partner and your financial situation. The best decision will always be made when both of them are fulfilled. Here is why:
- Partner’s expectation – Most women often dream about their engagement ring long before they even get into a relationship. They will have the image of their ideal ring etched into their mind and so it might be disappointing for her to get something very different from what she was expecting. This is why it is so important that you not only understand her expectations but also know what type of ring she prefers.
- Financial situation – If your partner is looking for a $5000 ring but you are not in a position to spend that kind of money, that doesn’t mean you should get into debt just to meet their expectation. This where you need to balance both your partner’s expectations as well as your financial position. After all, if she truly loves you, she will understand. This doesn’t mean that you should exploit her love and buy an inexpensive one anyways of course. The ring is after all a symbol of the life you will share from the day of your wedding.
How to calculate your financial capability?
Now that we know the two main factors to consider when deciding the amount of money you need to spend on an engagement ring, we need to look at how to make the right financial decision. Sometimes you might need to rack in a little debt to make sure that your loved one has the ring she has always dreamed about. A little bit of debt is ok as long as you can pay it back comfortably. Here are a few things to look at to figure out your financial capability:
- Current income – How much money do you make per month?
- Expenses – How much do you spend on average when it comes to basic expenses like bills, food, credit card expenditure, or any loans you may have.
- Savings – How much money can you save every month without struggling too much?
The above will help you understand how much money you can comfortably put away just to pay for the ring. If you do need to take on some debt to buy the right ring, then it is my opinion that the best way to go about it is to pay for it in monthly installments. As far as the tenure is concerned, you can choose one which will allow you to pay for the ring and still have some amount to save each month. That way, even if there is an emergency, you won’t need to take on additional debt.
What is the average engagement ring cost?
The average cost of an engagement ring differs from one country to another. In the US, the average cost comes up to around $5,500 according to a poll on TheKnot website or $7,750 if you believe the jewelry industry. There is a substantial increase from 2017 where the average cost was only around $6,100. However, most people believe that you shouldn’t go much higher than $5,000. This is primarily because a 1-carat diamond ring costs about $5,500 and the average diamond size people go for in engagement rings is between 0.8 to 1.2 carats. So it would be wise to set your sights at somewhere around $6,000 as it would allow you to plan out your financials accordingly.
How much did engagement rings cost in 2021 on average?
As per studies, couples spent an average cost of $3,750 for engagement rings in 2021. While this seems like a staggering decrease in purchasing power compared to the average expenditure of $7,750 in 2022, we do have to remember that the pandemic hit that year. Throughout the year, many companies had to shut down and employment had hit several lows. At the same time, almost 7 percent of Americans also spent over $10,000 in 2021 on their engagement rings.
How much do millennials spend on engagement rings?
Millennials of ages 18 to 34 are spending around $3,000 on engagement rings as per several surveys. This is substantially less than the average expenditure of $7,750 but there is a generational difference regarding the perception of an engagement ring. Millennials are more pragmatic and therefore are not willing to pay a lot just because of tradition or norms. As per the survey, 59 percent believed that engagement rings should only cost less than $3,000 and 43 percent were fine even with fake engagement rings.
Is the two month rule helpful when it comes to buying an engagement ring?
In certain situations, it can, but as a general rule, it might not be a good idea to consider the two-month rule. I certainly once thought that the two-month rule was good to follow but when the time came, I found it to be quite useless as it doesn’t take into account any variable such as your current financial position, the expectations of your partner, or the type of ring you are planning to buy. As per the two-month rule, if you make $4,000 per month, then you are ideally looking at an expenditure of $8,000 for your ring. While that may seem simple at first, remember that this calculates your gross salary and not your take-home. It doesn’t take into account any debt you may have or your living expenses. Moreover, you might not even need to spend so much. So planning for such an amount won’t be helpful. Personally, I think the one month rule is much more vital. Note that most of the media promoting this rule have direct or indirect financial ties to the jewelry industry.
How to figure out the best way to buy an engagement ring?
One of the best and easiest ways to figure out how much to spend on your engagement ring is by having a healthy conversation with your partner. You don’t have to throw away the mystery by asking her about which engagement ring to buy. One of the best parts of a proposal is that it is a surprise and you certainly don’t want to rid her of that moment.
What I have found to work just great is to casually talk about it from a different perspective just as commenting on the ring your friend bought for their partner and so on. This might prompt her to give her opinion on rings and allow you to understand what she likes. You can also take her jewelry shopping and see if she looks at a certain type of ring there.
Another thing I have found to be very helpful is to also take your partner’s salary into account. This will help to plan out any debt you may need to take on for buying the ring. After your marriage, both of you will certainly need to have sufficient savings left over at the end of every month. Never buy a ring that will deplete your entire income and prevent you from saving any money especially if you plan to pay for it in monthly installments.
So if both you and your partner can save around $500 per month and if you are looking at a $5,000 ring, then by the time it will take you to save up for the ring, she will also be able to save the same amount of money. So if you take on a small loan or buy the ring with your credit card, you can split the payment accordingly across the number of months you are comfortable with.
What should you consider before buying an engagement ring?
There are many things to consider before you buy an engagement ring. Here are some of the most important ones.
- Budget it appropriately – While you may think a few times before putting down thousands of dollars of your hard-earned money on a ring, do remember how important it is for your partner. If she has her heart set on a beautiful ring, don’t skimp out on it. This doesn’t mean you should just throw money at the ring but find the right balance between what will make her happy and what you can comfortably afford.
- Take sufficient time – Don’t rush the buying process or buy the first thing you see. It’s okay to take some time and get into the details. What kind of cut and color the diamond should be, the size and style of the ring and so on. This is a once-in-a-lifetime purchase and you should treat it like one.
- Consider future financial purchases – Never put yourself into a position where you can’t make any big purchases in the near future. After marriage, you might come across a great deal for a house or a car and the last thing you need is to be out of funds. You have to plan the budget in such a way that it strikes a balance between your current needs and any future ones that might come your way.
- Money isn’t everything – Nice things do cost money but I have always found the thought behind the purchase to be more important than the cost. Put some work into it and think about possible customisations. An expensive ring won’t magically make her happy but knowing that you put a lot of effort and thought into it will.
What is the average size of an diamond?
The size of the diamond is something most people talk about because of a misconception brought about by celebrity culture. In reality, many factors contribute towards making a great engagement ring such as the cut, shape and style of the ring. So there is no average size to talk about when it comes to defining the quality of a diamond. Instead, a better way would be to define it in terms of a carat. In the U.S., the figure falls somewhere between 0.8 to 1.2 carats for the diamond itself and around 2 carats for the entire ring.
This number also differs from one country to another as well as from one generation to another. In the U.K., the average carat weight is around 0.6 carats and other countries like Japan have an even lower amount. When it comes to the generation differences, millennials tend to spend significantly lesser than older generations as most couples go for rings that have as low as 0.16 carats. When it comes to buying engagement rings, always buy them from reputed sellers and preferably online to save money.
Related Questions
Is a $2,000 engagement ring cheap?
Is a $2,000 engagement ring cheap? Of course not! But is it at the low end of the average cost most couples spend? Yes, it is, considering that the average couple’s expenditure on the ring in 2021 is around $5,500. Do remember that there is no rule that you need to spend the same amount because circumstances will differ from one individual to another. Also, $2,000 is nothing to scoff at either. It is a respectable and affordable price range to consider when buying a ring. You may not be able to buy a 1-carat diamond ring but there are many beautiful and elegant designs at that price point.
Is a $5000 engagement ring cheap?
No, it isn’t. It’s the preferred range for most people even if the national average is around $5,500. If you can go slightly higher and spend around $5,500, you will even be able to buy a beautiful single carat diamond ring. You will also be able to choose from a wide variety of different styles, cut, shapes, sizes and colors of the diamond. To get even more value for a $5,000 ring, you can also buy them online. I do realize that it might sound a bit dicey but engagement rings are substantially more affordable when you buy them online rather than at a brick and mortar store. In some cases, the difference might even go up to 40 percent. Do make sure you only buy from high reputed vendors though.
Can a woman buy her own engagement ring?
Yes, she can. The concept of a man buying the engagement ring is one steeped in old traditions. Today, a lot of those traditions have been discarded because they might not make sense to everyone. Like with everything else, to gain something, you need to be willing to lose something. A woman has all the right in the world to not only choose the ring she wants but to buy it too. However, in doing so, she will also have to be okay with losing the surprise element of a proposal. This might be fine for some and not so fine for others. So ultimately, it depends from one couple to another. Either way, there is the same potential for happiness or disappointment so it doesn’t make sense to say one is better. If you want to know who buys wedding rings, I recommend the article: “Who Pays for the Wedding Rings?“
Do you spend 3 months’ salary on an engagement ring?
Both the two and three-month rules are widely believed to be a good standard to adhere to when it comes to buying an engagement ring. However, it only works on the surface level and when you have more than enough disposable income. If you are in a position where you need to plan properly to ensure that you won’t be stuck with crippling debt, then the three-month rule won’t necessarily be helpful. Instead, I have found it more helpful to look at both your and your partner’s disposable income to figure out the sweet spot. That way, even if you need to pay for your ring in monthly installments, at least your partner will be free to save money every month.
What is the difference between a carat and the size of the diamond?
A lot of people mistakenly think that both are the same but there is a big difference between both. A diamond carat is the weight of the diamond and does not define the surface area, depth, or shape. So a larger carat doesn’t necessarily mean that the diamond itself will be bigger. Each carat is divided into 100 points which makes it possible to measure it more precisely and gives people more options when it comes to buying jewelry. The size of the diamond, of course, refers to its visual appearance. A good example of this is an oval-shaped diamond which in most cases will appear to be bigger than a round cut one because it has an elongated shape.
Header photo © Bailey Anselme / Unsplash
