How Much to Spend on an Engagement Ring: Your Official Budget Guide

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Even before we get to find that perfect engagement ring, we’re worried about the budget it will demand. We find ourselves saving, calculating, and even fretting if the amount in our hands would be enough.

Well, this all-embracing guide talks about the very subject. Here we will look into the budgeting needs of engagement rings and discuss the best approach towards spending wisely and sufficiently.


How Much Should You Spend on Your Engagement Ring?


On average, couples spend anywhere between $3000 – $7000 on engagement rings. Some even go as far as spending about $20000 or so on their big-day rings. And some go with rings that cost somewhere between $1000-$1900.

However, according to engagement rings experts, there are no rules or regulations about how much you should spend. The actual price depends on your and your partner’s preferences. 

Generally, if we consider the situation. Then the actual figure for engagement rings has dropped greatly from 2019 onwards. It’s probably because of the economic decline in the years of the pandemic. People are prioritizing reasonable expenses over luxury expenses, which is yet another perspective on how much you should spend on your engagement ring.

With that said, let us also mention an interesting myth regarding engagement rings. Back in the days (some people still believe in it!), it was assumed that an engagement should at least be worth your last three month’s salary. Whether you earn six figures or suffice with five or four, it’s your income that would determine the ring you deserve.

Now, processing this mechanism rationally, it makes no sense to spend millions on an engagement ring only because you earn that much. Similarly, it doesn’t make sense to spend only a small amount because you managed only that much in the last three months. What if you have an amount already saved for this precious moment? 

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For this very reason, we ask all our readers to be wary of such thought processes. Even if they come coated well to you, do not fall for the belief that there’s a set amount to be spent on your engagement ring.


How to Balance the Budget?


Now, when we say it depends on your and your partner’s preferences, what do we really mean?

Well, we refer to your idea of the perfect ring. Do you visualize a simple ring on your hand? Do you visualize a fancy ring? What kind of stone would you like?

If you don’t already have a lead in mind, here’s a brief introduction to three basic elements of an engagement ring:




Usually, diamond is the go-to stone for both engagement rings and wedding rings. Since this is a traditional stone for the occasion, most people prefer spending their resources on this glamorous stone. It’s not only sparkly but also robust in nature. However, it’s also the most expensive of all.

So, if your budget is not grand, you can consider other gemstones. Your potential options include:

  • Emerald
  • Sapphire
  • Ruby
  • Morganite
  • Alexandrite

Although all of them look elegant and unique in their own ways, we’d particularly recommend you to consider Alexandrite engagement rings. These rings have an entrancing look with their color-changing stone that reflects in the presence of any illuminating source. Be it daylight or artificial light.


Metal & Supporting Stones


Next, comes the metal or band of the ring. Usually, people opt for any of the following:

  • Gold
  • Silver 
  • Platinum
  • Yellow Gold
  • White Gold
  • Rose Gold
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Silver-toned bands suit better for those who prefer wearing cooler hues. However, if you find your partner drawn to warmer tones, we’d recommend opting for yellow gold and rose gold. In case you seek something that complements all your dresses, then consider mixing up metals like white gold and yellow gold.

There are other metal alloys as well. You may choose one that best complements your center stone and fits your budget.




Lastly, if either of you finds yourself brand conscious, then you ought to consider the brand name. Plus, when buying expensive stones, we recommend trusting a reputable name only. Very often, shiny shops and retail stores fail to provide authentication certificates of the bought stone. Thus, rendering your investment unsafe.

Some of the leading online engagement ring brands that we recommend include:


In these shops, you’re likely to find a wide range of rings for a wide range of budgets. And the purchase will be absolutely safe and reliable, we assure you.


Final Thoughts


Summing up, deciding the budget of your engagement ring should not be ruled by society norms. Do not give a thought to what your best friend did at her wedding or how your neighbors made a big deal out of it. Do not be taken aback by a story on the internet about a couple’s extraordinary simplicity.

Remember, this is your life and not theirs. While you should celebrate and back others, you should never let them rule your decisions. Gather your custom preferences and act on them!