How much should an engagement ring cost?

Being proposed to, in every relationship, is a moment no one forgets. The recollection of your true love asking you to spend the rest of your lives together will forever be cherished. A ring is so important because it serves as a reminder of this magical day – something that will spark the most precious of memories every time your partner looks at their ring finger. That’s why getting the diamond engagement ring right is so important. 

How much should you spend on an engagement ring?

Traditionally, engagement rings usually around the equivalent to 3 months’ worth of your salary. According to Craig Bolton, executive director at Goldsmiths, people now look to spend a more modest 1 month salary. In fact, the average cost of an engagement ring in the UK is £1,471 - which is lower than the average monthly salary. At Aspire Diamonds, we believe the cost of an engagement ring is completely subjective – there is no right or wrong price. Every engagement ring represents a unique relationship so the price should reflect the values you share. 

However, we appreciate that there is still a pressure to spend the right amount and the conversation can often be awkward. We have compiled a set of tips to help you determine a budget for how much you should spend on your loved one’s engagement ring. 

How much should I spend on an engagement ring?

Consider your relationship

The best place to start when setting yourself an engagement ring budget is to think about your relationship and the shared values you have both nurtured over the years. Some questions to ask yourself include:

• Is your partner a lavish spender or are they more frugal? 
• Is your partner a spender or a saver?
• Does your partner prefer to spend their money on experiences, such as holidays, or material objects? 
• Does your partner spend money on designer items, or will they buy cheaper alternatives?

These questions can help you gain a greater understanding of what sort of engagement ring your partner would like. Once you’ve got the answers to these questions, you can begin to gauge how expensive a ring you should choose – if your partner tends to buy you experiences for your birthday rather than material objects, it could be that they will prefer a more affordable ring, and save any potential ring money for the wedding. 

Talk with your partner

Nowadays, proposals are rarely a complete surprise. Many couples have the conversation about getting married before the official proposal takes place. If you have had this chat, why not try determining your budget by bringing up the ring. Ask them to show you some pictures of rings that they like and then look at engagement rings online to find the average price of rings similar to their desired design. Your conversation never has to bring up how much you should be spending - it is simply about understanding your future spouse’s ideal statement piece. 

Talk to friends and family

A problem shared is a problem halved – so why not apply this to engagement ring shopping? Although your partner may have not shared their ring preferences with you, they may have spoken to their best friend, mum or other family member about it. If you are close with family and friends of your partner, you could benefit from having a chat with them. A lot of them may already understand your partner’s taste and expectations, helping you to decide on a budget . If they’re as clueless as you, you could always recruit them to find out more on the sly!

Choose you Ring Style

Determining how much you should spend on your ring can greatly depend on the style of the ring you’re interested in. A vintage-inspired ring might be more affordable, whilst a ring with more than one stone, such as a trilogy ring, is likely to be more expensive. To set yourself a realistic budget, you need to have an idea of what sort of ring you want to buy for your soon-to-be-fiancé. If you are struggling, take read of our guide on how to choose an engagement ring.

Consider a Placeholder Ring

Finally, if you are still struggling on setting a budget, we recommend purchasing a placeholder ring. Increasingly more people proposing these days are buying a placeholder ring. This is a less expensive ring which is used to propose with, and is then replaced by a ring that you and your fiancé decide on together. A placeholder ring allows you to keep your proposal a surprise - but also allows you the option of choosing a ring that your fiancé will love.

Still not entirely sure on your engagement ring budget, or perhaps you’re ready to start looking for the perfect ring? Either way, get in touch for more help or come and visit us at our Jewellery Quarter Store.