How Much Money Should I Spend on an Engagement Ring?

Engagement rings can be an investment.

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.

References

• Jewelry Articles: How Much Should You Spend on an Engagement Ring?
• Professor's House: How Much Should I Spend on an Engagement Ring?
• Psychology Today: How much should one spend on an engagement rings?