The Average Spend on an Engagement Ring

June 20, 2016 / Engagement Rings, Jewellery Buying Guide

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The life-defining moment of deciding to propose inevitably leads to the purchase of an engagement ring. This decision also means deciding on how much to spend. If you begin asking other people, flicking thru magazines or leisurely scrolling the internet to see what the celebs of today are wearing you may also simultaneously feel a sudden rise in anxiety over what you have to spend. The truth is you don’t “have” to spend any set amount.

It is easy to get caught up in trends, find yourself drawn to seeking out the most impressive diamond all in the name of winning her heart. But in actual fact, it is most likely that you have already won her heart. Any ring you spend your time choosing will be the icing on the cake. In fact, rest assured that some of the most beautiful rings are the most discreet. You do not have to spend a fortune to afford a fabulous engagement ring.

How much you spend is up to you. Some say 1 months’ salary others say 2 or 3. But really it is what you feel most comfortable with, what you can afford. An engagement ring can cost a couple of thousand, ten thousand or thousands more.

In Australia, the average spend is considered one month to three months of your salary. In 2013, according to the Cost of Love survey, the average spend on an engagement ring was $5584.

When purchasing the engagement ring it is a good idea to keep in mind that it is the beginning of a long list of spending to arrive at the big day, including the future purchase of your wedding rings. The best advice anyone can give is to keep within your means, don’t stretch yourself and it is never a good idea to get yourself into serious debt in the name of love.

Interested in how much Australian’s are spending on their wedding day? Click here to read more.

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