How Much Money Should I Spend on an Engagement Ring?

  1. Diamonds Are Forever.

    • Most engagement rings are set with diamonds, which are expensive. Many believe you should spend 2 to 3 months' salary on a ring. This idea started with the diamond company De Beers in 1947 and has stuck with men since. Women wear their engagement rings every day, making them a large investment.

    Weddings Are Expensive.

    • Weddings typically cost several thousand dollars and occur a year or two after the proposal. If men spend too much money on the engagement ring, it may be difficult to pay for the wedding and honeymoon. Many couples also need money to purchase a house and have children once they are married.

    Bottom Line

    • Men should spend however much they are comfortable with on an engagement ring. It is important to find a good quality ring, but it shouldn't leave anyone broke.

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  • Photo Credit engagement ring image by jimcox40 from Fotolia.com

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