How much should you spend on an engagement ring?

It’s time to take your relationship to the next level. You’ve thought long and hard about it, and you’ve decided to spend the rest of your life with your partner. It all starts with a question – and a ring.

So how much should you fork out for it? You don’t want to start this important life journey in debt. After all, you still have a wedding to pay for! Make sure you ignore these myths so you can get the perfect engagement ring.

Myth 1: 

An engagement ring should cost three months of your salary.

The three-month salary figure has been around for decades and was a fabrication created by marketing gurus for a diamond-producing company to increase sales and promote diamonds as the status quo. It certainly doesn’t apply today!

Myth 2:

An engagement ring needs to be Instagram worthy – and cost a lot.

It’s common for couples to share proposal pictures online seconds after saying "I do", complete with heavily filtered pictures of the perfect ring. This can leave any person feeling like they need to spend an arm and a leg to keep up. Remember that social media is deceptive and so are appearances. You don’t need to spend a bomb to be proud of what you place on your fiancé’s finger.

Factors That Affect The Price Of The Engagement Ring

Now that you know what not to do, how do you go about setting a budget for your ring? Here are some pointers.

What can your bank balance afford?

The average Australian couple spends $6143 on an engagement ring. This is not a hard and fast rule and should by no means dictate what you should pay. It’s just giving you an indication of what the average Australian spends. Consider what you have in savings, how much you’re willing to put on credit, when you’d like to propose and what you can realistically set aside each month. This will give you an accurate figure of what you can spend.

What would your fiancé like?

Before you even start looking at rings, make sure you know what your fiancé likes and wants. If they haven’t already told you what they’d like, raid their ring collection and enlist friends to help you pick the perfect diamond shape and setting.

When the budgeting is over, and you’re ready to begin, visit your nearest Bevilles store. We have a brilliant range of dazzling engagement rings that will leave any fiancé teary-eyed.