How much should I spend on an engagement ring?

Congratulations are in order. You’ve found the one you want to marry! Exciting times are ahead. But first, the ring.

At Padis Jewelry, we have the finest selection of exceptional engagement rings San Francisco has to offer. We’re experts at helping your find a ring that fits your taste and lifestyle. But before you get to the fun part of shopping, it’s important to know how much you want to spend on an engagement ring.

How much should I spend on an engagement ring?

Some might argue that this question is as important as that big one you’re about to ask. You know, the one that starts with “Will you?” and ends with “I do.” But we like to keep it simple for you. No complex budget calculators or myth-busting theories. You have an engagement to plan, so let’s get to it. Here are some simple dos and don’ts for you.

Keep an Open Mind

You may have heard the general rule that you should spend at least two months of your yearly salary on a ring. Some companies say this is an archaic approach, but for something as tried and true as an engagement, we say don’t change what works. The two-month rule is a great place to start, and it’s the straightforward way to go if you want the no-fuss answer. This comes with a caveat, though. You know your future fiancé better than anyone. Forcing a ring to fit into this budget is not advised. Chances are you’ll fall in love with a ring just as you fell in love with her. Keep an open mind if you end up spending over (or under!) that two-month rule.

Do Know Your Numbers

For those who don’t want to be boxed into a budget when shopping for a ring, simply knowing your numbers will help you feel confident in your purchase. Think about it. You’re going to be a husband soon. This is not the time to spend and pray. You should have a solid grip on your personal finances, especially before you go ring shopping.

Know things like:

-          Do I have an emergency fund saved?

-          How much debt do I have? If any.

-          Do I have any large purchases planned in the next year?

After you sit down and review your numbers, ask yourself, “Can I really afford this?” When you know what your financial landscape looks like, it doesn’t mean you have to spend less on a ring. In fact, knowing your numbers gives you the freedom to spend what you want with confidence. 

Don’t Go into Debt

As much as we know you want to wow your girl, we don’t advise anyone go into debt when buying an engagement ring. This one is simple. Don’t do it.

Do Save Up

Nothing delights us more than when someone comes in and tells us how they’ve been saving up for months to buy an engagement ring. What a special story to share with future children and grandchildren. Sorry, we’re getting carried away... But really, start saving now if you know she’s the one. Then, instead of asking, “How much can I spend?” you’ll be saying, “Look how much I can spend!”

If you’re ready to shop for an engagement ring, we can’t wait to help you find the ring of her dreams. Our non-commissioned diamond experts are ready to guide you to the perfect choice! Get started by scheduling a visit to the Padis Jewelry showroom.

Meta: No complex budget calculators or myth-busting theories. We keep it simple when it comes to deciding how much you should spend on an engagement ring. All you need is a little guidance.