Just like every celebration, weddings too come with expectations and financial obligations, which we, as a society, feel compelled to follow. Even though a bunch of these rules may or may not hold significance for you, it is interesting to look at one rule in particular and that is the 3-month salary engagement ring rule.
Believe it or not, the 3-months salary engagement rule comes from a popular marketing campaign in the 1930s in which, they suggested that true love and loyalty could only be displayed if a man spent his entire month’s salary on an engagement ring. What started off in the 1930s became a popular notion in the 80s, where the expectation grew to 3 months’ salary!
Now that you know where this idea comes from, are you on board with this ‘rule’ and do you believe that your love can be measured by 3-months’ salary? While you ponder on that, let’s discuss other factors surrounding this idea and whether it is of any relevance today.
How Many Months’ Salary Should You spend on an Engagement Ring?
To answer this question as pragmatically as possible, you should consider the average cost of an engagement ring. According to a survey conducted in 2019, the average engagement ring costs roughly $5,900. Another surprising statistic showed that a sizable proportion of survey respondents (10% to be specific), spent less than $1,000 on an engagement ring. According to a recent survey, a couple would generally pay around $3,756 for an engagement ring in 2020, which is less than the $7,829 spent by an average couple in 2018.
While statistics show the average cost of an engagement ring figuring around the $3000 range, most people do not spend 3 months’ salary. If a couple cannot decide on how much to spend, they follow this standard rule but one does not have to consider this as a benchmark for how much you should spend on an engagement ring.
You must figure out your budget and how much you feel comfortable spending on an engagement ring for her . If you are confused then don’t fret, as we have experts who can guide you on how to get the best product within your budget. A win-win situation for all!
How to Choose a Ring Within Your Budget?
Be Realistic
We understand the pressure you feel because we know that the engagement ring you end up buying is not just a piece of jewellery, but is something you hold close to your heart. But, let’s not lose sight of reality either. If you feel that spending thousands of dollars on an engagement ring is going to leave you with very little for your other wedding expenses, then it’s best to cut the budget and come up with a more feasible figure.
The price of any engagement ring depends on numerous factors like the type, quality, cut of the stone and metal. Here are some things you should know before deciding how much to spend on an engagement ring –
Design
A halo design includes numerous stones and has a larger centre stone; therefore, it falls into the more expensive category when compared to other kinds. If you want a beautiful engagement ring but one that sits well with your budget as well, then you can go for a classic solitaire.
Gems
A great way to flaunt a unique engagement ring is to choose semi-precious stones such as tanzanite, aquamarine or amethyst. But in order to avoid dealing with fraud sellers, cheque the gem’s authenticity certificate before purchasing.
Also Read: Things to Never Do to Your Engagement Ring
Metal Selection
There are endless options for you to choose from, with platinum being the costliest and silver being the most affordable. You can even opt for variants of gold, i.e., yellow, rose, white, etc.
Planning to purchase a lab-grown engagement ring? Well then, you might be wondering should you spend 3 months’ salary on a lab-grown engagement ring? The final decision completely depends on your personal financial situation and priorities. However, purchasing a lab-grown diamond engagement ring is definitely cost-effective. That’s because lab diamonds can cost 30-50% less than natural diamonds of comparable size and quality. So, should you spend 3 months’ salary on a lab-grown diamond engagement ring? You might not need to!
The same rule applies to lab-grown coloured gemstones too. Should you spend 3 months’ salary on a lab-grown emerald engagement ring? Well, if you choose a lab-grown emerald, you can easily get a ring that fits your budget and reflects your partner’s style. Trust us, your lab-grown emerald engagement ring will leave everyone green with envy.
Want to purchase a ruby sparkler but wondering whether you should spend 3 months’ salary on a lab-grown ruby engagement ring? Well, lab-grown rubies are typically more affordable than natural ones. However, specific prices can vary based on factors such as the carat size, quality and the jeweller. So, consider your budget when making the decision of purchasing a lab-grown ruby engagement ring.
Now, among the different coloured gemstones, lab-grown blue sapphire engagement rings are quite popular in the market. So, should you spend 3 months’ salary on a lab-grown blue sapphire engagement ring? Well, that depends on your personal preferences but you should know that lab-created blue sapphires are more cost-effective than natural blue sapphires.
Also Read: It’s A Match! 10 Engagement And Wedding Ring Combinations You’ll Love
Should You Insure Your Engagement Ring?
Engagement ring insurance protects you against financial ramifications in the event of physical loss, theft, or damage to your ring. When acquiring an engagement ring’s insurance cost, a ring assessment is necessary. The store or website that sold it may supply one, but if it’s been a long time since you bought it, you’ll need to seek an independent appraisal, which some insurers prefer.
All of Angara’s diamond and gemstone rings come with a certificate of authenticity that includes the stone’s crucial details. On the other hand, a GIA certificate certifies the quality and other physical parameters of the gemstone, allowing you to make an informed purchase. It also makes the diamond easier to assess and insure.
Also Read: What Hand Does an Engagement Ring Go On?
Conclusion
Even if the 3-month salary rule is an age-old tradition that has lost its steam, there is one rule that has not changed yet and that is- ‘What hand does an engagement ring go on’? In case you didn’t know, the correct answer is the fourth finger on the left hand!
1 month, 2 months or a year, the amount of money you want to spend on an engagement ring is your choice. Don’t let age old ideas influence you into thinking otherwise. With the evolving jewellery trends, there are numerous engagement ring options available today to suit every and any budget. Come to a consensus on the price with your partner, explore options within that framework and spend wisely.
Also read: Engagement Ring Buying Guide
FAQ
This depends entirely on your personal earnings and can vary from one couple to another. At the end of the day, jewelry stores offer you several engagement ring options to meet your personal preferences and pocket, so there is no definite amount that one can quote.
There is no right or wrong answer to this, nor is there a benchmark for how much an engagement ring should cost. The price of an engagement ring should suit your pocket and your style preference, regardless of the amount.
What a man spends on an engagement ring depends on him and his partner. In other words, it is entirely up to you and your ‘to-be-better-half’. If your budget is flexible and you are comfortable with spending your salary of three months or more on an engagement ring, then go for it.
According to the current engagement ring buying cost rule, there is no such limit as to how much an engagement ring should cost. The old-school rule is outdated, and very few people still believe in it.
It all started with a marketing campaign in the 1930s. The idea was that if a man spent his entire month’s salary on an engagement ring, it proved his love and commitment. The campaign became popular over time and by the ’80s the rule changed from 1 month to 3 months.
Earlier, people spent their three-month salary on engagement rings as it was a popular notion. The cost of living back in the day was indeed much lower, and people could afford to spend 3 months’ salary on a ring. However, times have changed and millennial couples don’t generally follow this rule.
