How much should you spend on an engagement ring? It’s a difficult question with a different answer for each person. We’re digging into how much you should spend on an engagement ring (and some of the factors that will make your ring more or less expensive) below!

Before you start shopping, consider not only how much you want to spend but how you will pay for it. If you can save the entire amount, you can pay for a ring in cash, but many people prefer to be able to pay a ring off over time. You can use a credit card or sign up for store financing to get extra discounts or interest-free periods. Remember that getting engaged means that soon you’ll be spending a lot of money to plan and throw a wedding, so consider these upcoming expenses as you decide how much to budget.

The Two Month Salary Rule

While some people use the rule of thumb that you should spend two months’ salary on an engagement ring, this isn’t a hard and fast rule. This rule came to popularity decades ago, when the people getting married were likely to be younger, living at home, and not carrying student debt. You can use this figure as a guideline to help you start shopping, but do not feel that you must be bound by it.

Diamond Cuts Can Make a Difference

If you know that your future fiancée dreams of a ring that features a cushion or princess cut diamond, you may need to spend a little more than you would on a ring with a round or oval diamond. These cuts take more effort to produce, but they reflect the light beautifully and grab the attention of everyone who sees them.

The National Average

Sales figures show that Americans spend the most on engagement rings, with Australians spending the second most. The average engagement ring in this country costs around $6000 and is about one karat in size. Australian shoppers spend around $5000 and buy around the same size of diamond as their US counterparts. On average, buyers in other countries, like Canada and the United Kingdom, spend two to three thousand dollars less than Americans.

Using an Heirloom Ring

If a family member has given you a ring, but it doesn’t fit your fiancée’s style, you can work with a jeweler to revamp the setting, move the stone to a band made from a different metal, or add extra stones. This lets you keep the family significance while presenting your fiancée with something you know she will love. Taking this approach can end up costing less than purchasing a brand-new ring, and it gives the ring an interesting back story your fiancée can tell for years. At Goldsmith Jewelers you work directly with one of our Jewelers. If you have a design in mind or have seen something you would like to create, our jewelers can help you design that special piece. We specialize in hand made jewelry and perform all the work right here in our store.  

If you’re ready to propose to the love of your life, we have the right ring for you, no matter your budget!



“I could not have had a more rewarding experience with this jeweler! Absolutely delivered on what they promised me for my engagement ring. Kurt and his staff are nothing but the utmost professionals and always gave me truthful answers. Never felt like they were trying to just sell me an item – rather they encouraged me to truly find what I liked the most regardless if it was purchased from them or not. My fiance and I couldn’t be happier with Goldsmith’s. Have already recommended this jeweler to my friends!!

Shop a selection of Goldsmith Jewelers engagement rings online HERE, or stop in soon to see our full selection at our North Royalton, Ohio, showroom.


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