If you’re not sure how much you should spend on an engagement ring or wedding band, you’re not alone. Deciding how much to spend on such an important piece of jewelry can be confusing, especially considering there are conflicting “rules” you supposedly need to follow.
To help you confidently set your engagement ring shopping budget, we’re going over everything you need to know about how much to spend on your ring. We’ll cover common myths about how much you should spend, the average cost of an engagement ring, how to decide on your unique budget, and how you can make a smaller budget go further.
Should You Spend Three Months’ Salary on Your Engagement Ring?
Have you heard that you should spend the equivalent of three months’ salary on your engagement ring? This three months salary rule is something many people repeat–but it’s completely made up. You can spend the equivalent of three months’ salary on your engagement ring if you like, but you certainly don’t have to.
Some people also say you should spend one month’s salary on a ring. But this is also an arbitrary rule of thumb that you do not have to follow if it does not work for your financial situation. The same goes for spending two months’ salary or any other set amount.
So, why do people say you should spend one, two, or three months’ salary on your engagement ring? These “rules” date back to marketing strategies from the 1930s and 1980s, and they’ve stuck in the public consciousness ever since. But while people often repeat these “rules,” know that most people don’t follow them.
As a bridal jeweler, we know that happy couples get engagement rings with a huge range of price tags. Almost no one uses one of those “rules” to set their budget. Instead, people budget based on their unique financial situation and what they’re looking for in a ring.
How Much Does the Average Engagement Ring Cost?
There’s no rule you need to follow when setting your wedding ring budget, but there are average numbers you can use to understand how much other people spend.
According to the wedding planning site The Knot’s annual survey, the average cost of an engagement ring in 2021 was around $6,000. Most people who bought an engagement ring in 2021 spent somewhere between $1,000 and $8,000. Less than 20 percent spent either less than $1,000 or more than $8,000.
The 2021 national average spending amounts were lower. The Knot’s survey found that the average cost of a women’s wedding band in 2021 was $1,100. The average cost of a men’s wedding band was $500.
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