Engagement Ring Budget Calculator: 7 Questions to Ask Yourself

There’s that moment in the relationship when you just know that your partner is ​the one.​Oh, what a truly beautiful feeling that is to have found someone you love so immensely that you want to marry and grow old with them. Popping the big question to your significant other is a big move and you want to make sure you sweep them off their feet, leaving no room for any answer other than a resounding yes. The biggest part of your proposal is undoubtedly going to be the ring and if you’re a noob when it comes to purchasing jewellery featuring precious gemstones then you’ve come to the right place. This Jewel Tree London blog will help you figure out the right budget you need to set for yourself when you go about making one of the most important purchases of your life. Here are 7 Questions you should ask yourself when calculating the budget for your engagement ring:

What’s Your Relationship History?

Your personal relationship history should play an important role when it comes to deciding the budget for the ring. Whether you’ve known someone for 6 months or 6 years, we believe love is love, and while the length of the relationship isn’t as important, it’s the nature of the relationship that matters. If you were friends with your partner before it evolved into a romantic relationship then there’s a deeper layer of emotional history that comes into play. Surely this person deserves a ring that is comparable in its value to the years of shared history the two of you have.

What Kind of Ring Are You Looking For?

What Kind of Ring Are You Looking For?

When visualising your big proposal, we are sure that you must be picturing that perfect ring in your hand as you pop the question to your partner. You must have at least some idea about how the ring should look like. The type of metal, the rock, the setting, the size…if all of these words are daunting then you can check out our previous blog entry on How to Choose the Perfect Engagement Ring. ​Knowing exactly which kind of ring you’re looking for will greatly help in narrowing down the price range that you need to work with.

What Are Your Partner’s Expectations?

What Are Your Partner’s Expectations?

Alright, so you know what kind of ring you would like to offer, but does it also live up to your partner’s expectations? If you have arrived at a point in the relationship where you want to propose marriage then surely you must know what the preferences of your partner are when it comes to jewellery. Are they keen on a diamond or would they prefer a different precious stone? Have they ever particularly admired a type of ring quite vocally? What does their current ring collection look like? While you’re the one buying the ring, they are the one who will be wearing it for a lifetime. Factor in their preference without fail – buying rings for women is never an easy task!

What Kind of Lifestyle Do You Lead?

Are you just a regular person round the corner with a modest run off the mill lifestyle, or are you one of those social butterflies with major clout on social media? If you and your partner want to grab eyeballs with the engagement ring then make sure you are ready to loosen your pockets a little.

What’s Your Annual Salary?

Expectations, dreams and lifestyle aside, it’s also equally important to ask the practical questions. There’s an age-old theory that says you should be spending 2 months’ salary on the ring. ​Don’t.​It might seem like easy math to simply chalk up 2 months of your salary as the ring budget, but there’s no one formula that fits all when it comes to evaluating the budget for an engagement ring. It’s a very intimate purchase that is heavily influenced by individual circumstances. Keep your annual salary in mind, factor in your annual expenses and savings and try to arrive at the maximum percentage of income you’re willing to set aside for this purchase.

Are You in Debt?

Are You in Debt?

Apart from willingness to spend, you must also ask yourself how much you can afford to spend? Take into account all your current debt and whether this ring will add to it? If you can’t afford to buy the ring you want at this time, then the best thing to do is not to buy it. Your significant other would much rather wait for the ring and have a financially stable partner rather than have a luxurious ring and bankrupt spouse! You could also opt for much cheaper ring, such as gold vermeil rings that can act as a promissory ring until you are able to afford the dream ring.

What Will Be Your Wedding Expenses?

What Will Be Your Wedding Expenses?

The engagement ring is only the first of many expenses if you and your partner desire a full-fledged wedding someday. If you plan on purchasing expensive wedding rings as well then cut back on the engagement ring’s budget. Based on your own evaluation of personal finances plus factoring in your partner’s potential financial contribution to the wedding expenses, you should be able to arrive at your possible wedding budget. Make sure that your engagement ring doesn’t put in a dent in your wedding funds.

Frequently Asked Questions

1. How much to spend on an engagement ring in the UK?

While the average cost of an engagement ring in the UK hinges around the range of £1500, most British people do not expect their partners to spend so much on the ring.

2. How much should a man spend on an engagement ring?

Irrespective of your gender, if you’re purchasing an engagement ring then you must account for all of the above factors and spend what best suits your financial capability.

3. What is the average cost spent on an engagement ring?

As outdated as the tradition might be, most people still do end up spending an amount equivalent to two months of their salary.

4. How much should I spend on an engagement ring in 2020?

We are living in the world of social distancing and virtual weddings. Since you’re likely to save on all wedding expenses, you might just as well splurge a little on the engagement ring.

5. How many carats should an engagement ring be?

The average size of most diamonds in engagement rings is one and a half carat. However, there’s no minimum carat requirement and you should choose something you can afford and fits your partner’s preferences.