How much should you spend on an engagement ring? Many who are in the market for an engagement ring struggle with this elusive question and those who try to get to the bottom of it with a quick Google search often find themselves even more confused. Although many people today suggest saving 2-3 months of salary for an engagement ring, this is an outdated piece of advice that simply doesn’t work anymore because it doesn’t consider net income or debt. Fortunately, however, in February of this year, wedding-planning website The Knot released the findings of its 2016 Real Weddings Study that surveyed over 13,000 couples in America who got married in 2016. The study, the largest of its kind, features information on financial trends and spending habits as they relate to weddings and can be used as a helpful set of guidelines. While the study doesn’t necessarily tell us how much we should spend on engagement rings, it provides figures as to how much couples did spend on engagement rings in 2016.
In 2016, the average amount spent on an engagement ring was the highest it has ever been, with the figure coming in at $6,163 (that’s without the center stone). This number is up nearly three hundred dollars compared to 2015. The engagement ring is the second biggest cost associated with a wedding, with the venue coming in as the largest expense.
So there you have it, just above $6,000 is what the average amount spent on an engagement ring by Americans who got hitched in 2016. As we said before, however, this number should be used just as a general reference point! The truth is, how much a person should spend on an engagement ring is dependent on several factors that are specific to each person. A bit of research is required, and the most important thing is to start your plan with a budget to decide what you’re comfortable spending. From there, you should consider your partner’s engagement ring wants and desires (you better have been taking notes!). After doing some shopping around, you should be able to select a few rings that appeal to you and after another look, your gut will tell which ring is “the one.”