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How Much Should I Spend on an Engagement Ring? A 2021 Guide

Source: @kaflinjewellery

Are you getting ready to pop the question? Congratulations! With this decision, you’re taking an exciting first step into your amazing future with your partner. Before you can ask your lover to be yours forever, you need one key ingredient: a stunning engagement ring. There’s so much to consider when finding the perfect engagement ring for your partner; what cut do they like? Do they prefer white gold, yellow gold or rose gold? How much should you be spending on an engagement ring?

The age-old answer to the last question has often been three months’ salary, but is that concept still applicable in 2021? Unless you do your research, it can be tough to figure out exactly how much people are spending on engagement rings – and where your monetary expectations fit into those figures.

Fortunately, we’ve got you covered. In this guide, we offer the background you need to make the most important purchase of your life a smart one. We also offer some helpful tips to make your shopping experience as smooth and enjoyable as possible.

What’s the Average Cost of an Engagement Ring?

According to a 2020 wedding industry report, the average spend on an engagement ring in Australia is roughly $5,367. Now, let’s go back to this “three months’ salary” concept and see how that holds up. In 2020, it was reported that the average weekly earnings for Australians working full-time was $1,463. If we multiply this number by 12 weeks (three months), the total comes to $17,556. In other words, if Australians were still following the “three months’ salary” rule when buying an engagement ring, these costs would be much higher.

What these figures prove is that there is no formulaic approach to deciding how much to spend on an engagement ring. Instead, you need to consider a number of personal factors to make the smartest decision for you and your partner. Let’s take a look at some tips that will make your engagement ring shopping experience a breeze.

Tip 1: Spend Within Your Means

If you’re eager to show your soon-to-be-fiancée just how much you care, it may be tempting to shell out thousands of dollars on the most extravagant ring you can find. However, at the end of the day, the size of the engagement ring and the number of carats doesn’t reflect the amount of love and affection you have for your partner. Plus, buying the most expensive ring you can find can cause significant damage to your financial well-being, leaving you with less money to spend on the wedding, the dress and the honeymoon. 

With this in mind, resist the urge to spend more than what you can afford. Carefully assess your income, your monthly expenses and your savings. From there, set a maximum budget for your engagement ring and stick firmly to it. Although this is undoubtedly one of the biggest purchases of your life, you shouldn’t have to break the bank to make it special.

Tip 2: Know Your Partner

You know your partner better than anyone. Is she understated, or does she love bold and flashy accessories? Does she prefer classic or one-of-a-kind styles? Does she work with her hands (and therefore needs a durable stone)? Does she usually wear yellow gold or white gold jewellery? Does she like diamonds or is there a different type of stone she prefers (such as sapphires, emeralds, rubies)?

Ask yourself these questions when choosing an engagement ring, since the answers will affect how much you should be spending. For instance, despite the old saying, diamonds aren’t always a girl’s best friend. If your partner doesn’t love diamonds, then don’t buy her a diamond ring; instead, opt for a different type of stone. Not only will the ring match her style better, but it will save you a lot of money.

Tip 3: Consider the Four C’s

When trying to find the “right” amount to spend on an engagement ring, it’s important to think about the four major C’s:

  • Cut
  • Clarity
  • Carat
  • Colour

As you conduct your research, be sure to have these four criteria at the forefront, as they greatly impact the pricing of engagement rings. For example, the more carats a ring has, the pricier it is going to be. By familiarising yourself with these factors, you’ll get a better sense of average prices for particular styles and understand diamond quality more thoroughly. From there, you can decide how much you’re willing and able to pay to get that quality.

Tip 4: Book a Diamond Consultation

Believe it or not, you can actually get a diamond consultation to ensure you’re getting the most bang for your buck. During these consultations, in-house experts will go far beyond the four C’s to help you find the diamond best-suited to your special someone. They’ll work collaboratively with you and offer a deeper understanding of diamond theory so you can make an informed purchase. They also understand that no two people are the same and, as a result, provide customised service tailored to your unique needs and budget. The best part is these consultations are obligation-free, meaning you aren’t required to make a purchase with that boutique if you don’t find something you like. Does this sound like something you need when shopping for an engagement ring? Book an appointment today!

Buying an engagement ring is one of the most exciting moments in a person’s life. It signals the start of a bright future with your loved one. However, it’s often a pricey purchase, which can bring some stress and uncertainty about how much you should be paying. At the end of the day, there is no one “right” answer on how much you should be spending on an engagement ring. You’ll need to consider your income and expenses, your partner’s style, and several other elements when pricing out this purchase. By taking these factors into account, you’ll feel better prepared to make an educated decision. Once you have the perfect ring, you can focus on your proposal and embarking on this beautiful new chapter with your special someone.

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