How Much Should You Spend on an Engagement Ring? The Modern Couple's Guide

Published on: 20 Mar 2025

Deciding how much to spend on an engagement ring is one of the first significant financial choices many couples face. Traditionally, the rule was two or even three months' salary—but modern couples are redefining what's appropriate, focusing more on personal values, financial responsibility, and meaningful symbolism over arbitrary benchmarks.

Here's a detailed, modern guide to help you confidently choose the right ring for your partner, your relationship, and your budget.

Understanding the Traditional "Salary Rule"

Historically, jewelers popularized the "two-month salary rule" as a marketing strategy to encourage higher spending. But today, many couples recognize this guideline as outdated and financially impractical.

The Average Cost of Engagement Rings in 2025

In 2025, the average spend on engagement rings in the U.S. ranges from $3,500 to $7,500. However, the amount varies significantly depending on:

• Income Level: Higher earners often spend upwards of $10,000.
• Personal Preferences: Choices of gemstones, design complexity, and brand names significantly impact cost.
• Geographical Location: Couples in larger cities typically spend more compared to smaller towns or rural areas.

Factors to Consider When Setting Your Budget

When determining how much you should spend, consider these critical factors:

1. Your Financial Situation

• Evaluate your current savings, income stability, debts, and expenses.
• Aim for a purchase that won't significantly affect your financial health or long-term goals.

2. Your Partner’s Expectations

• Understand your partner's preferences and priorities—whether they value elaborate designs, large gemstones, or modest elegance.
• Open communication helps ensure alignment between expectations and financial realities.

3. Future Financial Goals

• Consider upcoming financial milestones, like purchasing a home, travel, education, or family planning.
• Avoid overspending on an engagement ring to ensure resources are available for future shared goals.

Practical Ways to Save on Your Engagement Ring

Modern couples frequently seek ways to achieve meaningful beauty and quality without overspending. Consider these savvy strategies:

1. Alternative Gemstones

• Diamonds aren't your only option. Gemstones like sapphires, emeralds, or moissanite offer beauty and uniqueness at a fraction of diamond prices.

2. Lab-Grown Diamonds

• Lab-grown diamonds provide identical beauty, clarity, and durability at 30-40% lower prices compared to natural diamonds.

3. Vintage or Antique Rings

• Vintage rings are unique, often affordable, and carry special history.
• Antique stores, estate sales, and reputable online vintage jewelers are excellent sources.

4. Customize to Control Costs

• Working directly with jewelers to customize the ring can often save money by selecting stones, metals, and designs that fit your budget precisely.

Debunking Common Engagement Ring Myths

Myth #1: Bigger is Always Better

• Quality matters far more than size. Smaller, high-quality stones often appear more impressive than large but flawed gems.

Myth #2: Diamonds Are Mandatory

• Modern couples value personalization. Non-diamond rings symbolize uniqueness and personal style just as beautifully.

Myth #3: Cost Equals Love

• The significance of the ring comes from its meaning, not its price tag. Prioritize emotional connection and thoughtful selection over expense.

Ethical and Sustainable Engagement Rings

Today's couples increasingly prioritize ethics and sustainability in their ring choice:

• Conflict-Free Diamonds: Ensure your diamonds have certifications from reputable bodies like the Kimberley Process.
• Eco-Friendly Metals: Consider recycled gold, silver, or platinum, reducing environmental impact.
• Local and Small Businesses: Support artisans and jewelers who prioritize ethical sourcing and craftsmanship.

Financial Transparency and Shared Decision-Making

Many modern couples approach engagement ring selection together, viewing it as a joint financial decision:

• Discuss budgets openly to build trust and alignment.
• Visit jewelers together, ensuring the selected ring reflects mutual financial comfort.
• Use the engagement ring discussion as an opportunity to establish open communication around finances, setting a positive precedent for your future marriage.

Integrating Prenups into Your Financial Conversations

An engagement ring purchase is an ideal moment to discuss financial transparency, including prenuptial agreements. Prenups aren't just for protecting wealth—they're about clearly defining financial expectations for your marriage.

With prenups.ai, you can create a straightforward, affordable, and personalized prenup, aligning perfectly with the practical financial considerations behind your engagement ring purchase.

Final Thoughts

Deciding how much to spend on an engagement ring is deeply personal and unique to every couple. Rather than following outdated rules, prioritize what genuinely matters: your financial health, your shared values, and the meaningful symbolism behind the ring.

An engagement ring is the start of your life journey together—make it a financially responsible and heartfelt symbol of your commitment and love.