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I recently heard of this "standard" of engagement ring budgeting (I even want to say I saw it on Tacori's website?) and I was just curious... is this actually the norm for the average couple? Thought I'd ask my bees if their ring budgets went by this, if any are willing to share!
I've Heard 3 months luckily for my Fi I didnt enforce this. He spent 1 months salery (b4 tax)
Mine was a little less than one month's salary, after tax. I thought even that was quite extravagant for a ring -- but I do love my ring.
i believe i've read that somewhere too..but honestly, it's whatever FI would want to get for you..but i think that that's a pretty good gauge for budgeting...
i wouldn't have wanted him to spend that much. he spent under 1 month's salary and i'm glad :)
i didn't vote, because i don't really know about ring budget. mine was free! passed down in the family. if he had bought it, i'm not one to care how much he spends, but i also have no idea how he feels on the subject.
I don't know exactly what FI spent but I have an idea. If I'm guessing right, he spent almost exactly two months' salary before any taxes/deductions. I don't know if that was on purpose just a coincidence... I think that he just fell in love with this ring and thats what it cost. It does seem like a LOT of money to spend on a ring--- basically it costs more than everything else I own combined haha. I just keep in mind that this is something I am going to wear every single day for the rest of my life. If you figure out the per-day cost over say... 50 years, its mere pennies a day! ;)
I voted no for two reasons. First of all FI was a student, about to graduate and become a full time job hunter when he proposed so he didn't have a monthly income, just student loans and he didn't want to take out a loan or buy my ring on credit which I respect. Second, those standards are absurd to people outside of the US. FI was not aware of the one month or 2 months salary "standard." In fact last week a German colelague of mine returned from a conference in the US shocked to hear that Americans spend 3-4 (this is what he was told) months salary on an engagement ring. He thought they were pulling his leg and came to me for verification.
Now that FI has a salary, he wants to replace my engagement ring with an upgraded version but I'm kind of attached to it. It is so much more him than a replacement could ever be.
Mine technically was WAY less than that because the diamonds were passed down so he only had to pay for the setting. However, I don't think that there should be a set amount that he is "supposed" to spend...I kind of just feel like that puts too much focus on the ring and how expensive it is - who cares? What matters is the commitment and what the ring represents!
I know I'm definitly a minority here... but we found a really beautiful ring, that was not in the "engagement rings" section, and that cost 1/10 of the price that I wouldn't exchange for the world! I chose it and thought it was prettier than any conventional e-ring..
I am happy about it because I would rather spend our money on useful things than jewelry. Don't get me wrong, I love my ring and am very attached to it- and get compliments on it all the time - but we choose to spend on the house and travel and save money for kids rather than on wedding related details. I would really feel bad if later in life, we can't afford things or have to wait to spend on house projects because we spent it for a ring or a party...
I voted based on assumption because my husband didn't and will not tell me what he spent. But based on my requests and also looking at my ring, I know that he did not and that is the way I wanted it.
We spent a little over one moth of my salary, based on what we had in our savings account. I think we went over our ideal budget by about $200. I love my ring, and I'm glad we found something so awesome and unique.
I didn't vote, as none of the options worked for me. I know exactly how much my fiance paid, as I lost my first ring and had to file a police report, which necessitated calling him to find out the estimated value of the ring. I would have strongly preferred to not know. And my ring is expensive. Way more than I thought it was, but still less than two months' salary, as my fiance is fairly well compensated at his job. I think the two months "rule" is basically something devised by the diamond industry, to coerce people into thinking that spending a ridiculous amount of money on a ring is reasonable.
Each couple needs to figure out what will work for their budget. My fiance's take on it was that this was a purchase he should only have to ever make once, and so he was fine with it making him uncomfortable. Another couple's results may vary.
I voted for "He spent more" but it's a little skewed. FI is going to medical school through the Army so he gets money for living expenses each month. So my ring was more than 2 months of his pay.
I thought it was 3 months too littlemissmango. Mine spent about that for my engagement ring.
I don't know how much my ring cost, but he did tell me he thought it was incredible that men would spend 2 or 3 months (or more!) salary on the ring. My ring is perfect and he didn't skimp on quality-- he was just very careful, which I appreciate!
I'm with RedHerring as it's up to the budget of the groom and not imho based on some obligatory or created (probably by the diamond industry) as a basis for ring buying.
yeah... I think mine ended up being a little less than one month. The more he spent on the ring, the less we have for a wedding and a honeymoon so I have no issue with this.
I think my fiance expected to spend about 2-3 months of salary on an engagement ring. I didn't know anything about this though, because we hadn't talked about rings and budgets before he proposed. If I had been in on the conversation I would have suggested he spend less and get a smaller center stone.
There's no hard and fast rules - it all comes down to what you can afford and to what you feel is appropriate. Now that I think about it, I think it was about 2 months worth, before taxes, or just under that. It's what he felt was appropriate, I guess.
But, I would have been just as happy with one month's worth... I think!
I voted No b/c depending on how much your FI makes, that could end up being a ridiculously large sum of money to spend on jewelry.
I just found out how much my ring cost and while it wasn't even equivalent to 1 month of HIS salary...it's still a lot of darn money for a ring.
I think whatever is reasonable for your FIs budget is what he should spend. Going into debt for jewelry is not really my thing.
We did about two months' salary after setting a budget for the ring and then shopping together. It's the ring of my dreams alright and I'm just happy we were able to afford it.
I heard that the two-month salary standard is actually a recent invention (and yes, if I remember correctly, it was by a diamond company!).
I accidentally found out how much my now-husband spent. It was more than one month's, but less than two, but he didn't even know about the "standard", he just knew what kind of diamond he wanted to buy!
We went by the amount we thought was reasonable to spend. I think 2 months' salary (and now sometimes I hear 3 months!) is an unfair expectation. It may be appropriate for some people, but it's not necessarily reasonable for everyone.
You know, I honestly have no information on how much he spent on my ring. I could probably estimate it roughly, but he went to great lengths to keep me from knowing exactly how much it cost.
We set a budget, and the ring I chose was about half of that budget- still less than 1 month's salary. I just didn't want something that expensive, just something that would hold up over time and look nice.
I think the idea of 2 or 3 month's salary is also a way to have the guy plan out his future and seriously reflect on the idea of getting engaged and eventually married, since if he is using that as a set amount, it will take him many more months to reach that amount what with bills and such.
I voted that he spent more, he spent about 3 months salary on my e-ring (after taxes)
My fiance spent almost one month's salary at the time he bought it. He went into a couple of stores with his budget and at one (a big chain here in Canada), the saleslady asked how much he makes! Then she told him it was way too little money and he had to spend 3 months. He told her she was rude and refuses to go back since. Ha! He said this was not an uncommon experience and many stores showed him rings over his budget.
He ended up buying it from Spence as they only show you diamonds within and under your budget, and allow you to peruse the store without hounding you.
As for my ideals, I still think the amount he spent was too much, and I have one of the most modest rings of all of my friends. I'm not a jewelery person and would rather the money be spent on things more important to me.
In all honesty, I would have KILLED Mr. Lemon if he had spent 2 months salary on my ring. I would have been so sad to see so much money all go into a giant piece of bling.
Instead, he completely impressed me with his shopping savvy and I was woo'ed that he didn't bend to commercial pressure.
My FH spent probably almost 2.5-3 months salary before taxes/deductions on my ring if I am computing correctly. We both are in our late 20's and have steady well paying jobs with barely any expenses besides rent so I was fine with his decision. It's also all paid off already. The carat size and quality of the stone were very important to him and we didn't get any hand-me-downs from family or anything since we're both the youngest in our families (our oldest siblings all got hand-me-down stones/rings). So the amount he spent makes sense for him/us.
I'll tell you though - sometimes I look around at work and see people with these huge 3+ carat stones and I wonder "Why are you even working if you or your husband can afford that?" Which is a little judgemental of me, but I think also an indicator that some people might spend waay too much on a ring.
I've always heard it was 3 months' salary... FI spent about 2 months' of his salary on mine and I love it! He saved for a while and was able to pay for it upfront. I'm glad he did it the way he did... I would be unhappy if he went into debt for my ring!
I think it depends on how much a month's salary is. My ring was less than a month's salary but then again my fiance' makes quite a bit and I wouldn't want a huge ring just to follow the how every many month salary rule. Just go with something you like!:)
All these "averages" are just propaganda by the diamond/jewelry industry. Just do what you guys are comfortable with. I just want one that looks good for my finger. It ended up being 1 month salary after tax, which I still consider to be a lot but I guess I'm ok with splurging a little....
R's in-laws are jewelers, and they mentioned that this "two or three months' salary" was started by one of the chain jewelry stores around Christmas one year. It was never the standard, marketing only made it that way! And frankly, I still don't think it is, I just think that now guys feel guilty when they can't spend an arm and a leg.
My ring cost a little less than a month's salary for him, but it was at cost and the diamond has been sitting around, so we got it at what the ILs paid for it when they originally bought it.
I believe FI spent a month's worth or slightly less. Truthfully, I think I would have felt horrible if he spent that much on my engagement ring.
Its funny this has come up as I have been trying to figure this out myself. My bf and I went ring shopping this passed weekend and the ring I liked cost more than my new car! My bf set a budget based on how much he's saved up and not on how much he makes. We both agreed that getting a ring is not worth getting into debt. I'd rather get something with a smaller diamond but its fully paid.
What was really interesting was that the gentlemen helping us at the jewellery store had introduced himself by saying how he's not too knowledgeable in jewellery and that he's a bartender at night and just started working at this place. After I was looking at this expensive ring he tells me how that is the ring his girlfriend wants him to buy. Goes to show that just because a girl gets a really expensive/big diamond doesn't mean that they can afford it. I ended up feeling sorry for the guy as he went on about how he'll have to get a loan to pay it off for the next few years etc.
Personally I wouldn't want my bf to go into years of debt to pay off my ring! But then, thats just me.
Mine planned on doing the 2-3 months thing, but I told him no way did I want a ring that expensive. It would just add more pressure for me not to lose it :P
my fiance spent about 2 months salary on the ring, but he doesn't make much money and he had the money saved and set aside before we even started looking.
I'd be engaged in 2012 if my SO spent two months' salary on my engagement ring! I think that's an absurd amount to expect someone to spend. I'm actually going to give him a budget with a max that would prob equal about 1/2 of a months' salary for him. He can spend more if he chooses, but I eould honestly rather he save for more important things like our wedding or a down payment on a place for us.
My FI definitely did not spend 2 months salary on my ring. He is still in school, so he doesn't really have a salary but I know he spent less than 1 month of my salary. I would have felt terrible if he would have spent any more money on my ring and I absolutely love my ring.
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