Engagement Ring Calculator - How Much Should You Spend?

Are you trying to decide how much to spend on her engagement ring? In this article, we present our groundbreaking calculator that will let you know what to set as your engagement ring budget.

Click to skip below to read Benjamim Khordipour’s advice on how much to spend on an engagement ring.

Engagement Ring Budget Calculator

This Engagement Ring Budget Calculator has gained considerable fame on the internet. News Blaze, Evan Carmichael, Smarter Ware, and the University Chronicle have all written articles about it.

▶ Engagement Ring Disclaimer

Please note: This calculator generates a projected budget based on our 40+ years of experience in the market. The total budget is not a definitive scientific amount but a ballpark figure. Some of the information that you provide may be used for the data for our engagement ring market research.

How Much Should You Spend on an Engagement Ring?

Many people think you should spend at least two months’ salary on an engagement ring. For example, if you earn $60,000 a year, that would mean spending $10,000 on the ring. But we don’t believe that rule makes sense. And we’ll explain why below.

Over time, a few popular “rules” have popped up about how much couples should spend on an engagement ring. These ideas are often promoted by major jewelry websites and bloggers, but they aren’t always realistic or helpful. Here are the 4 most common ring budgeting systems:

1. 2 Months Salary Budget (Most Popular)
2. Average Cost Budget
3. Average-Sized Diamond Budget
4. Engagement Ring Calculator (Recommended Method)

1. Two Months Salary on Engagement Ring

The “Two-Month Salary Rule” suggests spending two months of your income on an engagement ring. For example, if you earn $45,000 a year, this rule says you should spend $7,500.

This is the most widely known approach, but at Estate Diamond Jewelry, we don’t recommend it. It completely ignores key factors like your savings, debts, lifestyle, and long-term financial goals.

Pros:– The two-month rule is easy to calculate.– It feels traditional.– It can help justify a lower spend for someone with modest income but strong assets.

Cons:– The two-month rules doesn’t factor important information like the couple’s current personal financial situations.– It also creates unnecessary pressure to meet an arbitrary spending target.

Bottom line: An engagement ring should reflect your love and your genuine financial standing, not a predetermined formula. Choose a ring based on what’s meaningful, comfortable, and financially smart for you.

Did you know: The “two-month rule” was invented by a diamond advertising campaign in the 1980s.

2. Spending the Average Cost on Ring

Based on our independent research, the average spend for an engagement ring so far in 2026 is approximately $6,280. Many factors have caused the price to rise in the past few years, but that is approximately where it currently holds.

For those who base their budget on the national average, they’d be shopping and trying to keep their budget close to $6,200.

After the Two-Month Rule mentioned above, this system is without a doubt the second most popular method.

Your financial means should determine your budget rather than a worldwide average. No one should go into debt in order to pay off their engagement ring.

Pros: This is an extremely simple system. You will both feel that you got an engagement ring that is not below standards.

Cons: Most couples can not realistically afford to spend $6000 on a ring. Spending the average amount on an engagement ring will financially cripple couples for years. On the flip side, some couples would like to splurge on a beautiful, expensive ring and will feel stifled by the national average budget.

Summary: We strongly recommend picking a budget tailored to your personal requirements. Using a number generated based on the entire country is not suggested.

3. Purchasing the Average-Sized Diamond

There are those who want to calculate their budget based on the national average carat weight of the center diamond.

Based on our independent research, the average diamond size for shoppers in the USA is a little over 1.10 carats.

The average in the Commonwealth countries (UK, Australia, NZ, and Canada) seems to be approximately 0.70 carats.

Pros: It’s much easier to control the budget while remaining within the couple’s budget bracket.

For example, a 1.10-carat round, D color, flawless diamond will cost approximately $19,000, and a 1.10-carat round J color, SI2 clarity diamond will cost approximately $4,200. Although they are both 1.10 carats, the price varies dramatically.

Cons: This system will leave many people dissatisfied with their diamonds. Consumers also care about clarity, cut, and color. This budgeting method will greatly hamper the control of all the other details of the diamond.

Summary: This system doesn’t enable one to control how much they’re spending.

4. Engagement Ring Calculator

Our calculator (above) incorporates the positive parts of the famous budgeting schemes and rejects the parts that we feel are archaic. We have also added many more factors to make the calculations more accurate and personal.

Our hope is to eliminate this current out-dated budgeting systems and instead to create a tailor-fitted budget scheme that better fits each couple and their lifestyle.

Our calculator reinvents the answer to the famous budgeting questions. Hopefully, after using our calculator, no one will still ask, “How much am I supposed to spend on my engagement ring?”

CLICK HERE to read our research on the engagement ring statistics for the USA in 2024.

What if I can’t afford to buy a ring?

If you can’t afford to buy a ring, don’t buy it. It’s that simple. The engagement ring may be a monumental item, but it’s not a good enough reason to go into debt. You can still propose without a ring.

Additionally, if you can’t afford to buy “your dream ring”, but you can afford to buy a cheaper diamond ring, just stick with what you can afford. There will always be plenty of time to upgrade your ring at a later date.

Summary: Don’t go into debt because of an engagement ring!

Benjamin’s Tips to Keep Within Your Engagement Ring Budget

Here are a few simple tips from Benjamin Khordipour that could help bring down your prices and ensure that you keep within your ring budget. Some of these are obvious, but based on our experience, some of them are not known at all!

1. Negotiate with the jeweler for a discount. You’d be surprised how much money one can save by simply asking for a better price from the jeweler. If you politely request a discount, you will usually get a discount. Read our complete guide on how to negotiate with a jeweler.
2. Don’t reveal your budget immediately. Instead of telling the jeweler your exact budget immediately, give them a budget range. This prevents them from showing you rings just at the top of your budget, giving you a lower cost down the road.
3. Buy a diamond at the bottom of a price bracket. Prices can jump significantly at certain carat weights (e.g., 1.00-carats or 1.50-carats). By choosing a diamond under these popular weights, like 1.49 instead of 1.51 carats, you can save a a lot of money without a noticeable difference in size.
4. Search for promo codes online. Before making a purchase, look for any available promo codes or discounts online. Many jewelers offer promotional discounts that can be applied at checkout.
5. Buy during the shopping seasons. Jewelers often run significant promotions throughout the year. Plan your purchase around these times to take advantage of big savings.
6. Compromise on diamond color and clarity. While still ensuring the diamond looks good to the naked eye, choosing slightly lower grades in color and clarity can lead to substantial savings without compromising the gem’s beauty.

“The excitement during the hunt to find the perfect ring can be very strong,” says Michael Khordipour, “but it’s crucial to keep to your budget and not go over it.”

Engagement Ring Price Brackets

Once you determine how much to spend on an engagement ring, you must understand the pricing brackets. Although there are many formats, we’ve categorized the price bracket below.

Click here for engagement rings between $1,000 and $8,000.

For engagement rings between $8,000 and $11,000, click here.

Click here for engagement rings between $11,000 and $15,000.

For engagement rings between $15,000 and $20,000, click here.

Click here for engagement rings above $20,000.

Consult with a Jewelry Expert

Are you ready to start the process of buying an engagement ring? We can help.

Contact us and we will respond within 1 business hour.

Add Calculator to Your Website

Do you want to add the ring budget calculator to your website? Copy this HTML code:

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