Traditionally, the expectation was that you’d spend one-fourth of your annual salary on an engagement ring. Read: The three-month rule. So, if you were making $50,000 per year, you’d spend $12,500 on an engagement ring.
But let’s be clear: The three-month rule was created to drum up diamond sales. And most couples don’t follow it.
According to a 2021 survey, couples spent an average of $6,000 on an engagement ring last year. Which was up slightly from 2019 when couples spent an average of $5,900. So you can expect to spend something in that general range.
Just because it’s the average cost doesn’t mean everyone pays that price. Lots of couples cut that price in half. And some even spend less than $1,000..
To prep your budget, you’ll want to consider the ring details. Like the cut, carat, and clarity of the diamond. And don’t forget that different gems and lab-created diamonds are also options.
Engagement rings cost more. But you’ll need to add wedding ring costs to your budget if you’re opting for both. On average, wedding bands cost about $1,100 for women and around $550 for men, according to one estimate from The Knot.
But the ultimate price often depends on the metal you choose. Think: Yellow gold, white gold, or rose gold.