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How Much to Spend on a Diamond Engagement Ring

It’s tough being a guy shopping for a diamond engagement ring these days. You hear stories about celebrities dropping huge amounts of money on one-of-a-kind rings that are more investments than anything else. And of course, there’s always the old adage that says, “Diamonds are a girl’s best friend.” The combination of so many opinions and so few answers makes engagement ring shopping stressful.

Well, we want to help mitigate some of that stress by giving you some practical advice. We also want you to know you can find some very affordable diamond engagement rings in Toronto; rings that will help you declare your love without putting you in the poor house.

engagement-ring

Honestly Look at Your Budget

According to Glamour magazine, the standard rule of thumb among jewellers is to recommend a man spend the equivalent of three months’ salary on a diamond engagement ring. We are not so sure that is true for all jewellers, or even a majority of them. We will leave that for you to discuss with your jeweller.

Having said that, three months of salary is equal to 25% of your annual pay. That would work out to spending $10,000 on an annual income is $40,000. Such an expensive ring might be what you are looking for if your budget can accommodate it. However, that’s the key. You need to honestly look at your budget and assess what you can afford.

Most people these days have to finance diamond engagement rings by using a credit card or arranging for in-store financing. Can your budget handle another monthly payment in addition to your current bills? If it can, feel free to purchase the ring your fiancé is dreaming of. If not, be wise in your spending. You do not want to begin your marriage relationship already in financial trouble.

It’s the Thought

Although it sounds corny, the thought is more important than the actual price. In other words, the love of your life will be more than appreciative of your willingness to give her the best you can afford, even if you cannot afford to spend 25% of your annual salary. As long as she knows you have done the best you can with the money you have.

Some men are a bit insecure when making a diamond engagement ring decision. One of the best pieces of advice we can give is to openly discuss the decision with the bride-to-be. She will respect you for including her in such an important purchase. And if you want your proposal to be a secret, buy an inexpensive piece of costume jewellery you can present while down on one knee, then talk about purchasing a genuine diamond after she says yes.

At the end of the day, there is no hard and fast rule about how much money to spend on a diamond engagement ring. It comes down to what you can reasonably afford and how you and your future wife feel about spending money on jewelry. Yes, jewellers would like you to spend as much as possible because it benefits our business. Nevertheless, we hope you will base your decision on what is best for you and your bride, not what is best for us.

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