How Much Should You Spend on an Engagement Ring?

Sep 23rd 2021

How Much Should You Spend on an Engagement Ring?

Your heart flutters whenever you’re with the love of your life. You don’t want to wait another second to pop the question, but you’re not sure how much is customary to spend on an engagement ring. If you can’t spend a lot, that’s okay. We’re here to help you figure out a plan, so you can pick an affordable ring and still make her sparkly dreams come true.

How Much Do Others Spend?

The first thing you might be wondering is, “How much do shoppers typically spend on engagement rings?” There are a few different answers out there. The American Wedding Study, conducted by Brides magazine, found that couples spent an average of $3,700 on rings last year. On the other hand, The Knot’s 2020 Jewelry and Engagement Study determined that engagement rings cost $5,500, on average.

You may have also heard that you should spend anywhere from one to three months of your salary on a ring. If your heart sank a little after reading that, don’t worry. You DON’T have to follow this tradition. In fact, this “rule” was started as an advertising tactic back in the 1930s by De Beers, a corporation specializing in diamond retail and manufacturing that took a hit during the Great Depression. Before that, only 10% of engagement rings even featured diamonds!

Set Your Own Rules

An engagement ring is an important investment, so set traditions aside, take your time and decide which ring options would be best for your unique situation. Here are some tips to help you choose the perfect rock.

  • Create a budget: Take a hard look at your monthly income, expenses and priorities. While the ring is important, are you willing to forgo that student loan payment or dream Paris honeymoon for a more expensive ring? Then, determine your ideal price. You don’t want such a special purchase to send you into debt. You can use an engagement ring calculator to help you plan, but be wary of suspicious versions.
  • Consider your partner’s preferences: As much as you might like that stunning solitaire ring with the brilliant, round stone, that might not be your partner’s choice. And if she has an active lifestyle, it’s best to select styles where the stones are secured by metal. Take notice of her current jewelry for clues. If you want to keep the proposal a surprise, ask family and friends for additional help!
  • Curb costs with gemstone tricks: Keep in mind that certain diamond shapes cost more than others. Although a round center stone is the most common for engagement rings, this cut also tends to be the most expensive. The cut is a diamond’s most important feature, and a good cut can hide flaws, allowing you to focus less on finding a completely colorless and flawless stone. Therefore, you might consider a marquise or emerald-cut diamond for a different look. If diamonds are simply out of your price range, you should check out cheaper diamond alternatives, such as moissanite.
  • Work together: If you and your partner are good about having open, honest conversations, make her part of the ring-buying process. Go shopping together and find options that make you both happy. If you’re really on the same page with finances, you might even consider sharing some of the costs.

Choose a Financing Partner Like LendFirm

Once you settle on an ideal price and ring style, you’ll need to determine the best way to pay for your eternal symbol of love. While you could hand over hundreds of dollars of your hard-earned cash or sign up for credit cards with sneaky interest rates, we recommend working with a financing partner, such as LendFirm.

This online lender collaborates with exclusive merchants, like us, and looks beyond credit score to provide financing to shoppers with poor or no credit. LendFirm offers interest rates starting at 4.95% for 12 or 24 months on all Gage Diamonds pieces, from engagement rings to other fine jewelry. This option won’t send you deep into debt, and we’re always transparent about our financing terms.

When you’re ready to make your purchase, simply provide a valid driver’s license or state ID; proof of a direct deposit from your primary employer/benefit provider into a three-month-old checking account; and record of a checking account in good standing. Applications are typically approved in 24 hours with no upfront costs.

Have a question? We can help!

Gage Diamonds is Chicago's premier jewelry showroom and online retailer of engagement rings, wedding bands, and fine jewelry. We offer a selection of rings featuring dazzling, handpicked diamonds, moissanites and other gemstones.

We’re committed to helping you find the ring of your dreams. For inspiration, browse our website or set up an appointment with a member of our trusted staff at our in-person showroom.

We offer no-credit-needed financing – apply and get your approval within 24 hours!

Pay over time, because love shouldn’t wait.