The question of how much to spend on an engagement ring is one that’s been debated for decades. While the old “three months’ salary” rule might still linger in some minds, the truth is, there’s no one size fits all answer. In this guide, we’ll help you set a realistic budget for your engagement ring, so you can focus on what really matters—celebrating your love.
1. Forget the Rules
The “three months’ salary” rule is outdated and unnecessary. This is an old marketing spin that was cleverly devised to play on women’s need for financial assurance during a time when societal structures meant they were entirely dependent on a man’s ability to provide for them and any future children. Back then, the ring was a demonstration of a man’s ability as a financial provider. Thankfully society has progressed a bit and women are now financially independent and couples are much more likely to be setting budgets and managing savings and financial planning together, often prioritising things like buying a house before buying a ring.
Set a Budget That Works for You
Consider your financial situation and longterm goals. In Ireland, couples spend on average €3,800 on an engagement ring, but everyone’s financial priorities are different at different times of their lives. Diamonds and fine jewellery can also become mindbogglingly expensive very quickly, so when the time is right to buy the ring, set your budget before you start looking to make sure you don’t set back any other important goals.
Prioritise What Matters Most
Focus on the 4 Cs (Cut, Clarity, Colour, Carat) and choose a balance that fits your budget. For example, a smaller diamond with an excellent cut and colour can look much more beautiful than a larger diamond with a lower cut grade. At Chupi, all our diamonds are sourced to balance the highest quality of 4Cs with the best value available and when it comes to natural diamonds we offer bespoke diamond sourcing to suit your budget and needs.
Explore Financing Options
Many jewellers, including Chupi, offer payment plans using services like Humm or Klarna to make your dream ring more affordable over time.
Remember, your engagement ring is a symbol of your love, not a measure of your bank account. At Chupi, we’re here to help you find a ring that’s as beautiful as your love story, no matter your budget.
