How Much Should You Spend on an Engagement Ring?

You've made the decision to propose - yay! Along with deciding how to propose, the next important decision to be made is how much to spend on an engagement ring, before you commit to buying an engagement ring.

To be completely transparent, because that's who we are at Hitched, we can't give you a rule, calculator, or one-size-fits-all answer on how much you should spend on your engagement ring because, honestly, it just doesn't exist.

In a recent Instagram poll* we asked our users how much their engagement rings cost, the answers varied greatly, showing that engagement ring spending is subjective.

In our poll, 41% of users had an engagement ring that cost less than £2,000, over a third wore an engagement ring which cost between £2,000 and £4,000, and nearly a quarter claimed to have an engagement ring that cost more than £4,000.

• How much should an engagement ring cost?
• What is the three month rule?
• How to budget for an engagement ring
• Engagement ring myths

The good news is the expectations for how much our users expected their partner to spend on their wedding weren't far off with over half of them voting for under £2,000 and just over 1 in 4 users  expecting their partner to spend over £3,000. 

So much of the budget for an engagement ring depends on external factors, from your salary and financial commitments to the type of ring you want to buy and how long you plan to save before you propose.

Whilst the cost of buying an engagement ring will vary from person to person, our advice and guide on how much to spend on an engagement ring should help you get one step closer to deciding on what the magic number is for you. Here, we'll cover:

How Much to Spend on an Engagement Ring

There are so many different rules and approaches to how much you should spend on an engagement ring, from the traditional rule and the national average to expert advice and alternative options.

Without having one blanket rule for everyone, we suggest you read on to consider all of the options before deciding on how much an engagement ring should cost you. Ultimately, the most important thing is not to spend beyond your means. Remember why you're getting engaged - it's to spend the rest of your life with someone you love, not to bankrupt yourself!

If you're looking at your options the table below will give you a rough idea of what you can get for your money. 

Should you spend three months' salary on a wedding ring?

You’ve probably heard the phrase ‘three months' salary’ bandied about quite a lot, and while some people still use this as a guideline it's definitely not a rule most couples go by.

It was actually created as the result of an advertising drive from luxury diamond retailer De Beers – who obviously had a vested interest in parting consumers from their hard-earned cash. 

In the 1930s, they put out a campaign encouraging people to spend a single months' salary, which increased to two months in the 1980s. This was followed by ads which eventually led to the contemporary three-month figure.

It’s become a mantra that many still choose to follow to this day – but there’s absolutely no obligation to fall in line or even pose the question of "How many months' salary for an engagement ring?"

Considering that the average salary in the UK today is around £722 per week (or around £2,888 per month according to ONS data), that would put a typical engagement ring budget at £8,664. You can find thousands of stunning designs for far less, so don’t panic if three months' worth of salary is too much for you - less than a quarter of the couples we polled had a ring that even came close to this.

It's also worth being realistic about things - being an adult is accompanied by so many fun things like mortgage and rent payments, bills, food shops, and all the other lovely and exciting things we need to survive. So, if you know there are more important things to spend your hard-earned money on, don't feel pressured to follow this outdated rule. 

Things to Consider When Buying an Engagement Ring

As we've already highlighted, engagement ring prices vary massively, so beyond the price point, what other elements are important to consider? Well, according to Kate Earlam-Charnley, Design Director at Taylor & Hart, there are a few key things to consider: 

• What you feel comfortable spending, without spiralling into financial stress.
• What your partner values and expects. Some people prefer minimal simplicity over an extravagant price.
• Whether you’re navigating this together. Many couples now talk openly about budgets, priorities, and what feels right for them.

How to Save Money on an Engagement Ring

Finding the perfect engagement ring doesn't have to mean stretching your budget beyond its limits. Here, Kate shares her top savvy strategies for saving money on an engagement ring without compromising on beauty or significance.

Prioritise the Cut

"You can go slightly lower on clarity or colour, within what still looks beautiful, while keeping cut quality high. A beautifully cut stone will sparkle more than a larger stone with subpar proportions. It’s also important to note that this is only the case for round diamonds. Other shapes aren’t graded on cut."

Explore Alternatives 

"Exploring alternatives including lab grown diamonds will give you access to bigger stones for a fraction of the price of natural diamonds. You can also consider shapes like oval, emerald, or cushion may
appear larger than they are and cost less per carat weight than a round cut."

Don't Be Afraid to Ask Questions 

"A great jeweller will patiently explain your options and the impact of each design decision so that you’re feeling reassured. You should also buy from makers who include aftercare, like us. Cleaning, polishing, and resizing. These services are recurring throughout the lifespan of your ring and add ongoing value."

Buying a Temporary Engagement Ring

Ever heard of a proposal ring? If not, it’s a concept you might want to consider – a temporary placeholder engagement ring that you get down on one knee with when you pop the question and then replace with a permanent engagement ring that you select with your other half’s input.

Having your partner's input on the ring is not only helpful for the style and design, but knowing how much they think an engagement ring should cost can be a great insight, too. Imagine you spent a fortune on a ring, only to have them wish the money had been saved for the wedding or honeymoon.  

Cubic zirconia replicas of diamond engagement rings can start from as little as £20, allowing nervous proposers to pop the question to their other half with a beautiful ring but without the worry of spending on something not to their taste. 

Proposal rings usually cost less than £50, so they are a great low-outlay option if you have no idea what type of ring your partner would like. It saves you from having to ask them and spoil the surprise you’re planning. Some jewellers will even redeem the cost of the temporary band against the real engagement ring if you buy it with them, and they still allow you to keep the original as a memento. 

Engagement Ring Spend Myths Busted

As you decide how much to spend on an engagement ring, it's important to have all of the correct, accurate information to help you make this important decision. There are a lot of myths out there and rules that are super outdated. Here, we bust some of the most common myths surrounding how much you should spend on an engagement ring and what affects the average ring cost.

1. You Can't Buy an Engagement Ring Online

This is well and truly a myth. In fact, there have never been more options to buy an engagement ring online than there are today, and it isn't the 'off the rack' process one may assume it is. There are a number of online engagement ring designer tools where you can select and design almost every aspect of your engagement ring without having to leave the house.

If you're nervous about spending a lot of money on an engagement ring online, why not visit a store in person to view the ring you're after? Look at a few in person until you're really sure what you want. 

2. The Bigger, the Better

Bigger doesn't always mean better quality, and you cannot determine the quality of an engagement ring or diamond based on size alone. There are lots of different options when it comes to buying an engagement ring and the quality of a diamond often has little to do with the size. 

One big solitaire diamond is usually cheaper than lots of smaller stones, and experts say that the cut of a stone is the most important. If the cut is good, you can afford to be more flexible on the other ‘four C’s’ (that’s colour, clarity and carat).

Because of the four C's, you can actually secure a larger diamond with some impurities (completely invisible to the naked eye) for much less than a perfect diamond of a smaller size. Remember that if you can’t tell the difference between two diamonds of differing quality, most other people won’t be able to either – as long as your fiancée loves it, does it really matter? 

3. You Must Spend Three Months Salary

As we mentioned above, the traditional rule of spending three months' salary on an engagement ring is one of those wedding traditions you can definitely skip. "OK, well, how many months' salary should be spent on an engagement ring?" We hear you say. Again, there is no set answer, but we've made it pretty clear now that what you spend on an engagement ring should be what you can afford and what you want to spend - no other factors need to play a role.

For some, the equivalent of three months' salary is an affordable amount to spend on an engagement ring, for others it isn't, and for some, it's merely not what they want to spend on one. You can consider that myth well and truly busted. 

4. Bespoke is More Expensive

Whilst going bespoke can be more expensive than buying an already-made engagement ring, that isn't always the case. There are deals to be had when it comes to buying loose diamonds and designing an engagement ring yourself. You can buy loose diamonds for a matter of hundreds and then pay a jeweller to turn them into the engagement ring of your partner's dreams.

If you want to cut some of the work out of the process, you can use an online engagement ring designer to select the specific diamond you want, the setting and the band you like and the company will then make it for you and deliver it. 

Alternatively, you can propose with the loose diamond alone and then design the engagement ring together - this is a great way to spread out the engagement ring spend and also guarantees a design your partner loves. 

5. It Has to Be a Diamond

Engagement rings come in different shapes, cuts sizes and styles, and there are plenty of amazing options outside of just diamonds. Your engagement ring can be made up of sapphires, opals, rubies, emeralds or no stone at all - it is completely down to you and will also depend on what your partner's style is. If they're not a diamond sort of person, you absolutely don't need to buy a diamond ring. 

Not only are vintage rings much more likely to be unique and sentimental, because of their pre-loved status, they typically cost less too. Tracking the perfect one down requires a little more research and effort, but the right ring will absolutely be worth the work.

More Engagement Ring FAQs

Still got questions? We spoke to the Design Director at Taylor & Hart, Kate Earlam-Charnley, to get you expert answers more of your most asked questions...

How much does the average engagement ring cost?

"This is a question that’s loaded with nuance. In the UK today, many people cite an average engagement ring price of around £1,500 to £2,000 which reflects more general market figures. We tend to see our couples gravitating toward the £3,000 to £3,500 mark. Our pricing factors in stringently procured materials, in-house craftsmanship, hand finishing, and the attention and curation that goes into each made-to-order creation.

"There’s merit in both ends of the spectrum and even more premium offerings than ours. An entry level ring can still be beautiful and meaningful; a more premium one might give you the brand tick of approval or will allow you the extra room to finesse details, materials, or custom touches."

What factors influence the price of engagement rings?

"There are lots of moving parts that influence the price of an engagement ring, but the good news is, it’s all about balance. By deciding what matters most to you, you can prioritise those elements and let the others flex to keep things comfortable." Here are the main price influencers:

Diamond or Gemstone Quality & Cut

"The cut and symmetry drive sparkle more than anything else. Shape also plays a role: round stones usually cost more, as they result in the most waste at the cutting stage, while fancy shapes like ovals or cushions can give you more presence for your budget. Colour, clarity, and carat weight round out the classic “4Cs” that shift price."

Halo, Side Stones, Pavé and Additional Detailing

"Extra sparkle from halos, pavé bands or side stones adds cost, both in the stones themselves and the labour of setting them. Designers can use smaller accent stones to achieve big impact without a big spend."

Metal and Setting Complexity

"Platinum tends to be a little pricier than gold, although gold has been susceptible to drastic shifts in price over the past few months. Both metals are very durable and relatively low-maintenance. Complex settings (think filigree or hidden details) require more time and skill, which adds to the final price."

Now you know how much to spend on an engagement ring, it's time to start planning how to propose. We have some of the best proposal locations for you to browse here!

*Informal Instagram poll of 2,680 users on 1/10/25.