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How Much To Spend On Engagement Rings?

Before determining how much to spend on an engagement ring, you should first consider how much you would like to spend.

Buying an engagement ring is a big investment. Not only does it signify that you have found your match and are eager to spend the rest of your life with them, but it also signifies that you are prepared to spend some serious money on a piece that symbolises your commitment to one another.

Unfortunately, with bills, everyday costs and those impulsive purchases, saving up for an engagement ring is no walk in the park. But with a few lifestyle changes and clever money-saving tips, saving up for that bright sparkler is doable.

Overview:

     ★ How much an engagement ring should cost
     ★ Tips for saving up for an engagement ring
           ★ Use a grocery list
           ★ Avoid food delivery apps
           ★ Unnecessary subscriptions
           ★ Use a money-saving app
           ★ Change your phone plan

Engagement Ring Cost

Spending within your means is extremely important, you don’t want to be in debt forever-especially if you’ve got a wedding to pay for.

As a general rule, the amount you spend on an engagement ring should be the equivalent of two months' salary. However, this will vary immensely depending on your financial situation. Surveys suggest that on average, Australians spend between $5,000 and $15,000 on an engagement ring for their partner while the average salary is around $57,000.

One factor that should be considered when saving up for an engagement ring is the kind of engagement ring you are looking to purchase. Whether you’re drawn to the classic clear diamond, an incredibly regal blue sapphire, ultra-feminine champagne diamonds or the conflict-free lab-grown diamonds, the price is likely to vary tremendously. What will ultimately determine the cost of an engagement ring is the 4C’s (cut, colour, carat and clarity). Find out more about the 4C's in our Diamond Guide.

engagement ring cost

How To Save For An Engagement Ring

There are many factors to consider when buying a diamond ring. Some qualities are more crucial than others—and it’s important to know the difference. Check out our Engagement Ring Guide for a comprehensive wrap.

how much to spend on engagement rings

 

Use A Grocery List

One of the biggest budget busters is your grocery bill, especially when shopping without a list. Statistics show that those who shop spend up to 10% more on groceries than those that do. Shopping with a list eliminates the possibility of purchasing items you don’t need and therefore is a surefire way of having a few more dollars in your bank account each week. 

grocery list - tips for saving for an engagement ring

Avoid Food Delivery Apps

We all have days when we just don’t feel like cooking or getting dressed up to go out to dinner, so food delivery apps provide the optimal convenience. Unfortunately, with delivery fees and inflated prices, food delivery apps can eat up (pun intended) the money in your bank account. Reduce this cost by ordering from the restaurant directly and opt to pick up your food instead. 

tips for engagement ring saving - avoid food apps

Cull Your Unnecessary Subscriptions 

With so much high-quality entertainment available to us at our fingertips, many of us are likely to have one or more subscriptions to a streaming site under our belts. Save some money each month by culling unnecessary subscriptions that you aren’t getting much use of. 

how much to spend on an engagement ring - cancel subscriptions

Use A Money-Saving App 

If you’re not the best at budgeting, have someone else do all the work for you. Find an app or online banking system that allows you to track your spending in real-time while also helping you to manage your weekly spend by mapping out your bills. 

save money for an engagement ring

Change Your Phone Plan 

With so many low-cost, all-inclusive phone plans available nowadays, it’d be silly for you not to try one on for size. Changing the inclusions or even your phone plan altogether will help eliminate costs that add up each month. You could even find yourself saving up to $40 more each month, that’s $480 a year. 

change plan

Discover our engagement rings by checking out Grahams’ extensive diamond jewellery range in-store or online.