How Much Should You Spend on an Engagement Ring? A Complete Buyer’s Guide

Posted by My Store Admin on October 22, 2025
Engagement Ring budget

If you are ever in the market for an engagement ring, your foremost thoughts will undoubtedly be the price that you will need to dish out. Understanding how much your engagement ring budget should be isn't something that you're expected to know, and with hundreds of stores and thousands of products to choose from, the options alone can make your head spin. Of course, the cost of an engagement ring should be determined by what you can comfortably afford but there are a lot of other factors involved here too. You and your partner's values, for example, are one of the main factors that you need to consider to determine how much you need to spend on an engagement ring.

Feeling overwhelmed? Don't worry! It is for this exact reason that we have put together this short buyer's guide to help you decide how much you actually need to spend on your engagement ring based on your financial situation and your personal preference, whether you're shopping on the famous Hatton Garden district or browsing online.  

Dispelling Outdated Myths  

Engagement rings are rife with traditions and superstitions, and the topic of engagement ring budget attracts a fair share of these myths as well. We will try to dispel a few of the most popular ones so that you can make a more accurate financial decision.

  1. Myth 1 - The Three-Month Rule: A budget strategy that was popularised by marketing firms for buying an engagement ring, the three-month rule states that your budget should be three times your monthly salary (or rather, your total earnings in three months). Of course, we'd advise against it as there is no economic basis to support this rule as it perpetuates the idea of materialism in a proposal and places unwanted financial pressure on individuals looking to buy a ring. Be practical with your budget and choose a ring that you are comfortable with.

  1. Myth 2 - Your Partner Wants An Expensive Ring: Again, an unbiased stereotype that is prevalent amongst new couples and partners. It's not the value of the ring that predict's the success of your commitment. This myth deviates buyers from the sentimental value of a ring and rather, forces them to look through the lens of cost and monetary gain. Not every woman wants a huge proposal or an exorbitant accessory, so don't stress about unrealistic expectations and false advice online.

  1. Myth 3 - Your Ring Must Be New: Another common stereotype that states that  only a new ring can forge a union between partners. You can take a guess as to how many exquisite vintage rings and antique pieces were missed out on simply because someone didn't want to buy second-hand or pre-owned jewellery.

How Much Do Couples In The UK Spend On Engagement Rings? 

Engagement ring prices are rising considerably every year. That means the money that the average Brit spent in the last decade on engagement rings will be well around half of the prices that we see today. In 2025, according to a recent poll on Instagram by Hitched, around 41 percent of the users wore an engagement ring that was worth less than £2000, over a third had rings worth between £2000 - £4000 and a quarter had rings worth over £4000. So, if we had to assume your price range on a budget, about £1500 to £2500 would be a safe bet, all things considered. That is, more or less, equivalent to the average one month's salary in the UK.

Find Out: How to Find Affordable Engagement Ring and Wedding Band

How To Make The Most Out of Your Budget

There are several factors that can determine the amount of leeway for your engagement ring budget now that you know what average couple in the UK spends on an engagement ring. Let's go over them one by one. Now, before we dive in, understand that your budget will depend on how much you earn, your monthly expenses, what you're looking for in a ring and how much you are comfortable with spending. However, we don't recommend taking out loans or credit for this purpose.

  1. Material Cost: The price of an engagement can change drastically based on the material you want for your ring. Rarer stones like diamonds or rubies and precious metals like platinum can incur a much higher cost when compared to other gemstones or metals like gold. White gold is a solid choice for a budget option and you can opt for lab-grown diamonds that will offer the same characteristics of a regular diamond at a much lower price point.

  1. Understanding The 4Cs: If you are purchasing a diamond engagement ring, then you'll definitely need to have a solid idea about the 4Cs, the factors that determine the diamond's quality. If you have a fine idea of these factors, then you can change every one of them to suit your budget. For example, carat weight affects costs exponentially so if you want a great stone for lesser cost, focus on the cut instead of carat. When it comes to Clarity and Colour, you can stick to the average option as these are not only beautiful to look at but they're way affordable too. Talking to a jeweller will give you a better idea on how to arrange your options around the 4Cs effectively to manage cost.

  1. Deals And Discounts: Another factor that matters when it comes to your budget is the timing of your purchase. You can find better deals and discounts during off-peak seasons. Prices spike massively during Christmas and February and a lot of stores will also offer special sales during random occasions which you'll need to be on the lookout for. 

  1. Trying Out Alternative Options: You can try out a whole array of alternative options when it comes to engagement rings. Vintage or antique rings are a great pick but you'll have to be satisfied with the pre-designed build. You can also look for pre-owned rings on online marketplaces or go for alternative gemstone options from reputed jewellers in the UK.

Conclusion 

To put it bluntly, there is no "right amount" when it comes to an engagement ring budget, so choose what you think is worth the money. But it is always a good idea to have a budget range so that you can effectively narrow down your options and shop smart. However, don't be afraid to explore all avenues as it'll increase the chances of you finding a ring that perfectly fits your pre-requisites in every way.

Planning to propose soon? Take a look at what we have to offer in our collection of engagement rings curated just for you. Head on over to our website at Eternity Jewels today!

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