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How Much Should You Save for an Engagement Ring?

by Rebekah Brooks on March 03, 2023

Congratulations! You've found the person you want to spend the rest of your life with. Now it's time to find the ring that perfectly complements their taste and your budget. In this article, we've answered your pressing questions about how much you should spend on an engagement ring. 


How Much Does the Average Engagement Ring Cost?

The average cost of an engagement ring in 2023 is between $4,770 and $5,580. Of course, some couples spend less than this and some spend more. Others follow the “two-month salary rule” when deciding how much to spend — though this concept becomes more outdated as the decades go by.

Ultimately, you should spend what's best for you. Remember — the right ring will bring joy to the wearer and that's truly all that matters. When you work with a knowledgeable jeweler, you can find a beautiful engagement ring within any budget. 

For example, Rebekah Brooks Jewelry designers can craft a one-carat diamond ring for $3k or $13k. Each option will be stunning and have unique characteristics. Best of all, the ring will suit your budget.


What Is the Two-Month Salary Rule?

The two-month salary rule suggests saving at least two months' salary for your future spouse's engagement ring. However, this is not a hard and fast rule. It is considered more of a loose guideline than anything else, as it originated from a 1980s ad by De Beers, a famous diamond company.


How Much Should You Save for an Engagement Ring?

Generally, most individuals save money for an engagement ring for about six months or more. Some save for over a year. How much you should save depends on what you'd like to spend on the ring. As a result, having a general idea of your maximum budget is important.


How Do You Save Money for an Engagement Ring?

Setting a budget is the first step to saving money for an engagement ring. To do this, determine what kind of rings you believe your partner would love — taking into account the type of stone, style and metal they prefer. Do these rings fall within a specific price category? If they do, set a budget around this price range that is reasonable for you.

Another saving method is to assess your current expenses and consider what you can afford. Cutting back on frivolous spending and subscriptions you don't use can help you achieve your goal. You could also ask your jeweler whether they offer flexible payment or layaway plans.

Some rings may be more affordable for you than others, so be sure to shop with an open mind. You can also look at stones other than diamonds, such as sapphires, moissanite and lab-grown diamonds, to find a beautiful ring within your budget. 


Find the Perfect Engagement Ring With Rebekah Brooks Jewelry

At Rebekah Brooks Jewelry, we know finding an engagement ring takes time and consideration. Let us take the pressure off your shoulders and help you choose a ring confidently. Our knowledgeable sales professionals know what ring styles are popular and what materials to use and why. We can also tailor a ring design to complement your partner's taste and lifestyle within your budget.

Call 413-553-1436 today to speak with one of our sales professionals and schedule an in-person or virtual consultation. Otherwise, you can browse our selection of engagement rings online to find the perfect one today.



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