How much should you spend on an engagement ring?

How much will you spend on your significant other?

Thinking of popping the question?

For centuries there is one age old question that comes hand-in-hand with proposing…how much should you spend on an engagement ring?

There is a lot of the advice out there when it comes to ‘normal’ engagement ring prices that points to the three month salary rule, but there are endless variations of this out there.


From three months’ salary rule to a lengthy mathematical process taking into account your yearly income, credit card debt and housing / mortgage situation, a simple question quickly becomes a convoluted answer.

Check out the engagement ring calculator.

Whilst there isn’t a clear engagement ring cost rule, the Australian Wedding Industry Report say the average cost or the average Aussie is spending just over $5000 on their partner’s diamond.

And according to the Australian Bureau of Statistics that’s around about a median monthly salary.

However depending on your financial situation there is no right or wrong (so you don’t need to listen to that ‘month rule’) when picking a ring for your best friend. If you are uncomfortable spending outside your means, put away your credit card you don’t need to buy an expensive ring. Because at the end of the day it is not the amount of money or the diamond size you spend, it is the meaning behind it. 

Heading to a jeweler can be quiet overwhelming if you’re not sure exactly what your future fiance wants, a diamond ring, a gemstone, a white gold band , gold band , the possibilities are endless! Be prepared when you find the one to put on a down payment.  

Before you get stressed about what ring to purchase ask her bestie if a diamond engagement ring is what your partner desires. Don’t forgot to consider a family heirloom too – you might have the perfect bling all along! 

Whilst ring shopping in store is a great idea don’t forgot to jump online too and Google some ideas of what you think your partner might like. 

A good rule of thumb to follow (and ease a first time buyers mind) is research carat size and different types of rings like solitaire stones. 

One tip to remember is that it’s not just the price tag of the engagement ring you have to think of their is also the cost of the wedding band for both yourself and your significant other. 

When it comes to the price of the rock, you need to take into consideration the 4 C’s which in the end will determine how much cash it will set you back.  

Cut, clarity, colour and carat weight.

  • The cut of the diamond not only describes the shape but a good cut will determine its brilliance and ability to handle and reflect in light. The higher grade the cut the more money it will cost.
  • Clarity is grading the diamonds flaws and blemishes. The less defects the greater its value.
  • When judging a diamonds colour the general rule speaks that the whiter the colour the more heavily it’s priced.  
  • A carat is simply a unit of measurement, one carat equals 200mg, the heavier the diamond the deeper you’ll need to reach into your wallet.

Unfortunately there isn’t a price you should or shouldn’t be spending on your loved one. 

There are so many different rings out there and the real answer is how much can you afford?

From trusted franchised businesses you can pick up a beautiful ring for well under $5000 whilst luxurious jewellers can set you back well over $20,000.

Some couples prefer to chat with their partner before getting down on one knee, and today a lot of traditions are thrown out of the window. People are now opting to spend less on the ring and put it towards the wedding or even a travel fund.

The ring on your partner’s finger doesn’t determine how much you love each other, they are a token of your affection and not how much money you have in the bank.

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