Wondering how much you should spend on an engagement ring?
Our calculator will help you set budgets based on your lifestyle to help you buy the perfect ring.
One step closer to finding the perfect ring
From the information you provided you should be able to save a maximum of $300 per month.
As you have 5 months until you wish to propose, this should give you a total of $1500 available to spend on the ring.
So you’re getting ready to pop that all-important question but not sure how much you are expected to spend on buying an engagement ring. The UK average paid price for an engagement ring is around $570 and it is worth pointing out that you can definitely purchase a beautiful piece for this amount. Although it is also worth noting, the amount you choose to spend should be determined on your personal preference and budget.
You may be wondering how to choose an engagement ring. There are many important factors which affect the price you will pay. This is determined by the metal type chosen, the diamond cut, clarity, colour and carat weight and the overall design. For example those with a tighter budget may wish to opt for a more affordable 9kt gold, which is both practical and classic, whereas those with a slightly larger budget may choose a durable and elegant platinum.
It is important to determine how much of your salary you should save for the ring. The age-old myth is that an engagement ring should be equivalent to between one to three month’s wages. For some, however, this may seem a lot of money to be spending on a piece of jewellery and it should really be based on how much you feel comfortable with spending. It is a good idea to look at exactly what you can afford, this should be a calculation based on your annual salary, monthly expenditure, current savings and the amount of time you have left until you pop the question. Simply fill in the details above, and our handy engagement ring calculator will help determine how much you should be able to afford.
There are a few quick tips to help you when saving up for an engagement ring. The first and possibly the most important thing is to do your research, visit our diamond education and metal guide to learn more about how to choose the best diamond for your budget and the differences between precious metal types. You may or may not by this point have an idea of the type of ring you would like, do some research into the different styles to get an idea of what you can afford. It is then a good idea to set your budget (use our engagement ring calculator as a guide) and stick to it as closely as possible!
Once you have the budget in place it is time to save, why not try setting up automatic transfers into another savings account, skip the bigger purchases and save any loose change instead of spending it. No matter what your method is, it is a good idea to commit to it.