For decades, Americans have been told various percentages and ratios of how much salary they should spend on an engagement ring. I looked for this answer a few years ago myself, when looking for my now wife’s engagement ring. Many blogs have blasted these figures (rightfully so), but they do not provide any guidance on what that correct amount to spend is. I write this blog post with a hope that I can help you arrive at an appropriate range for how much to spend on an engagement ring.
The Correct Answer to How Much toSpend
A lot of blogs blasted the “3 month salary rule” but no one helped clarify how to arrive at that number, or even provided a range. I wrote this blog post with the intent to offer some help to those in the same position as me.
Minimum range: I think to get a decent, very high quality engagement ring, that you willneed to spend at least$550. This means getting a solitaire engagement ring in white gold, and a forever one moissanite or natural sapphire as the center stone. Or, for a few hundred dollars more, getting a small, really good quality diamond. There are cheaper rings out there, but spending this minimum could mean a truly beautiful ring that doesn’t need to be upgraded later on. For example, below is a picture of our 4 prong classic solitaire ($450) with a 5.5 mm round forever one moissanite stone ($509), for a total of $959.
Asha Ring with 5.5mm Forever One Cushion Moissanite Stone for $959
Based on mylogic above, I looked into average costs (home, car, medical, putting money away into savings and retirement accounts, every day expenses, etc.) for various salary rangesof people in their twenties and thirties. From there, I used my logic above to calculatethe maximum someone should spend on an engagement ring. This is not what I recommend to spend, but rather, the maximum I suggestforanyone to spend.Here are the results:
| Salary (US Dollars) | Minimum To Spend (US Dollars) | Maximum You ShouldSpend (US Dollars) | “3 Month” Rule |
| $25,000 | $550 | $2,600 | $6,250 |
| $50,000 | $550 | $5,900 | $12,500 |
| $75,000 | $550 | $9,200 | $18,750 |
| $100,000 | $550 | $12,500 | $25,000 |
| $125,000 | $550 | $14,400 | $31,250 |
| $150,000 | $550 | $20,500 | $37,500 |
| $200,000 | $550 | $25,500 | $50,000 |
| $300,000 | $550 | $37,000 | $75,000 |
| $500,000 | $550 | $64,000 | $125,000 |
| $750,000 | $550 | $92,000 | $187,500 |
| $1,000,000 | Who am I to give you financial advice? | $250,000 | |
Tips on How To Get the Same Engagement Ring for Less
1. BuyYour Engagement Ring Online
In general, online companies do not have as much overhead expenses and therefore are able to price their rings for less. Also, a lot of times with online engagement ring companies, you won’t have to pay sales tax. For example, all of our rings are tax-free as long as it is shipped outside of Texas.
2. GIA Certified Diamonds Only
Do not get a diamond that is uncertified or certified by anyone else other than GIA. GIA is the strictest diamond certificate by about 1-2 clarity grades, and 1-3 color grades. This means, you’re not saving money by getting a diamond with a non-GIA certificate, you’re just getting a worse stone.
3. Make sure your jeweler really knows how to get value
While setting a budget for how much to spend on your engagement ring is one thing, maximizing the value within that budget is even more important. Make sure your jeweler knows how to look for great values on diamonds, and really pick a stone that maximizes dimensions without loosing any brilliance. For example, one thing we always check for after a customer places an order is if there is a diamond that might be a pinch less in carat weight, but offer the same dimensions and sparkle (this can save a lot of money). If you want us to help at any point, please feel free to contact us and we would be more than happy to help.Since I care a lot about finding rings that have the mostbang for the buck, feel free to ask for me personally (my name is Krish).
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