How to Set an Engagement
Ring Budget

How to Set an Engagement Ring Budget

An illustration of an engagement ring with a price tag attached
 
 
While you can't put a price on love, buying an engagement ring is about as close as you can get. But figuring out how much to spend on an engagement ring can be a tricky matter. Luckily, Shane Co. is here to help guide you along your engagement ring buying journey.
 
 
Average Engagement Ring Cost
Average Engagement Ring Cost
To get an idea of how much to spend on an engagement ring, we can start by looking at the average cost. According to a study done by The Knot in 2020, the average couple spends around $5,500 on an engagement ring. While this average price varies slightly depending on where you live, it's good to know how much most people are looking to spend before you start working out your own finances.
A good rule of thumb is to decide on a budget before you begin shopping for engagement rings. This way, you won't be looking at rings that are completely beyond or less than what you're willing to spend. You can learn more about starting the engagement ring buying process by checking out our Engagement Ring Buying Guide.
 
 
Setting an Engagement Ring Budget
Setting an Engagement Ring Budget
There are a few ways to go about setting a budget for your engagement ring. First things first: Take stock of your financial state. While an engagement ring is an important and symbolic purchase, you don't want to put yourself into an absurd amount of debt in order to pay for the ring. We recommend taking an inventory of your:
  • Current income
  • Expenses
  • Savings
  • Upcoming financial growth potential (such as a side business or salary raise)
From there, you can prioritize which part of the engagement ring you plan to spend the most money on: the stone or the setting. For example, if your partner has their eye on an expensive diamond, it may be worth it to focus on a simpler setting.
Once you've figured out how much you'd like to spend, Shane Co. also offers financing options, such as our Shane Co. Credit Card and layaway, to make the process of purchasing your ring that much easier.
 
 
How to Cut Engagement Ring Costs
How to Cut Engagement Ring Costs
There are a few ways to approach buying an engagement ring so that you don’t have to break the bank to find the perfect ring.
Decide on a diamond alternative: Choosing a colorful sapphire or ruby, instead of a diamond center stone, can open up a lot of cost-friendly options with the same amount of beauty.
Prioritize the 4Cs: The 4Cs (carat, cut, clarity, and color) are characteristics of your diamond that will significantly alter the price. We recommend figuring out which of the 4Cs you want to prioritize before starting to shop.
Cut down on carat size: Did you know that buying a diamond that is exactly 1 carat can be much more expensive than one that’s slightly shy of 1 carat? It’s true! Opt for a little under — you’ll hardly tell the difference in size.
Take advantage of our upgrade policy: Our best-in-class upgrade policy means you’ll get the full value of your stone if and when you decide to upgrade. So even if you can’t get the 2-carat diamond you’d like, you can always upgrade later on (psst — it makes a great anniversary gift!).
 
 
Engagement Ring Budget Buddy
Engagement Ring Budget Buddy
Once you’ve decided how much you’re looking to spend, it can still be difficult to find rings that fit your budget. Luckily, our Budget Buddy tool can help you shop setting and diamond combinations within your price range. Just enter your total budget, pick your preferences for center stone type, metal type, and style type, and Budget Buddy will only show you ring settings and stones that fit your needs.
While it will automatically adjust for a percentage of your budget to go toward the center stone and the remainder for the setting, you can change these ratios to fit your preferences. You can also chat with one of our expert jewelry consultants for help.
Once you’ve explored engagement rings on Budget Buddy, you can either continue your shopping journey online and take advantage of our fast and free shipping, or come visit us in-store. Save the rings you love on your Favorites page, or bring photos to help your Shane Co. jewelry consultant match you with the perfect ring.
 
 
Engagement Ring Cost Myths
Engagement Ring Cost Myths
There are many myths surrounding engagement ring cost that may surprise or scare you. Thankfully, it’s easy to separate truth from fiction when working with a trusted jeweler like Shane Co.
The Three Months’ Salary Rule: The idea that you need to spend three (or two, or four) months’ salary is not a true rule when it comes to setting a budget for your engagement ring. It depends entirely on your personal choice, so don’t let this well-known myth fool you.
Ring Quality Myths: One of the biggest mistakes you can make when shopping for an engagement ring is to sacrifice quality for price. While you may be able to find a “cheaper” diamond with the same 4Cs or a less expensive setting at another store, you should always shop with a brand you can trust to only sell the highest-quality diamonds.
Sacrificing quality for price means you may end up paying more in the long run — such as having to pay later to fix your engagement ring or paying extra for a warranty that doesn’t cover all the potential damages that could occur. At Shane Co., we always offer a Free Lifetime Warranty that protects your engagement ring.