How much to spend on an engagement ring?

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Thinking of popping the question to your beloved and pondering how much to spend on the engagement ring? 

 

When you decide to declare your love and ask ‘the one’  would they do you the honour and marry you, a big consideration is the engagement ring. As well as thinking about the style of ring, the cost of the ring is a big consideration. 

 

Similar to the style of the ring chosen, how much you decide to spend on the ring is a personal choice. Financial situations are different for everyone which can impact on the size of your engagement ring budget. Plus opinions on the importance of an expensive ring can differ, perhaps you think ‘the ring’ has to be an impressive sparkler showcasing a beautiful cut, colour and clarity with a big price tag or on the other hand you might think saving your money for the wedding or future together as a married couple is more important and opt for a modest, reasonably priced engagement ring.

 

Whilst everyone will have a different number for the cost of an engagement ring there are a few ways that people decide on the amount they want to spend. Take a look below at some of the ways that people decide on how much to spend on engagement rings.

The national average

According to a survey highlighted in Wedding Ideas magazine, people on average spend £1865 on an engagement ring in the UK.

 

Whether you use the average cost as a budget or not is up to you and your budget but knowing how much on average is spent on engagement rings can help you know the cost of engagement rings. However it is important to remember that the number will vary over time and is dependent on the amount of people surveyed plus there will be people who spend over the average and those who spend under the average.

 

The traditional amount

Traditionally the amount spent on an engagement ring is the value of three full month’s salary. Considering the average salary in the UK is around £585 per week, the traditional three month’s salary rule would make the engagement ring budget be £7,605.

 

It is important to remember that this traditional three month’s salary rule was sparked by an ad campaign by luxury diamond retailer De Beers. In the 1930s a campaign by them encouraged people to spend a month’s salary on an engagement ring, then in the 1980s they increased this to two month’s salary which over time developed into the contemporary three month salary rule.

 

Proposal ring

A new trend is not having an engagement ring for when you pop the big question, but having a proposal ring instead. A proposal ring is a temporary ring that you can replace with an engagement ring that you buy with your beloved once they have said yes. 

 

The benefit of a proposal ring is that you select a ring such as a cubic zirconia replica that is both beautiful and budget cost. The beauty of using a proposal ring and then getting an engagement ring together as a couple is that you can get a ring that your beloved loves and that fits perfectly.

Savvy spending

Whether your budget is big or little, savvy spending means you can get the best ring for your budget. Shop around to get the best deal for your budget.

 

Ways to spend in a savvy way when looking to buy an engagement ring is to shop online, buy during sales, purchase a pre-loved ring or antique engagement ring. You can also save money by looking at the metal of the ring, clarity of the diamond or opting for another gemstone such as emeralds, garnets or rubies instead of the traditional diamond.

 

Forget the cost

Work to your own personal budget and get a ring that you can afford and are happy with spending that amount on. 

 

Instead of worrying too much about the cost, get a ring in a style that your beloved will love. Whether that is an inexpensive or expensive engagement ring, the style of the ring is the most important.

 

Nothing at all

Asking your beloved to marry you can be done without a ring. Whilst proposals are commonly linked to engagement rings and images of ring boxes being swept out of a pocket as someone is down on one knee asking their loved one to marry them, asking ‘will you marry me’ does not need a ring.

 

Once the proposal has been done you could choose an engagement ring together or opt to save money for the wedding ring instead.  Non-traditional sparkling engagement rings options can also be considered such as having matching ring tattoos.

 

Looking to buy your beloved an engagement ring? Take a look at Abelini Jewellery for a beautiful selection of engagement rings to suit all budgets and styles.