How Much Should You Spend On an Engagement Ring In 2022?

Today, the average American woman spends more than a month thinking about her wedding and planning her big day. However, as the cost of living continues to rise, which means everything from hotels to transportation costs, that number is expected to increase even more over the next few years. Fortunately, buying an engagement ring doesn’t have to cost an arm and a leg. That being said, there are many factors that you must take into consideration before you make your final decision on how much you want to spend on an engagement ring in the future. Read on for some useful tips on how to save money when purchasing an engagement ring in the future…

Don’t fall for the hype

It’s important to keep in mind that engagement rings are marketing tools. There’s nothing inherently wrong with this, but it can sometimes skew your decision-making process when it comes to the actual cost of the ring. After all, a diamond ring is not a diamond ring; it’s how you choose to market the ring that matters most. It’s not uncommon for retailers to inflate the price of an engagement ring by 30-50%. This is because these retailers want to get you in the store as fast as possible, so they’ll often price the ring below what it costs them to make it.

Know your budget before you start shopping

If you find yourself browsing online stores, looking at various engagement ring styles, and coming up with a price range, you’re already halfway there. Not only are you figuring out the details of your budget, but you’re also starting to get an idea of the ring you want. If you find yourself in a situation where you’re shopping with a partner or a friend, it’s a good idea to be as specific as possible. For example, you may say something like, “I was hoping to spend $5,000 on my ring. What are some popular rings that fit in this price range that you would recommend?” There’s nothing more off-putting than being vague when it comes to budget. It can make you seem indecisive, and it may even result in you walking out of the store without a ring.

Be realistic about what you can afford

Let’s say you’ve come up with a price range for engagement ring spending. Now it’s time to start narrowing down your options. There are a few things you can do to help you come up with a more realistic price range. First, you can take a look at your credit report to see if you have any items on the credit report that will affect the price range. For example, you may be surprised to find out that you have a collection on your credit report that is affecting your price range. Second, you may also want to check to see if there are any factors in place that are affecting the price range. For example, if the cost of living has gone up substantially in your area, you may have to adjust your price range accordingly.


How to set a budget for an engagement ring

When it comes to setting a budget for an engagement ring, there’s a lot of advice out there that tells you to buy the cheapest ring you can find. While this may have worked in the past, it’s not going to work in the future. With the cost of living continuing to rise and the cost of luxury goods increasing, it’s important to be realistic about how much you can afford. After all, an engagement ring is not a daily expense; it’s a once-in-a-lifetime purchase. It’s important to remember that the most important thing is what the ring represents. What does the ring mean to you and your partner? You’re going to want to set a budget that allows you to purchase an engagement ring that represents both of your personalities and is still within your budget.

Read more: 10 Best Expense Tracking Apps for a Budget-Minded Lifestyle 2022

How much does the average person spend on an engagement ring?

According to a recent survey, the average engagement ring cost is somewhere between $5,000 and $10,000. While this may vary depending on the couple’s income and other factors, it’s a good starting point. In addition, it’s important to remember that your ring is not going to be the only thing that your partner sees on the day they walk down the aisle. Depending on your partner’s taste, you may want to get something that’s less expensive than what you have in mind. On the other hand, it may be important to you that your partner spends as much as possible on the day you walk down the aisle.

Read more: The Best Way To Finance Your Car for Beginners


Should you shop for an engagement ring together?

If you’re thinking about buying your partner an engagement ring, the first thing you need to ask yourself is, should you shop for it together? If you don’t have a clue where to start or how to even begin looking for the perfect ring, then you should probably avoid doing it alone. After all, it’s not something that most people buy on a whim. It’ll be with her forever, which means it needs to be special and memorable.
The right engagement ring can make any woman feel like a princess, so why not make her feel even more special than she already does? According to experts and some couples who have gone through this process before you, buying an engagement ring together is one of the best ways to do just that.



Engagement rings are not necessities. They are luxuries, and you should set a specific budget before visiting a jeweler or shop with your partner. Moreover, you should not fall for the hype and the marketing behind engagement rings.

Shop nowGo to James Allen, our recommended online jeweler »

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