General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
Rule of thumb: Spend 2 months of your income on an engagement ring. If you are making $1000 per month, spend $2000 on an engagement ring. If you're making $2500 per month, spend $5000.
While $5,500 is the national average cost of a ring, the spend per couple varies. Our study found that one-fourth of all respondents are spending between $1,000 to $3,000 on their engagement ring. In fact, 11% of ring shoppers are spending under $1,000.
How Much Should an Engagement Ring Cost? A one carat engagement ring typically costs around $5,500, but most couples spend over $6,000—and 7 percent spend over $10,000.
1) The Three Months Gross Salary Rule
There's really no rhyme or reason why a man should spend three months of his gross salary on an engagement ring, let alone two months. After taxes, three months gross is equivalent to 1/3rd his take home pay. Imagine if the man makes $400,000 a year.
With a total budget of $2,000, you'll be able to afford a good quality round diamond in the 0.65 to 0.75 carat range, provided you're willing to opt for a solitaire setting. ... If you opt for a non-round diamond, you can even buy this beautiful 0.75 carat, I color, VS2 princess cut diamond for $1,638.
General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
Millennials spend an average of $3,000 on an engagement ring—here's how to get the most for your money. The average millennial couple (aged 18-34) spends just over $3,000 on an engagement ring, while the average couple spends about $2,800, according to a TD Bank survey of over 1,700 U.S. adults.
What Diamond Cut Looks Biggest?
Is a 2 Carat Diamond Considered to be Big? The average carat weight for a diamond engagement ring is about 0.9 carat, meaning a 2 Carat Diamond is definitely considered big. With 2 carat engagement rings, the diamond is noticeable and eye-catching.
The average total carat size for engagement rings, including any diamonds on the setting, is 2 carats, Miles said.
The “Rule of Thumb” that the jewelry industry came up with… yeah…is you should spend two month's salary on an engagement ring. So, if you make $120,000 a year, $20,000 is the right amount. If you make $130,000 or more a year you're too cheap and if you make less than $120,000 a year it's too expensive for you.
$10,000 is quite a generous budget for an engagement ring. It's certainly much more than the median amount spent on an engagement ring, which, according to the NY Times, is generally less than $3,000.
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