Once you’ve decided to propose to your partner and the excitement starts to build, the first big question you’ll face (before you pop the question) is how much should you spend on an engagement ring?
Should you spend the traditional amount? Does your budget stretch that far? If not, are there still beautiful engagement rings out there that fit how much you’re able to pay? What type of metal should you choose? How big does the diamond need to be? Do you need a diamond at all?
In this post, we’ll answer all these questions and more. We’ll explore how much engagement rings cost, including the average amount spent, why they’re so expensive and what you can do to find the perfect ring so all you need to worry about is when and where you’ll get down on one knee.
In the UK, the average amount spent on an engagement ring is £2,089. Because this is simply an average, many rings will cost far more than this – but, many will also cost much less, and still be drop-dead gorgeous. Especially when slipped on your new fiance’s ring finger.
For more information about the average cost of weddings in the UK, read our ultimate wedding budget breakdown.
Depending on who you ask, there are a couple of different thoughts about how much you should traditionally spend on an engagement ring – and both revolve around how much you earn:
If you’ve read that and thought about how much you earn compared to your monthly bills and how much you have currently sat in your savings account, then don’t worry. These may be traditional, but that doesn’t mean either has to be followed.
In the UK, the average salary is £29,588. So, if you stuck to either of these traditional amounts, one month’s salary would be £2,466 and three months’ salary would be £7,397. You could buy an engagement ring with a stone big enough to sink a cruise ship with either of these. But, as you can see, neither amount is the same as the average spend – so this isn’t something you should feel obliged to stick to.
Engagement rings express how you feel about the person you love, and asking them to marry you is a promise to commit yourself to them for the rest of your life. As such, a gesture like that requires a ring that’s beautiful and meaningful enough to reflect what it represents.
As well as the massive sentimental value, engagement rings are often expensive because of many other reasons:
No, you don’t have to spend the traditional amount on an engagement ring. The average amount spent may be £2,089, but that means many, many rings are bought for way less than this. Of course, it does also mean rings are bought for a lot more, too, like the $60 million pink star. Thankfully, not many people expect their partners to propose with a ring featuring a rock like that.
When the time comes to propose, you and your partner might have already had a few discussions about budgets, styles, preferences and expectations. Your partner will know what you can afford and wouldn’t want you to rack up credit card debt just so you can spend the traditional amount on an engagement ring.
Besides, it’s the thought, meaning and commitment behind an engagement ring that gives it its true value.
Just because diamonds are the most popular stone for a classic engagement ring, it doesn’t mean the ring you choose must have a diamond. There are many ring designs out there that make for wonderful engagement rings, but feature different precious stones, such as amethyst, turquoise, emerald, ruby or sapphire. If you do want to propose with a ring that features a diamond, you could choose a trilogy design, with a small central diamond with a less expensive stone on either side. That way, you can still give your partner a diamond ring, but with a unique design that doesn’t cost as much.
The short answer to this question is that you should only spend as much on an engagement ring as you’re comfortable with. How much you spend doesn’t reflect the amount of love you feel. If that were the case, you’d probably want to spend millions. At the same time, you also might want to spend more than the bare minimum, because it is, after all, one of the most significant purchases you’ll ever make.
Before deciding how much you should spend, consider the following points:
Wedding planning expert and founder of Bridebook, Hamish Shephard, shares his opinion on the price of an engagement ring:
“Buying an engagement ring is a huge deal. It’s the start of your journey towards marriage and acts as a symbol of your love for your future spouse.
Once upon a time, there was an expectation that you’d have to spend thousands on an engagement ring. But, for many considering popping the question today, this simply isn’t an option – especially as the cost of the average wedding pushes £20,000. Beginning your engagement and your subsequent wedding planning journey in debt because you felt obliged to spend a certain amount on a ring isn’t going to give you the strongest financial starting block. Only spend what you feel comfortable spending, because the most important thing about an engagement ring isn’t the carats or the cut of the diamond – it’s the commitment you’re making to that other person.”
Ready to find the perfect engagement ring but don’t want to break the bank? Below are a few tips to help you get started. Then, once the time comes to start planning your wedding, we have plenty more wedding-related cost-cutting information in our ultimate guide to saving money on your wedding.
Once you’ve popped the question and received your YES, you can begin making plans for your big day. Here at Bridebook, we use our expertise to help you plan the perfect wedding. Sign up today and start making those plans!