When it comes to engagements, there’s been a long standing widely circulated ‘rule’ that someone should spend a specific portion of their salary on an engagement ring — often quoted as “two to three months’ salary.” However, in today’s world where financial priorities and perspectives have evolved, is this age-old guideline still relevant? Let’s delve into the topic and explore a more nuanced approach to buying an engagement ring.

The Origin of the “Two Months’ Salary” Rule

The idea of spending two months’ salary on an engagement ring can be traced back to a marketing campaign by De Beers, a diamond company, in the mid-20th century. This campaign, aimed at increasing diamond sales, popularized the notion that a person should spend a significant portion of their income on a ring to prove love and commitment.

Challenging Tradition

While the sentiment behind the tradition is arguably romantic, many couples today find themselves questioning its practicality and relevance. Here are some factors to consider when determining how much to spend on an engagement ring:

Financial Situation: Every individual’s financial circumstances are different. What might be a reasonable amount for one person could be excessive for another. It’s crucial to consider your current financial situation, including savings, debts, and future financial goals, before committing to a specific budget.

Personal Values: The value of an engagement ring extends beyond its price tag. Some individuals prioritize experiences, investments, or other financial goals over the extravagance of a ring. Understanding and aligning with your partner’s values can help guide your decision-making process.

Communication: Open and honest communication between partners is key. Discussing expectations, preferences, and financial boundaries can prevent misunderstandings and ensure that both parties feel comfortable with the decision.

A Contemporary Approach

In recent years, there has been a shift towards more personalised and meaningful engagement ring purchases. Here are some alternative approaches that couples are adopting:

Budget-friendly options: opting for alternative gemstones or lab-grown diamonds for example, can offer significant cost savings without compromising on beauty or quality. We have a vast selection of pieces to appeal to most budgets alongside financing options.

Customization: designing a custom ring allows couples to create a unique piece that reflects their style and preferences while staying within their budget. Bespoke rings is something that we specialise in.

Focus on quality, Not Size: Instead of fixating on the size of the diamond, prioritize factors like cut, clarity, and color, which contribute to its overall brilliance and beauty. Please refer to our ‘Diamond Buying Guide’ for more information around this.

Post-purchase considerations: remember that the cost of the ring is just one aspect of the financial commitment associated with marriage. Factor in expenses like the wedding ceremony, honeymoon, and future financial goals when determining your budget.

Conclusion

The decision of how much to spend on an engagement ring should be guided by individual circumstances, values, and preferences rather than arbitrary rules or societal expectations. Whether you choose to adhere to tradition or forge your path, what matters most is the love, commitment, and mutual understanding shared between partners. As you embark on this exciting journey together, may your engagement ring serve as a symbol of your unique bond and the adventures that lie ahead.