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How Much Should You Spend on an Engagement Ring?

halo engagement ring

You have found the perfect woman, and you are ready to propose. Now comes what many view as one of the more difficult decisions you have to make – choosing the perfect engagement ring. Unless you are part of a celebrity engagement though, the odds are that you will also have to consider a budget of some sort for the ring.

 

Doing a search on the Internet to figure out how much to spend will not provide a clear answer. Answers range from $500 to as much as six months salary, and unfortunately much of the guidance is given either from a fashion perspective or through the eyes of a financial advisor. While fashion may be important, and financial wisdom is always a good idea, the answers seem too difficult to apply to a typical person and his life.

 

Here are four practical suggestions for your consideration in deciding upon the amount to spend for an engagement ring:

 

1. According to TheKnot.com, the average amount spent on an engagement ring in 2014 was $5,855, representing a slight increase over the previous year. Keep in mind that by its very definition an average means individuals spent far more on an engagement ring, and they also spent far less. In other words, the average may provide you with a very basic guideline, but statistics should not be the primary basis upon which you make your decision.

2. The biggest focus for you in determining what ring to purchase should not be price at all, but the style and preferences of your fiancé. As an example, if your future wife is very active and prefers the outdoors, then the classic princess cut diamond might not be the best choice for a wedding ring; it will catch and snap on her clothes and other things far too easily. On the other hand, if your fiancé enjoys wearing bold and daring fashion, then your engagement ring should follow this pattern.

3. The next thought is admittedly pessimistic, but also has value. If the engagement ring were lost, what price tag would require you to make lifestyle changes in order to replace it in a reasonable time? If that amount is $15,000, then you should spend less than $15,000. If that amount is less, then stay under that budget.

4. In the past fifty years, common thought has been the correct amount to spend on an engagement ring is between one and three months’ salary. This prevailing wisdom still holds true, for a number of reasons. At this range, you will be able to find a very endearing ring tat your future wife will love showing off to her friends. At the same time, this price tag will not be a burden for your financial future.

 

Regardless of how much you choose to spend on an engagement ring, remember this – women say yes to the person, not the ring.

 

If you are in the Cleveland, Ohio area, let IMG Jewelers help you find the perfect engagement ring in your price range. We have been in business since 1949, and have a sterling reputation. 

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