Traditionally, when couples began looking for engagement rings, the expectation was that the man should spend the equivalent of his income for two months. In today’s terms, that’s around 3,000 Australian dollars for the average Australian’s annual salary.
For some people, that’s not a possibility, and for others, that doesn’t seem nearly enough for the woman in their life. As a result, it can often be more about your personal circumstances as opposed to an age-old rule. However, it can still be a challenge to know how much to spend on engagement rings. After all, how do you know whether you’ve paid enough, or too much? Consider the following before you go ahead and purchase those engagement rings.
Your Significant Other’s Expectations
If you have discussed the prospect of marriage before, you are bound to have a fair idea of what your loved one expects or would like. If you have discussed it at length as well, you may even have a sense of the diamond clarity, shape, how many carats, and overall style she would prefer.
Before you go ahead and buy a ring, try to have a fair idea of what your fiancé-to-be would expect. Would they want you to spend the big bucks or would they be happy with anything you got them as long as you put in the thought and effort?
In Australia, the average spend on engagement rings is between $5,000 and $6,000. To some people, that can be more than they can afford, while for others, it’s around what they would expect to pay. When it comes to buying engagement rings, you need to think about what you can afford. Remember, an engagement ring leads to a wedding so ensure you have set a budget for the rings as well as the big day.
How much you spend on engagement rings can also depend on your future together. Do you foresee lavish holidays, other large purchases such as a house, or expensive hobbies you share together? Make sure what you intend on spending on a ring is something you can afford to make up for with your income later on, or that won’t impact your plans in the future.
While there are traditional rules that commonly dictate how much you should spend on engagement rings, there is no one-size-fits-all approach. The best thing you can do is talk to your jeweller and see if you can find a ring you know your significant other will love – regardless of the price or what tradition dictates.