How Much Should You Spend on an Engagement Ring?
One upon a time, it was a given that a man should spend three months of wages on an engagement ring for his fiancée-to-be. But that isn’t the case anymore.
Many different surveys which have been carried out to reveal the average cost of an engagement ring in the UK. While the numbers vary, most men spend around £1,500-£1,600 on the ring they’ll propose with. This is significantly less than three times’ the average monthly salary of £2,300.
But just because the average cost of a ring is £1,500-£1,600 doesn’t mean that’s how much you have to spend. How much you pay for a ring is a very personal thing and depends on many different factors. To help you set a budget, here are some things to consider when deciding how much to spend on an engagement ring.
When are you planning to propose?
If you’re planning on proposing in 12 months, you’ve got plenty of time to save up for a beautiful engagement ring. But if you can’t wait a second longer and you want to propose next week, that doesn’t give you a lot of time to get some money together. The longer you wait to propose, the more money you can spend on an engagement ring.
Are you going to take out finance?
Taking out finance is an alternative to saving up for an engagement ring if you haven’t got much time. At Angelic Diamonds, we offer finance on all purchases over £500. If you can save up 50% of the ring price and put it down as a deposit, you can take advantage of our 0% finance plan and spread the cost over six months.
If you already share a bank account with your fiancée-to-be or you know you soon will, you might be worried about spending too much. If you really splurge your future wife might be upset that you couldn’t afford the wedding she’s been dreaming of or that you had to downgrade your honeymoon because you went over budget.
Try to test the water and find out how much she thinks is too much to spend on a ring. Make up a story about a friend at work who proposed with a ring costing how much you’re planning on spending. Act shocked at the price and if she acts shocked, too, lower your budget. If she doesn’t, feel free to go ahead.
How much can you afford?
How much you should spend on an engagement ring really comes down to how much you can afford. It doesn’t matter whether you’re putting aside some money each month or you’re planning to take out finance, it’s important you only pick a ring which you can afford to pay for right away or keep up with the monthly payments.
When you get engaged, you start a new life together and you don’t want that life to be overshadowed by debt.
Beautiful affordable engagement rings
You don’t have to spend a small fortune to treat the one you love to a gorgeous piece of diamond jewellery. Our engagement rings are up to 60% cheaper than those you see on the high street and they all come with free delivery and resizing. Here are just a few examples of affordable engagement rings that will wow your fiancée-to-be without emptying your pocket.
Engagement rings under £500
Engagement rings under £750
Engagement rings under £1,000