The old rule of thumb for determining how much you should spend on an engagement ring used to be at least two months of salary. However, as times have changed, that rule no longer applies. If you are looking for an engagement ring but do not know how much to spend, there are a few guidelines you can use to determine your price range.
1.) Figure out how much money you can realistically spend on a ring. Knowing your budget before you go ring shopping can be helpful. After you calculate your monthly bills, see how much money you have left over. Only set aside an amount you are comfortable with.
2.) Determine how much it would cost for the type of ring you would like to buy. For example, if you know you want a ring with at least a 1-karat diamond, you should figure out how much a 1-karat ring typically sells for. Once you have an idea of how much the type of ring you want will cost, you can determine how much you should spend.
3.) Only pay an amount that you feel comfortable with. Do not get caught up in overpaying for an engagement ring. If you find a ring that looks right and meets your criteria but is under your budget, then get the ring.
How much you spend on an engagement ring is not important. An engagement ring is meant to symbolize your intent to marry the person you care about. Whether you have a small budget or a large budget for a ring, it is the meaning behind it that counts.