The “Big Myth” About How Much to Spend on an Engagement Ring

One of the number one questions—and biggest unknowns—for most first-time engagement ring shoppers is, “How much should I spend?” and “How much can I really afford?”

Years ago, it became a common myth that an individual should plan to spend three months’ salary on the purchase of an engagement ring. This “advice” has been widely distributed to first-time engagement ring buyers, but for me, it’s just not something I recommend.

Buying an engagement ring is a little more complex than saying you should spend x amount of money. I think the first thing a buyer should do is consider the person he or she is buying the ring for. Does that person value jewelry? If so, maybe spending three months’ salary is a good plan. Does that person care less about jewelry? If so, maybe spending three months’ salary is too much for that specific individual.

When it gets down to it, I think a couple should consider their personal goals, their personal property values, and whether they want a lab-grown diamond, a genuine diamond, or gold or silver—just to name a few options. Having discussions about specific details before making a big purchase will ensure that your engagement starts out on the right foot and that your priorities and spending goals align.

Once the buyer has a budget in mind for what they want to spend, it’s great to share that price with your jeweler, along with your likes, dislikes, and priorities. At Camelot, we strive to get you what you want within your personal budget, whatever that may be. You should feel good and secure about your purchase, as this will be the one item worn every day for the rest of your life—or until you upgrade!

We are here to help you through this process and consider it an honor to be a part of such a big moment in your life.

Natalie Lewis, MPSA, GIA GG
Owner, Camelot Jewelers