How much to spend on an Engagement Ring in 2023

January 10, 2023

A beautiful halo diamond engagement ring

If you're planning to propose to your partner in 2023, you may be wondering how much you should spend on an engagement ring. The cost of an engagement ring can vary greatly, and there are a number of factors to consider when determining your budget.

One of the main factors to consider is your personal financial situation. It's important to be realistic about what you can afford, and to make sure that you're not over-stretching yourself financially. If you're planning to finance the ring through a loan or credit card, be sure to carefully consider the terms and interest rates to ensure that you can make the payments. While it may be tempting to splurge on a high-end ring, it's important to remember that an engagement ring is just the beginning of your marriage. You'll likely have other financial priorities, such as a wedding, a home, and possibly children. It's important to balance your desire for a beautiful and meaningful engagement ring with your long-term financial goals. The ring should be the item you use to cap off your commitment to one another, not something you buy to persuade someone to marry you whilst jeopardising your future financial situation.

Andre Jackson / A couple proposing to each other

Another factor to consider is the type of ring you're interested in. The cost of an engagement ring can fluctuate wildly depending on the metal band you look for, the type and quality of the gemstone you select, and the overall design and artistry used in the creation of the ring. For example, a diamond ring with a larger, higher quality diamond will generally be more expensive than a smaller, lower quality diamond. Similarly, a ring made of platinum or white gold will generally be more expensive than a ring made of yellow gold or silver. It’s worth considering this when looking at your budget. If the style of ring or gemstone is more important to you than the budget, you should narrow down those options and you will then get a vague idea of what the type of ring you want costs. If how much you are able to spend is your main concern, the field of styles or gemstones available for you may be narrowed.

Zoriana Stakhniv / Matching metal engagement rings, chosen together

The traditional guideline for the cost of an engagement ring is to spend the equivalent of two or three months' salary. However, this is just a rough guideline, and the actual cost will depend on your personal circumstances and priorities. Some people may feel comfortable spending more, while others may prefer to spend less. Ultimately, the most important thing is to choose a ring that reflects your love and commitment, and that you and your partner will both adore for years to come.

If you're on a tight budget, there are a few ways you can save on the cost of an engagement ring. One option is to consider a smaller or lower quality diamond. While diamonds are often associated with luxury and prestige, it's important to remember that they are not the only option for an engagement ring. There are many other beautiful gemstones that can be used in engagement rings, including sapphires, rubies, and emeralds. These gemstones can be just as beautiful as diamonds, and can be more affordable depending on the size and quality.

A selection of brilliant gemstone engagement rings

In conclusion, the cost of an engagement ring in 2023 will depend on a range of factors, including your personal financial situation, the type of ring you're interested in, and the gemstone you choose. It's important to carefully consider your budget and choose a ring which fits within it, but also reflects your love and commitment. With careful planning and consideration, you can find a beautiful and meaningful engagement ring that fits your budget and your needs.