How Much to Spend on an Engagement Ring in 2020

Is 2020 the year you’re hoping to propose to your better half? Are you dumbfounded as to where to start engagement ring shopping? With an array of 9ct gold engagement rings and sparkling diamond rings, it’s often overwhelming to choose the perfect one.

While there’s no set-in-stone amount you should spend on an engagement ring, it may be hard to set yourself a budget when there are countless rules and expectations surrounding engagement ring spend. While you may be in awe over the latest celebrity diamond, these extravagantly expensive rocks aren’t the reality for the majority of people. 

In this blog post, we discuss the historical best practices, how to budget for an engagement ring in 2020, as well as tips for finding the best affordable rings. 

Engagement Ring Buying Rules in 2020

Three Months Salary

During the 1930s, the De Beers Diamond company set the benchmark for engagement ring budgets: One month’s salary. Having grown from the two month salary that was expected to be spent on a diamond ring in the 80s, the rule of thumb became to spend three months salary on an engagement ring for your other half. 

Today, many people are bucking this trend and focusing more on style than splashing out.

Consider What Your Partner Would Like

With so many styles available and a huge choice of affordable ring options, it’s essential to consider the style your partner would like. Do they prefer classic gold or are they all about premium platinum? Do they dream of a diamond or maybe a colourful gemstone? Also, consider whether your other half would like their wedding band to match their engagement ring, as if that’s the case, you’ll need to consider this when shopping. 

Forget The Rules

The amount of money spent on an engagement ring should be down to the person who is buying it, so buy what you can afford. Your partner's dream should be balanced with your financial situation, as purchasing a “dream ring” shouldn’t plummet you into debt, especially when you’ll also need to budget for the wedding. However, bear in mind that you should buy the best ring you can afford as it will be worn everyday for the rest of their life and consequently be exposed to a lot of wear and tear. 

Finding A Good Engagement Ring

From vintage pre-owned engagement rings to dazzling new diamonds, finding a good quality engagement ring that won’t break the bank is of the utmost importance. Find a ring that matches their style by looking at their existing jewellery, and finding out their ring size — this one can be quite tricky to do in secret, so perhaps ask your partners friends to find out the size, or ask your jeweller if you’ll be able to resize the ring at a later date. 

Choosing the right metal and diamond cut is equally important. If you’re buying a second hand ring, take a look at the jewellery hallmarks to understand more about the ring including what it is made from.

Finding An Affordable Engagement Ring

Second hand rings can be just as beautiful as a new ring but are often available at a fraction of the price, so look out for jewellers that stock second hand rings or perhaps consider an auction. However, before buying second hand or antique jewellery, ensure you’ll also receive a certificate of appraisal to be sure of the authenticity.

Additionally, choosing an online retailer tends to be cheaper than shopping on the highstreet, however, you’ll have to compromise the showroom experience. As such, check the returns policy before buying, so you can send it back if it’s not quite right. What’s more, often these engagement rings are available on a pay monthly basis which can help with affordability. 

Finally, find a jeweller that you trust and feel comfortable with, so you can ask questions without feeling pressured or rushed into a decision.

Have you found the perfect engagement ring? Let us know how you chose it on Facebook and Instagram!