How much should you spend on an engagement ring?

One of the first things people want to know before buying an engagement ring is, how much should I spend? Of the many answers, one of the most popular is the old adage that an engagement ring is supposed to cost three months’ salary. While this will certainly get you a beautiful ring, this rule is outdated.

How much to spend on engagement ring in 2023/2024

Some financial experts now suggest three months’ salary is a good benchmark. Therefore, if you take home $50,000 a year, you should allocate $6,000 for your ring. While this advice might work for some, it should never be taken as an absolute. Once you have decided on a budget you are comfortable with, speak to an expert that can help you find what you are looking for. Our team at Ecksand is always ready and excited to help you find that perfect ring.

How to budget for an engagement ring?

Budgeting for your Ecksand ring is different for everyone, but there are some things you should consider making this decision easier. Start by assessing your financial situation. Some things to consider include: Have you recently bought a house, had a child, received a raise? There are lots of factors that will impact your disposable income and how much you can and should spend on a ring.

What if you can't afford an engagement ring?

If you want to propose but don’t have the savings yet, ask your jeweller if they offer a low-interest financing program, or a payment plan. The last thing you want is for the ring of your dreams to be accompanied by financial stress.

US and CAD Financing Available

Talk to your partner about how much you should spend on an engagement ring

It is also important to consider your partner's expectations. You want to get a ring they will love for a lifetime. Everyone has different tastes in rings, and you might be surprised to find out your partner prefers a non-traditional ring, or a smaller diamond ring. Bigger isn’t always better! Or maybe your partner would love an Ecksand Secret Heart ring. With the diamond ring builder, you can experiment with every single detail of an engagement ring, from ring style to diamond colour, to see which options fit within your budget. If you don’t want to ask your partner outright what ring they expect, there are a few ways to find out.  You can always suggest going window shopping. This will give you a great idea of their preferred style and size. If you have discussed a proposal, it would not be unacceptable to take them to try on rings as well. Another way to find out the type of ring your partner would like it to creep their Pinterest page or recruit their best friend. This insider information will help direct you to the perfect ring. Once you know your partner's expectations, your jeweller will be able to find something that is budget and fiancée approved.

If you want to get an amazing engagement ring and save a few dollars, there are a few ring hacks to consider.

1. Lab-grown diamonds: These diamonds typically cost 30% less than natural diamonds. They come with a GIA certification and have all the same properties as a natural diamond. Natural diamonds and lab diamonds are indistinguishable to the naked eye.
2. Gemstones: There is a wide array of gemstones to choose from as an alternative to natural diamonds. Choose from sapphires, emeralds, rubies, or morganite for a pop of colour that is budget friendly.
3. Add a halo: Adding a halo around your centre stone will create the illusion that your diamond is up to 50% larger. Want even more oomph? Go for a double halo!

Buying an engagement ring should be fun. Set your budget and make a purchase you feel financially comfortable making. Remember, your partner is excited to marry you, the ring is just the cherry on top!