How Much To Spend On An Engagement Ring

16 Jul 2021

Falling in love was the easy part, right? So now you're ready to pop the question? Congratulations! Have you bought the ring yet? If your answer was no, that's okay – there are a lot of things to consider when finding the perfect ring and it's easy to get confused. One of the biggest questions asked is how much you should spend on an engagement ring.

Below you'll find your answer, as well as tips on what to look for when finding a quality engagement ring for your partner!

How Much Does The Average Engagement Ring Cost in Australia?

Before we dive into how much you should spend on an engagement ring, it helps to look at how much the average engagement ring costs in Australia. According to a 2017 survey, your everyday couple is spending an average of $6,000. However, there is no magic number that works for everyone, which is where the 3 month rule comes into play.

The 3 Month Rule

So what's the rule and how does it help you work out how much to spend on an engagement ring? Grab your calculator and punch in 1 months' salary. Now multiply this by 3 and there you have it. What was originally 1 months' salary in the 1930s, grew to two months' by the 1980s, which brings us to where we sit today with this socially accepted standard of how much you should be spending.

Deciding On How Much To Spend

Rules aside, how much an engagement ring should cost really depends on your budget and your partner's expectations. Here are some helpful tips:

Talk to your partner about the rings they love. What shape is the stone? Is the band gold, white gold or platinum?
Do some sneaky research. What amount is feasibly possible to spend on an engagement ring that they'll love?
The beauty is you don't have to fork out a lump sum to propose, why not take out a loan to ensure you can spend within your means and propose sooner rather than later?

What to Look for in a Quality Engagement Ring

Before your search, it's important to know how to choose an engagement ring and you can do this by learning The Four Cs.

The Four Cs

Cut. If a diamond is expertly cut with more symmetry, the greater it will sparkle
Colour. There are 23 colours and they range from colourless (most rare) to more common, warmer whites with tints of yellow
Clarity. Because diamonds are made deep within the Earth, they contain natural minerals and can have minor blemishes, called inclusions. With higher clarity, the less these inclusions are visible under magnification and to the naked eye.
Carat. 1 carat equals 200mg and the bigger the size, the more valuable.

These tips will help you work out how much to spend on an engagement ring, the only answer you'll be left waiting for is their magical YES!

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