How much should you spend on an engagement ring?

Ready to pop The Question? Then you’re probably in the market for an engagement ring. This jeweled band is meant to symbolize your love for that special someone as you two share the next steps in your journey together.

But somewhere along the way, the rules for how much to spend on an engagement ring got a tad twisted and dated. So if you’re ready to start shopping for a ring, here’s some helpful information to put you on the right path.

What is the average cost of an engagement ring?

In 2022, the average cost was about $6,000, according to The Knot. The study found that couples are spending between $1,000 to $4,000 on their engagement ring.

Meanwhile, it takes an average of 3.5 months to find the right ring, and another 4.4 months to plan the proposal. Conclusion? It’s OK to take your time with this!

What about the "three-months rule?" Is that a thing?

You may have heard people say that the "rule of thumb" is to spend three months’ gross salary on an engagement ring.

That’s not necessarily true.

Think about it — three months' salary is a quarter of your yearly income. There’s no reason for someone making a $50,000 salary to pay $12,500 on an engagement ring. That's more than twice the average cost listed above.

The same goes for any one-month or two-month rules. All of these "month" rules date back to the 1930s as part of an advertising campaign started by (you guessed it) a large diamond company.

What to remember

Forget about the months and focus on a price range that fits your budget. Today, there are more hands pulling at your paycheck — thank you, student debt — than back in your parents’ day or even when your grandparents were getting hitched.

So, while prior generations might have their thoughts and opinions on the subject, modern engagement is a whole new ballgame.

Besides, spending too much on a ring could delay your other goals — don’t forget, there’s a wedding to pay for. Just ask yourself: Is the price of this engagement ring really worth delaying the wedding for a year or more in order to recoup the extra expense?

Recently, 7% of couples have delayed getting married due to the current economy’s rising inflation and interest rates, as of October 2022. (Bankrate)

There’s nothing wrong with buying a modest ring now and upgrading it at a later date for an anniversary or other special occasion. This could be the best move if you’re on a particularly tight budget.

Look to Citizens Pay® for flexible financing solutions

Citizens Pay is a responsible and flexible way to buy your engagement ring now and then pay for it over time.

We’ve partnered with Hannoush Jewelers and Valliani Jewelers, two acclaimed retailers who both carry a wide array of stunning engagement ring designs.

Hannoush Jewelers are based in New England and for over 45 years, Hannoush has served a discerning international clientele with its beautiful collections of jewelry and its knowledgeable advice on Engagement Ring purchases. Today, the Hannoush Jewelers network has grown to more than 50 company-owned and franchised locations across the Northeast and the Midwest.

Valliani Jewelers is based in California and serves an international clientele through their state-of the art website. For nearly 25 years, Valliani has brought its customers a wide array of affordable jewelry offerings, with a special focus on Engagement Rings.

Best of all, when you buy at either of these top retailers through Citizens Pay, you can enjoy low annual percentage rates on your purchase.

More information

Asking your loved one to marry you is one of the most memorable moments of your life. Follow the links to our merchant partner, Valliani, to start shopping for the right ring for your engagement.