If you like it you should put a ring on it, right? Well, at least according to Beyoncé you should. Unfortunately, not everyone’s bank account looks like Beyoncé’s, so putting a ring on the finger of the person you love might seem like it’s going to cost a lot. But just how much do engagement rings cost? Well, there really is no straight-forward answer. In order to find the perfect engagement ring, you have to examine what qualities are important for you and/or your partner for cut, carat, color, and clarity. All of these factors directly affect the total price of the ring you choose.

The Ultimate Question: How Much Do Engagement Rings Cost?

It’s no secret- tying the knot can be expensive. From location and venue, to food and drinks, to wedding apparel and everything in between, you can rack up thousands of dollars in expenses for a wedding. And that’s all after you’ve made the most important purchase of all– the engagement ring! So how do you budget for the ring when all of the wedding planning hasn’t even started?!

Just as with any other significant purchase, it may be difficult to come up with the total price all at once. There are many options to finance the engagement ring to make it an easier purchase, including low monthly payments or no-interest financing. Here, we’ll take a look at the average cost of an engagement ring, myths regarding how much you should spend, and different ways to find affordable options.

What is the average engagement ring cost?

According to The Knot’s 2017 Jewelry & Engagement Study, the average engagement ring cost was $6,351. In 2011, the average cost was $5,095. That’s more than a 20% increase in just a few years. Clearly, diamonds aren’t getting any cheaper, so this number will just keep growing. When you find yourself asking, “How much do engagement rings cost?”, you’ll find there is no set answer as it’s constantly fluctuating.

However, some companies will try to trick you into believing there is a specific amount you should be spending. Let’s take a look at two of the most common “rules” you’ll come across when shopping for the love of your life’s dream ring.

Engagement Ring Rules

The Salary Rule

We’ve all heard the saying that you should spend two to three month’s salary on an engagement ring. The “salary rule” began with a diamond marketing campaign, intended to get you to spend more money on a diamond ring. But it’s too simplistic to be used in all circumstances. If your annual income is $50K, then you’re making a little more than 4 thousand dollars a month. According to this rule, you should be spending $8,000 to $12,500 on your future spouse’s engagement ring.  Depending on your other expenses, that can appear to be quite a bit of money.

Engagement Ring Calculators

Yes, engagement ring calculators are an actual thing. These online calculators take into account your annual income, your lifestyle, any existing debt you’ve accrued, and quite a few other factors. They may sound like useful tools, but once you actually use one you’ll see how ridiculous they are. At first, you’ll answer questions about your income and expenses. That makes sense. But once you get a little deeper into the calculation, it starts to seem like a joke. Did this site really just ask you to rate your significant others’ appearance in order to determine how much to spend on an engagement ring? Yes, yes it did. Oh, and they also want to know if she’s good in the kitchen. How vain and ludicrous!

We went ahead and tried it out anyway just to see what the result would be. Sticking to our original example, if you’re making $50K a year the calculator we used suggests you spend $1,000 on a diamond engagement ring. Now, we’re not sure how you feel, but if you’re making $50K a year, you should probably spend a little bit more than that on the ring your future spouse will wear for the rest of her life.

Ultimately, you shouldn’t let anyone or anything tell you how much to spend on an engagement ring. It’s your money and your relationship. You know better than anyone else. If you have the money to splurge on a pricier engagement ring, then by all means go right ahead! But if you don’t, there are certainly other ways to find affordable engagement rings.

Tips for Finding Affordable Engagement Rings

• Choose a smaller carat diamond– can you tell the difference between a 0.95 carat diamond and a 1.00 carat diamond? We didn’t think so. To the naked eye, these two carat weights will appear to be identical. But the difference between the price tags can be astonishing! Save yourself some money by giving up a fraction of the carat size.
• Focus more on cut and less on color and clarity– the cut of a diamond is what makes the stone sparkle. A well cut diamond will sparkle and shine like nothing you’ve ever seen before; a poorly cut diamond will appear dull and unappealing. On the other hand, it’s often difficult to distinguish between a Very, Very Slightly Included (VVS₁ or VVS₂) and Slightly Included (SI₁ or SI₂) diamond with the naked eye. Look for a diamond that is “eye clean”- the slight inclusions won’t be visible without magnification. The same goes for color. A near colorless diamond looks very similar to a colorless diamond, but the price difference is considerable. Talk to your jeweler about these little techniques you can use to help you save money when purchasing an engagement ring.
• Opt for diamond alternatives– diamond alternatives, like moissanite and cubic zirconia, are much more affordable than the real deal. They don’t look exactly like the real thing, but they can still look pretty. (But don’t ever fib and tell your fiancé that it’s a real diamond – that lie will always come back to bite you!) Or maybe your significant other desires something more alternative, like a colored gemstone. Sapphire engagement rings are very popular choices right now, and typically don’t cost as much as diamond, although their price varies with quality too.

Our Final Word on Engagement Ring Prices

The next time you find yourself wondering, “How much do engagement rings cost?”, change that question to, “How much can I afford to spend?” Our best advice? Spend the amount that feels right to you. Explore financing options (we have several at Leo’s). Find a happy medium between your partner’s expectations and your financial situation. When you’ve found the right person, they won’t care how much you spent on the ring- it’s all about what the ring means. The sentiment behind an engagement ring is priceless.