How Much Should You Spend On An Engagement Ring?
Tradition states that you should spend the equivalent of 3 month’s salary on an engagement ring. But I do take this with a pinch of salt as I’m led to believe that this ‘tradition’ was generated from a marketing campaign by a high end jeweller!
This would mean an average of around £7,000 based on today’s salaries which is a lot of money! You don’t need to spend anywhere near that much to get a stunning ring. You can get amazing engagement rings for as little as a few hundred pounds.
I think it’s much more common now for people to spend more like one month’s salary with the average spend on an engagement ring being £2,419 (according to the recent National Wedding Survey by hitched) . Couples tend to want to use the extra money towards the cost of the wedding or their honeymoon.
So I think the answer is it’s entirely up to you. You need to determine not just how much you can afford to spend but also how much you’re willing to spend. There is no right and wrong here but I would say, as with most big purchases in life, get the best that you can afford. It should be seen as an investment with huge sentiment attached.
Should The Ring Be A Surprise?
Most people expect a proposal to be a surprise and for the proposer to have chosen the ring beforehand. But this is such a lot of pressure for the proposer!
If you’ve talked about it beforehand your partner might have given you some indication of what type of ring they’d like. It’s a lot of money to spend if you’re not confident that they will love what you choose.
So if you’re planning to propose but you’re struggling to know what type of ring to buy, it might be worth buying a ‘proposal ring.’ These are lower cost rings, say about £40, which enable you to present your partner with a ring to accompany the proposal. But then you go shopping together afterwards to choose the perfect ring. I think this is a great option personally.
Another option is to have no ring there or a joke ring like a Haribo ring for example. Again this avoids costly mistakes but may not be as romantic as you’d imagined. So not for everyone.
If you need advice on choosing a ring I would suggest visiting several reputable jewellers to get some advice and maybe also talk to independent jewellers who make their own jewellery.
I’ve got another couple of blogs coming up about engagements so stay tuned and sign up to the blog so you get notified when there’s a new blog available. And of course, once you’ve asked the question come straight back to get your planning advice!