how do you calculate the amount you can afford to buy an engagement ring?

I am going to buy an engagement ring in the near future...sooner rather than later. Many people say buy what you can afford. What exactly does that mean? Is there a means to calculate that value? Just to let you know I have saved up about $1000 so far for this ring.


im not asking how much to spend on a can I find out how much I can afford to spend on one? for instance if someone makes $40,000 a year how much should they spend on a ring....if someone makes $30,000 a year how much can they afford to spend on a ring...etc.

23 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    a months salary

  • 1 decade ago

    Good going, saving up that much!

    To answer your question - if someone made $40,000 a year, spending between $1500 and $2500 would not be out of the question. If someone made $30,000 a year, more like $1000 to $2000 would be the range. I'm figuring this on 3 to 4 weeks salary. That isn't mandatory, it's just kinda of the norm.

    The bottom line is spend what YOU can afford. If you want to finance part of the ring - that's fine, how long did it take you to save the $1000? If it took you a while to save the money, I don't suggest financing, you can find lots of rings for $1000. You don't need to go into debt that will take you a long time to pay off just for an engagement ring.

    Best of luck to you, keep up the good work. (And keep saving, even after you give her the ring!)

  • Lydia
    Lv 7
    1 decade ago

    You can't really look at just your gross salary and figure out how much to spend - everyone has different expenses.

    A grand will get you a lovely engagement ring! Remember, you still have to buy a wedding band, which can be a few hundred dollars and up.

    Buying what you can afford just means the amount you have already saved, and how much you see yourself saving over the next months before you buy the ring. There would be a LOT of heavier wedding expenses coming for the two of you once you are engaged!

  • Freke
    Lv 4
    1 decade ago

    My bf is going to end up spending around 1,000 on a ring. His gross income is about 20,000 a year. He's got rent, a car payment, and lots of bills. He's also a graduate student.

    About 1,500 will get you a nice 1/2 diamond ring set in white gold.

    About 3,000 will get you a great 1/2 diamond ring set in platinum.

    The 2/3 month salary thing was created by DeBeers, and it's a very significant amount of money when you start doing the numbers.

    I really think that any girl should be happy to get a ring that means a guy wants to spend the rest of his life with her. I'd be happy with any ring. Including those 50 cent rings you can get out of those machines.

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  • 1 decade ago

    The diamond company De Beers made up that saying about a months salary (or 3 months in the US!!!) to increase their diamond sales, it made people feel that the more they spend must mean the more they love their girlfriend, that's so untrue. I really do not think it is fair for men to be pressured into spending more than they can afford, my advice would be to pick a ring you like and one that you think your girlfriend will like rather than worrying about how much you should spend. I don't think there is any way of calculating that based on a salary, all of our outgoings are different.

  • Anonymous
    1 decade ago

    i've been told that 3 month's salary is what you're supposed to spend on a ring... so $40,000/12= $3333 X 3= $9999... so i guess $10,000.... now if you can't afford that, then buy the setting and then tell your fiance that in the future, you will upgrade her diamond. There's tons of stuff to pay for when you get married, not all the $ has to go towards the ring. In my opinion, the 3 months "rule" is for the rich, i personally wouldnt waste that much on a ring bc i don't want a ring like that... im happy with the $400 ring im getting :)- good luck!

  • 1 decade ago

    "what you can afford" means looking at how much money you have left over in your paycheck after paying ALL your bills and how much of that remainder you're willing to go without.

    I bought her ring a few months ago and I spent less than a months salary on my fiancees engagement ring. She adores it and we get a lot of compliments on it. Don't buy into that 3 month/2 month rule. That's the diamond industry's advertising power at work. Also, you can always upgrade later. This is the first purchase in a long line of expenses in the next year or two (wedding, honeymoon, etc) Don't break your bank too soon.

    And you have to be honest with yourself. Is the fanciness of her ring a show of how much you love her or how much you can afford?

  • 1 decade ago

    If you don't know how to budget your income and analyze your finances, then you aren't mature enough to be getting married period. It's ridiculous to think complete strangers can tell you how much you can afford without looking at 1) your salary and 2) your expenses (such as your bills, your upcoming expenses such as any wedding costs, and your credit card debt). Those are all factors in determining how much you can afford!

    In general, don't go into DEBT for the ring. Buy something you can pay for outright. If you see a ring you know she'll love but it costs $4,000, then you'll just have to wait a little longer to propose than you wanted or you'll have to move some money around if you have investments. It's all a very personal thing based on your own personal finances.

    And by the way, the 3 months salary rule is a load of CRAP. That was put out by the DIAMOND companies in order to get you to spend more money. Don't pay attention to all those diamond commercials that tug at your heart strings. They make me sick because they make men feel like if you don't buy her some big diamond, then obviously you don't love her which is just stupid and very shallow.

  • tess
    Lv 6
    1 decade ago

    My daughter got engaged in the summer. Her boyfriend (and her) don't have much money. She picked out a ring she loved for 1000.00. I think it's beautiful.

    Also I would like to add, that I've been married for 31 years. My husband bought my engagement ring in 1974. It's a gorgeous ring. Through the years I have aquired alot of diamonds. (My grandmothers, my mothers, and several anniversary rings.) I have more diamonds than I can wear. Most of them sit in the safety deposit box @ the bank.

    Buy what you can afford right now. Don't worry if it's not a huge diamond. You have your whole life to buy your wife diamonds.

  • 1 decade ago

    you have 1000 dollars but remember that a wedding (which comes with an engagement ring) is WAY more than that. if you have a family diamond you can use, maybe in your moms necklace she never wears, you can set that in a ring and save you a TON of money. my engagement ring was about $700 because we had a diamond to set in it, and it is gorgeous. just think of that when you buy the ring, but you should have enough saved up if you dont even have a diamond to set in the ring. just remember that if she loves you she wont care how big or small the diamond is. good luck!

  • 1 decade ago

    The general rule is 3 months salary but you also have to consider how much your girl friend (or boy friend) would want you to spend on a ring and what kind of ring she would like. You also need to consider other costs that the ring implies. i.e. the wedding, reception and your future life together. The price of the ring isn't important to most women as long as it looks nice!

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