How Much Should Your Partner Spend on Your Engagement Ring?

Dreaming of that perfect proposal but unsure about the ring budget? Our expert tries to answer the age-old question: How much should your partner spend on your engagement ring?

As you dream of that magical moment when your partner pops the question, you might find yourself wondering about the ring itself. 

Specifically, how much should they spend on this symbol of your love and commitment? 

According to one study, Americans spent, on average, $5,500 for an engagement ring last year. But this does not necessarily mean your partner should follow suit.

Blake Asaad, founder of GOODSTONE, explores the delicate balance between romance and practicality, offering insights on financial considerations, personal values, and industry standards to help you navigate this important decision.

Financial Considerations

First and foremost, your partner’s spending on an engagement ring should align with your shared financial situation. 

As Blake notes, “The most important factor is what you can afford without jeopardising your financial stability.”

If you’re saving for a mortgage or paying off student loans, it might not be wise for your partner to splurge on an extravagant ring. Remember, your future together is more valuable than any piece of jewellery.

Personal Values and Preferences

“Consider your personal style and values,” Blake advises. “If you’re not someone who places great importance on material possessions, communicate that to your partner.”

Perhaps you’d prefer a simple, meaningful ring and have the extra money put towards a romantic honeymoon or your first home together.

Industry Standards vs. Reality

You may have heard of the “two months’ salary” rule, but Blake cautions against such rigid guidelines: “These ‘rules’ are often marketing ploys. What is more important is what feels right for the relationship that you have.”

Quality Over Quantity

Rather than focusing solely on price, encourage your partner to prioritise quality and meaning. 

“A thoughtfully chosen, well-crafted ring will always be more special than an expensive one bought without consideration,” Blake explains.

Open Communication

Ultimately, the best approach is open communication. While you may want to preserve some element of surprise, having a general discussion about expectations can prevent misunderstandings and ensure you’re both on the same page.

Remember, the ring is just the beginning of your journey together. 

As Blake wisely puts it, “The true value of an engagement ring lies not in its price tag, but in the love and commitment it represents.” 

Whether your partner spends $500 or $5,000, what matters most is the thought, love, and shared future behind that sparkling symbol on your finger.

Credit to: GOODSTONE