How Much Should An Engagement Ring Cost?

It's an exciting moment to be planning your proposal, and you want a stunning ring to make it all come true. An engagement ring is indeed among the most exciting things you will ever purchase. It represents your affection and your dedication to a life together.

If you have a question about “how much should an engagement ring cost?”, this post is for you. Read on till the end!

No need to save 2 or 3 months' salary to buy an engagement ring

Before you put an engagement ring on their fourth finger, you have to decide on how much to spend. You may realise that the amount of money you make should be considered when deciding how much to invest in an engagement ring. You may have heard elsewhere that you should spend about two months of your pay on your fiancé-to-be ring.

It's become a conventional engagement ring guideline that one must spend around three months of their pay on an engagement ring, yet this is the most popular (and obsolete) engagement ring myth. There is no hard and fast rule about how much you should spend on an engagement ring, and it works with a wide range of budgets.

The average cost of an engagement ring in 2022

The cost of an engagement ring varies greatly based on the type of gem, the quality of the gem, the metal used and the mount you like. But of course, if you live around classier cities - you'll definitely find that the quality is usually higher, (which is often the case with Sydney engagement rings)

However, the average cost of an engagement ring in the United States is around $6,350, but, this is distorted by the high price of engagement rings. When they are factored out, the average couple spends between $1,000 and $5,000.

This figure might also differ based on where you reside. In general, people who live in more costly places, such as New York City or Los Angeles, often spend more money on a ring than those who live in less expensive areas.

Also, buying a traditional diamond engagement ring will often cost more than other gemstones. 

While learning about the average expenditure on an engagement ring by others might be intriguing, remember to stay focused on your own circumstance and avoid comparing yourself to someone else.

An engagement ring isn't intended to cost a certain amount. Because everyone is unique, your fiancé's likes and expectations may differ significantly from those of another individual.

Understand your engagement ring budget

Now, how much of your monthly payment should you spend on an engagement ring? Whatever amount you believe is suitable. This is your choice, not the marketing department's, and you know your fiancé-to-be and their wants are greater than anybody else.

With being stated, there are a few things to consider before you start budgeting for an engagement ring. These are outlined below.

Understand her expectations (the shape, the colour, the setting, and the type of metal)
Consider your financial situations
Be thoughtful
Check the market’s current price
Start planning before to save 

Whatever you intend to spend, be sure you're satisfied with the price. An engagement ring may stay forever, however, high-interest debt can linger for a lot longer.