NewIdea
  • Royals
  • Celebrity
  • News
  • Beauty & Style
  • Health & Wellbeing
  • Travel
  • Home & Away
  • Podcasts
  • Win
  • Video
NewIdea
  • Royals
  • Celebrity
  • News
  • Beauty & Style
  • Health & Wellbeing
  • Travel
  • Home & Away
  • Podcasts
  • Win
  • Video
Subscribe
Home and Away opening title
Watch 1:09

Home and Away opening title

{headline}

{headline}

Internet divided over THIS engagement ring design - so would you 'melt' it down like the bride-to-be?

Internet divided over THIS engagement ring design - so would you 'melt' it down like the bride-to-be?

Royal shock: Meghan Markle removes wedding rings

Royal shock: Meghan Markle removes wedding rings

Unique But Chic: 7 Non-Traditional Engagement Rings

Unique But Chic: 7 Non-Traditional Engagement Rings

Katie Holmes and Jamie Foxx spark engagement rumours

{headline}

{headline}

Buckingham Palace is selling a replica of Meghan's engagement ring

Princess Eugenie's engagement ring is almost identical to her mother's

Mariah Carey reportedly sells diamond engagement ring from James Packer

{headline}

{headline}

What's happening with Jennifer Aniston's huge engagement ring

CONFIRMED: Samantha Armytage's wedding on hold

CONFIRMED: Samantha Armytage's wedding on hold

Inside Manu Feildel's beautiful wedding!

Goodbye Seating Charts And Gown Fittings: Go For A Surprise Wedding!

Goodbye Seating Charts And Gown Fittings: Go For A Surprise Wedding!

Wedding On A Budget? Here Are 4 Websites To Buy Pre-Loved Wedding Dresses

Wedding On A Budget? Here Are 4 Websites To Buy Pre-Loved Wedding Dresses

Your Guide To Finding the 10 Best Engagement Rings In Melbourne

Your Guide To Finding the 10 Best Engagement Rings In Melbourne

Sarah Ferguson ‘to walk Princess Bea down the aisle instead of Prince Andrew’

Sarah Ferguson ‘to walk Princess Bea down the aisle instead of Prince Andrew’

  1. Home
  2. Wedding Ideas

How much to spend on an engagement ring

We investigate if you really should spare no expense on your future bride - by Zoe Burrell
  • 06 Sep 2018

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.

Engagement ring
Getty Images

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.

Engagement ring
Getty Images

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.

  • Beauty & Style
  • Wedding Ideas
  • Love And Relationships

Just $6 for 6 issues delivered!-SAVE 79%

Subscribe to New Idea today

Subscribe Now
Just $6 for 6 issues delivered!

Just $6 for 6 issues delivered!-SAVE 79%

Subscribe to New Idea today

Subscribe Now
Just $6 for 6 issues delivered!

Recommended to you

Home and Away opening title
Watch 1:09

Home and Away opening title

{headline}

{headline}

Internet divided over THIS engagement ring design - so would you 'melt' it down like the bride-to-be?

Internet divided over THIS engagement ring design - so would you 'melt' it down like the bride-to-be?

Royal shock: Meghan Markle removes wedding rings

Royal shock: Meghan Markle removes wedding rings

Unique But Chic: 7 Non-Traditional Engagement Rings

Unique But Chic: 7 Non-Traditional Engagement Rings

Katie Holmes and Jamie Foxx spark engagement rumours

{headline}

{headline}

Buckingham Palace is selling a replica of Meghan's engagement ring

Princess Eugenie's engagement ring is almost identical to her mother's

Mariah Carey reportedly sells diamond engagement ring from James Packer

{headline}

{headline}

What's happening with Jennifer Aniston's huge engagement ring

CONFIRMED: Samantha Armytage's wedding on hold

CONFIRMED: Samantha Armytage's wedding on hold

Inside Manu Feildel's beautiful wedding!

Goodbye Seating Charts And Gown Fittings: Go For A Surprise Wedding!

Goodbye Seating Charts And Gown Fittings: Go For A Surprise Wedding!

Wedding On A Budget? Here Are 4 Websites To Buy Pre-Loved Wedding Dresses

Wedding On A Budget? Here Are 4 Websites To Buy Pre-Loved Wedding Dresses

Your Guide To Finding the 10 Best Engagement Rings In Melbourne

Your Guide To Finding the 10 Best Engagement Rings In Melbourne

Sarah Ferguson ‘to walk Princess Bea down the aisle instead of Prince Andrew’

Sarah Ferguson ‘to walk Princess Bea down the aisle instead of Prince Andrew’

NewIdea
  • About Us
  • Subscribe Today
  • Contact Us
  • Terms and Conditions
  • Privacy Policy
  • Competitions
NewIdea Magazine Subscribe
  • About Us
  • Subscribe Today
  • Contact Us
  • Terms and Conditions
  • Privacy Policy
  • Competitions

Brands

  • Girlfriend
  • New Idea food
  • Practical Parenting
  • That’s Life
  • Who

Our Network

  • Better Homes and Gardens
  • BHG Shop
  • marie claire
  • Beauty Crew
  • Women's Weekly Food
  • Bounty Parents
  • Home Beautiful
  • All Recipes
  • Perth Now
  • The West Australian
  • 7Plus
  • Airtasker
  • 7NEWS
  • SocietyOne
  • Health Engine
  • Starts at 60
© 2021 Are Media PTY LTD
Get more from New Idea

Magazine Subscription Offer

Just $6 for 6 issues delivered!-SAVE 79%

Shop This Offer
Just $6 for 6 issues delivered!