One, Two, or Three Month’s Salary…?
Once you’ve covered the basics, it’s time to think about an important aspect of your engagement ring design: the budget.
The received wisdom is that you should spend two months’ salary on an engagement ring – but did you know this comes from a savvy marketing campaign thought up by De Beers diamonds?
In reality, there’s no fixed sum that’s “right” to spend on an engagement ring, and the average range for most couples is between $2,000 and $10,000, though if are looking for something truly amazing, $10,000 should be viewed as a good starting point.
Where you fall, whether it’s in or out of this range, will depend on a number of factors, including:
- Your income, minus taxes and insurance
- Your monthly expenses, including rent and utilities
- Your savings and any money you’ve set aside for this purchase
- Your upcoming spending, including debts and other routine payments
Knowing these basic numbers will help you understand how the ring fits into your finances and put together a payment plan.
