How much should I spend on an engagement ring?

Posted by Ottery Jewellery on

If you are reading this, you are probably trying to work out how much you should spend on an engagement ring. If this is the case you have come to the right spot. Hopefully once you have read through this article you will have a better understanding of how to work it out. This is a complicated topic because it will vary for each person.

You have probably heard the rule of thumb when buying an engagement ring that you need to spend two months salary. Do not fall for this trick, this concept was created by marketers to encourage people to spend more money on a ring than what they really need to. Buying an engagement ring is mainly an emotional decision because you love the person you are buying it for. Marketers and jewellers know this and they want to use your emotions to their advantage. Some will even go so far to make you feel bad, like you do not truly love the person unless you spend a large amount of money on an engagement ring. 

1. Work out what you can afford to spend on an engagement ring. The reality is if you can not afford it, do not buy it.... we can not stress this enough. This is because engagement rings can be very expensive. We have engagement rings that start at $229.00 through to $12,939.49. As you can see there is a huge difference in price between the lowest price and the highest price. Sure, if you can afford almost $13000 buy it... however, if you can not the better option would be to stick with something you can. There is no shame in buying a ring that is affordable for you, this is a decision for you to make. This can not be made by anyone else as everyone's situation is different.  

2. Buy a ring that your partner will like. This can be a difficult thing to do if you want to keep it a surprise. If you are not too concerned about the surprise, the best thing to do if ask your partner which one they like. If you're feeling brave you could take a guess at what they would like. When you are in a shopping centre, drop into a jewellers, have a look around and have a look at the engagement rings. Pay attention to see which ones she is looking at. If you are lucky, she may even tell you which ones she likes. Do this a few times so that you can work out which ones she likes. When you are committed to buying a ring, try to pick one that is similar or the same one if it is still available.

The final point that needs to be considered is the stone in the ring. Diamonds are great however, if they are not in your price range a cubic zirconia looks almost identical. Most people can not tell the difference between the two and if they can they need to be looking closely at it. If diamonds are in your price range we would recommend reading our previous article on diamonds. Many believe bigger is better this however, is untrue when it comes to diamonds. Do your research, find out what makes a diamond the best and go from there. Many jewellers will try to convince you that the diamond in the ring you are buying is the best. They will even let you look at it under a loupe (jewellers magnifying glass) however, if you don't know what you are looking for you will have no way to know except what the jeweller tells you.   

In short, work out your budget. Ensure you do not overspend - this is for you to work out as everyone's situation will be different. Once you have worked it out, stick to it and do not let anyone make you think you need to spend more or make you feel shameful for the size of your budget. Find out what type of ring your partner likes - this includes design, metal type and what type of stone she would like. There are various methods for this, you need to work out which one is best for you. We can not stress this enough when purchasing diamond jewellery... do your research find out what you need to know and what makes a stone valuable. Do not go into this blindly, this is a ring your partner will be wearing for the rest of her life. Knowledge is power when purchasing any jewellery. This is especially true with an engagement ring as you want to ensure that you are getting what you pay for.

*disclaimer* This is not financial advice this is general information only you must decide what is best for your situation. We will not accept any liability for decisions made using this information.               


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