It’s the dilemma that all men face when they are considering popping the question: How much should I spend on an engagement ring?
For years we have traditionally heard the famous ‘three-month salary’ rule when it comes to how much to spend on an engagement ring. And if you can afford it go ahead!
But for many couples three-month’s salary is an unrealistic amount of money to spend. So, is there really an engagement ring cost rule?
Well, engagement rings come in all shapes and sizes and can cost you anywhere from $1000 to an eye watering $50,000!
Don’t start sweating just yet, according to Choice the average cost of an engagement ring in Australia, in 2015 was $5000.
But, before you rush out to your nearest jeweller with that sum in mind, there are two things to take into account; your fiancé’s expectation and your financial situation.
Most women have been dreaming about the perfect engagement ring since they were little girls, so there is a lot of pressure to buy the right one. But, your soon to be fiancé isn’t looking to bankrupt you.
According to experts, most people should forget the three month rule and try and follow the 'two month' rule instead.
They advise you to spend two months' worth of your income on the ring.
So, if you make $1000 per month you can spend $2000 on an engagement ring.
She will love the thought and effort you put into finding the perfect ring. And, while we all know diamonds are a girl’s best friend, in modern times brides are opting for cheaper unique gemstones over diamonds.
Of course, we know that you have met the girl of your dreams and want to spare no expense, but you don’t want to go into a marriage financially stressed (and don’t forget you also have the wedding to pay for!)
So, instead of wondering how many month’s salary an engagement ring should cost, it is important to look at your entire financial situation including, savings, debt and income to determine exactly how much you can afford to spend.
So long story short, when it comes to how much to spend on an engagement ring there is no hard and fast rule.