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How much should you spend on an engagement ring?

If you’ve ever thought about getting engaged, you’ve probably already envisaged your dream ring and everything about it. Let’s face it, it’s one of the biggest moments of your life and your engagement ring is an important symbol of this special moment that you will want to treasure for a lifetime.

But for many people, determining how much they should spend on an engagement ring can be overwhelming, stressful and confusing – ultimately taking the shine off what should be a momentous occasion.

And, with so many different traditions, rules, and expectations influencing our buying habits, it’s no wonder so many people find choosing an engagement ring a stressful process.

But, the truth is, there is actually no set rules on how much you should spend on an engagement ring.

Instead, you should go with what you can comfortably afford. After all, there are a whole host of beautiful engagement rings available meet everyone’s budget.

And remember, if your budget is small, you should focus on getting something small and good quality rather than choosing something that’s impressive in size but poor in quality. Ultimately, you should never feel pressured to push yourself to your limit financially, especially when you can upgrade an engagement ring later down the line to something bigger.

We’ve taken a look at some of the myths and rules that have influenced people’s perceptions on how much they should be spending on an engagement ring!

Myth 1 - Three Months' Salary

This is one of the most common misconceptions when it comes to determining how much a person should be spending on an engagement ring! Although traditionally, this was the general rule of thumb, times have changed, and this is definitely not the case today.

With this in mind, don’t get yourself in the height of debt to fulfil an expectation that simply does not stand.

Myth 2 - One Month’s Salary

Again, the perception that people should spend at least one month’s salary on an engagement ring is a myth. This idea actually derived from America’s Great Depression when a marketing campaign suggested that men should only spend one month’s wage in order to save money. This concept did catch on but doesn’t stand today.

Myth 3 - Work out the average cost of a ring

The average cost of an engagement ring in the UK is £2200, based on prices of engagement rings ranging from £600 – £10,000.

Ignore the myths!

When it comes to finding the perfect engagement ring for your partner, you should go with what you think they will like, rather than homing in on the price of the ring or feeling like you need to spend a certain amount.

There are many factors affecting the price of an engagement ring, including the gemstone type, the carat weight, clarity, colour, cut and proportions, as well as whether or not the diamond is natural, or lab grown.

We think that you should forget the rules all together and go with what you can afford and what your partner will like.

And remember, enjoy the process – hopefully you’ll only do it once!