HOW TO BUDGET FOR AN ENGAGEMENT RING?

A ring shouldn't cost you your relationship... or your savings. Buying an engagement ring is one of those life-changing moments. And while the excitement is enormous, so is the pressure: How much should you spend? Is it enough? What if it's not "the one"? But there's one thing that isn't said enough: there's no perfect formula or "right" amount. The best budget is the one you can afford without compromising your financial stability.

Here are five tips to help you build a realistic, emotionally conscious budget tailored to your situation, regardless of your socioeconomic status.

 

1. Forget the “three months’ salary” rule

This famous rule comes from a 1930s advertising campaign created by De Beers. Over time, the idea of ​​spending one, two, or even three months' salary became popularized as a kind of "social norm."

But times have changed: today, more people prioritize experiences, joint savings, housing, or even investments.

According to The Knot 2023 Jewelry & Engagement Study , the average spend on an engagement ring in the U.S. was $6,000, but 50% of people spent less than $5,000, and 20% spent less than $1,000.

What does this mean? There's a wide variety of decisions, and no single quantity defines the value of your commitment.

 

2. Set a budget range, not an exact figure

Instead of thinking about an exact figure, it's best to have a financial comfort range. This gives you more room to compare qualities, styles, and options that fit what you can realistically afford.

Ask yourself these questions:

• How much do I currently have saved?

• How much can I continue saving in the next 3-6 months?

• Am I willing to pay in installments? With interest?

• Am I sacrificing other personal or relationship goals?

Example: You can set a range like “between $15,000 and $30,000 pesos,” and prioritize quality, design, and meaning within that spectrum.

 

3. Explore materials and options that suit your budget (and style)

There are more options today than ever before. While diamonds remain popular, many people are opting for other stones or materials that are more affordable and environmentally friendly.

Alternatives worth exploring:

• Moissanite: cheaper than diamond, visually almost identical and more brilliant.

• Sapphires, emeralds, opals or rubies: ideal if you are looking for a unique and colorful touch.

• Laboratory diamonds: cheaper and more ethical than those extracted from mines.

• Custom design with local jewelers: This can be cheaper than a big-name brand and adds extra sentimental value.

Tip: Shopping at local jewelry stores, artisan markets, or even considering vintage rings can help you find beautiful, unique, and more affordable jewelry.

4. Avoid going into debt for a single purchase

A ring shouldn't be the cause of your future financial problems. Although many retailers offer interest-free months, it's important to evaluate whether you can really afford that monthly payment without compromising your lifestyle or your savings for larger goals.

Ask yourself:

• How stable is my income?

• Am I putting off other important decisions because of this expense?

• What value do I give to the ring vs. the future I want to build with my partner?

Reminder: An amazing ring doesn't make up for financial stress. An honest conversation with your partner does.

 

5. Talk to your partner, even if you want it to be a surprise

Although the ring is traditionally expected to be a surprise, many modern couples talk openly and beforehand about topics such as marriage, life together, and, yes, money.

Talking about expectations can help you better define your ring style and budget, and avoid awkward situations or disappointments.

What if you want to keep it a surprise?

You can talk about broader topics, such as their priorities as a couple or whether they value aesthetics, sustainability, or the story behind the ring more. You can even involve close friends or family to learn about their style without ruining the moment.

It may sound strange, but many couples today have open conversations about marriage before the ring. That includes talking about money. If you know your partner values ​​a good experience, a trip, or a solid future together more, that can change how much you decide to invest in the ring. Some couples will even choose the ring together. It's more common than you think!

 

Remember that the ring is just the beginning. The most valuable thing isn't in the carats, but in the intention, communication, and awareness with which you make this decision. Designing a budget with self-love and financial responsibility is a sign of maturity... and a great way to begin this new phase.

A ring is a symbol, not a measure of love. Choosing one with financial awareness shows maturity, not scarcity. Invest in what makes sense for you as a couple—whether it's a spectacular ring or a simpler but meaningful one—and remember that commitment begins with shared decisions, including financial ones!