How Much Should an Engagement Ring Cost: Check our Engagement Ring Calculator

Figuring out what an engagement ring should cost? Scroll down for our engagement ring calculator if you are in a hurry. Or if you want to be meticulous about it, check what adds up from the stone to the metal type and style.

Diamonds are indeed a girl’s best friend, and when the topic is about engagement rings, there’s no way girls can’t stop talking about diamonds. How many carats is the center stone? What is the cut? Does it have side stones? The girl talk goes on forever. 

But for men, the only question to be concerned about is: How much should an engagement ring cost? Yes! The question every man who plans to propose asks, and the question every man dreads to answer. 

There are many misconceptions when buying engagement rings nowadays. The more prominent the stone, the greater the love, or the standard should be at least a one-carat ring. These are all misconceptions that need to be cleared out. 

There is no one size fits all answer on how much engagement rings should cost. But there are tips and factors you should know when determining the right ring for the love of your life. 

If you’re planning to propose to your partner soon and you’re contemplating how much to spend on an engagement ring, you came to the right place. Here, you will find answers. 

how much should I spend on an engagement ring

How Much Does The Average American Spend On Engagement Rings?

The average engagement ring cost in the American market today is $5,500, that is according to the survey gathered by The Knot in 2020. This figure is the national average of the cost of an engagement ring, but it doesn’t mean this is the amount you’ll spend. There are many factors to consider when buying an engagement ring. 

You can decide to spend more money on an engagement ring or less than that amount, depending on your financial situation. It’s only you who can decide on how much you should spend on an engagement ring. Gold Galore Jewelers, we’re here to guide you.

How Much Does An Engagement Ring Typically Cost?

There are many types of engagement rings out there. You can buy one for $300, $10,000 others even spent a fortune of $50,000. But to answer the question on how much an engagement ring typically costs, the answer differs; there are many factors to consider for the ring budget. 

Considerations that affect costs:

What is the cut or shape of the diamond? 

The more intricate the design, the more expensive it is. Here are the popular shapes:

  • Round
  • Princess
  • Emerald
  • Asscher
  • Cushion
  • Marquise
  • Radiant
  • Oval 
  • Pear
  • Heart
diamond engagement ring

What is the color grade of the diamond?

The best color grade for diamonds that are readily available is G-J, which is nearly colorless. D is the highest grade of diamonds; these are extremely rare and more expensive.

How many carats is the center stone? 

Diamond carats for engagement rings range from 0.23 to 10 carats or more. But a half-carat diamond ring (0.50) is the popular choice for engagement rings and is considered a desirable value.

What is the diamond clarity scale? 

The clarity of a diamond refers to its internal characteristics that are not easily seen by the naked eye. It includes small imperfections or blemishes. The common diamond clarity of engagement rings is SI1 and VS2. 

What is the type of metal used? 

The four metals commonly used for an engagement ring are:

  • Yellow Gold
  • White Gold
  • Rose Gold
  • Platinum 

How thick is the ring band? 

Ring width can range from 1.55 mm up to 20mm. But a ring width of 1.55 mm is the common thickness preferred for an engagement band.

What is the style of the engagement ring? 

The most popular style nowadays are:

  • Diamond Solitaire
  • Pave Settings with Side Diamonds
  • Three Stone Rings
  • Halo Rings
  • Bezel Setting
  • Blue Diamond Rings
  • Old European Cut Diamond

There are also other considerations: a specific brand of the jewelry, the weight of the ring, do you want to put side stones in it, do you want it customized to your liking, or want to purchase what’s readily available in the jewelry shop?

If your future fiance has been dropping hints on what kind of ring style he/she wants, it should be easier for you as the choices are narrowed down. The engagement ring costs also differ from where you live. When you buy a ring in New York City, you can expect that it costs more than buying in Florida. 

How Much Should You Spend On An Engagement Ring?

engagement ring calculator

The safest answer to this question is: Spend what’s comfortable for you. To give you an idea, the national average cost of a one-carat diamond engagement ring is over $5,500. This is the ballpark figure gathered information on personal preference, not the actual money spent according to jewelry shops. 

Some people who spent $5,000 on an engagement ring think it is a fair price, but surprisingly, most men in America spend over $7,000 for an engagement ring.

Decide how much your budget is for an engagement ring depending on your financial situation. You don’t need to be pressured to meet the average cost of an engagement ring if this is too much for you, or maybe you can afford a more expensive ring. 

Remember that after the engagement, there are foreseeable and existing expenses as well. There’s the wedding, saving up for a house, you’re still paying your student loans, you have a child coming your way, and many more. 

Don’t spend all your money and savings in a ring if it’s not comfortable for you. How can you come up with a ballpark figure on how much to spend on an engagement ring? You can try these techniques: 

The 2-Month Salary Rule or 3-Month’s Salary Rule

This is a popular rule used for many years, and it’s your choice to follow this rule or not. The general rule of the 2-month salary theory is: Purchase an engagement ring with the price of at least two months’ worth of your salary. Others use the three-month salary rule with the same concept. 

For example, you earn $5,000 a month; then, you can afford to buy an engagement ring worth $10,000. This is a theory; it doesn’t mean you should follow it. 

If you go into debt with this price tag and it’s something you’re not comfortable with, think twice. If you believe that is too much money to pay for the cost of an engagement ring, get your finances in order first. 

Try an Engagement Ring Calculator

Many people use an engagement ring calculator. The concept is pretty much the same as the 2-month paycheck rule. Except that you can set a specific price range, you can set specific standards (like diamond cut, width, the metal used, etc.), and the calculator generates how much the ring costs. 

Here is an easy way to help you decide on your budget with our online engagement ring calculator.

This is truly a nifty feature that lessens the burden of a harrowing journey of finding the perfect engagement ring for the person you want to spend the rest of your life with. And of course, you can have a rough estimate on what type of ring fits your budget. 

What is the Average Diamond Size for Engagement Rings?

how much to spend on an engagement ring

When women tell their girlfriends they just got engaged, what is the first question their BFFs ask? “How many carats is it?” What is their first reaction? “That stone is huge!” Because whether we like it or not, size matters, especially for the ladies. 

Upon research and gathering ladies’ opinion across America, the desirable and average diamond size in America is 1.10 carats. But then again, this doesn’t mean that’s how big the center diamond should be. 

A 1.10-carat diamond ring with a round cut and D color will cost around $19,000 in a branded jewelry store in the US. The same carat with SI2 clarity and J color only costs about $4,500 online. See how big the difference is? They have the same carats, but the prices vary big time. 

How Much To Spend On An Engagement Ring in 2021

engagement ring average cost

As mentioned earlier, you can try the three months or two months salary spending rule. At this point, if you’re not quite sure how much to spend on an engagement ring, you can follow the average cost last 2020, which is $5,500. 

This is the amount gathered as the average ring budget in America. This is just an idea of the average price if all else fails. But remember that there are more important considerations to consider when making your decision when buying a ring, not just your salary. 

In the first place, we’re talking about your hard-earned money, at the same time choosing a ring that will seal the deal. 

How To Determine The Cost of The Engagement Ring

No one can determine how much to spend on an engagement ring. This is your personal choice, and the quality is your preference. You can go online shopping or jewelry shop hopping for days and still not be able to make up your mind. 

So before you go on hours and hours shopping, we have listed the factors to consider when determining the perfect engagement ring. 

Determine Your Partner’s Expectations

engagement ring calcultor

A ring is a symbol of love and commitment. Many women have dreaded what engagement ring they wear and how their marriage proposal would go since they were little girls. Know the expectations of your partner when it comes to their dream engagement ring. 

If it helps, ask your partner’s best friend, go shopping together, talk honestly about the spending cost, talk openly about your wedding, and set your partner’s expectations. 

Find out your partner’s personal preference, the shape of the diamond, the quality he/she wants, family heirlooms that can be incorporated, or a wedding band you want to match with. 

Consider Your Financial Capacity

how much to spend on engagement ring

Don’t blow all your money with one ring, remember that you still have to save money for your upcoming wedding day. Do not go into debt for one ring; always consider your financial position. 

You have many more expenses to think of, like your income taxes, healthcare, monthly expenses, car payment, house mortgage, credit card bills, savings, existing student loans, and many more. 

Try to save at least for six months, not two months’ salary, not three months. The longer you save, the better. It doesn’t mean that if you follow the 2-month paycheck rule, you’re only going to save for two months; it doesn’t work that way. 

FAQs

How Much Do You Spend On An Engagement Ring?

Only spend the amount you’re comfortable with. As such, the average spend varies. You can pay $1,000 or $5,000. What’s important is you know that he/she is going to say yes. You’re going to start the best part of your life with your beloved, don’t mess this up.

Is $5000 Good For An Engagement Ring?

$5,000 engagement rings are good enough. This is the average cost of rings in the US. If you set aside this budget, you can buy a 1.10-carat diamond engagement ring with SI2 clarity and J color and maybe add a couple of side stones to it. 

According to surveys, this is an overwhelming preference for a diamond ring for women in the US. 

Do You Spend 3 Months Salary On An Engagement Ring?

If you feel comfortable spending three months’ salary on an engagement ring, do so. If this is too much, determine how much you can really afford. There is no definite rule on how many month’s paychecks you should spend on a ring, 

Is A $2000 Engagement Ring Cheap?

A $2,000 budget on a ring is a reasonable price. You can buy a beautiful two-tone 14k yellow gold ring, 0.5 carats round-shaped, J-color diamond with this budget.

Is $3000 Enough For An Engagement Ring?

Yes, a $3,000 engagement ring is a good enough budget. You can buy a beautiful 1.2 carat, K color round diamond ring with 18k yellow gold band with this budget. 

Where to Find a Diamond Engagement Ring Online?

engagement rings tampa fl

Finding the exceptional ring for the love of your life starts with finding the exceptional jewelry shop. Only trust the best name in the business with many years of experience. 

If you’re from Tampa, Florida, or the surrounding areas, Gold Galore Jewelers offers the best quality and affordable prices of engagement rings. We can provide one that suits your budget starting with our best brilliant cut-diamonds. 

Our team here will assist you in finding the perfect ring without going over the budget. Make this the best money you ever spent, do not overpay. From making custom jewelry to repairs to appraisal, you can trust Gold Galore Jewelers to be one call away. 

We also customize wedding rings, earrings, pendants, and all kinds of gemstone rings. You can browse our engagement rings online first then buy an engagement ring in our store at Gold Galore Jewelers; simply request an appointment online

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