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!
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.
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.
Rules aside, how much an engagement ring should cost really depends on your budget and your partner's expectations. Here are some helpful tips:
Before your search, it's important to know how to choose an engagement ring and you can do this by learning The Four Cs.