Wow! So, finally, you are committed to your relationship. What are you waiting for? Propose them now; this is a milestone you’ll certainly remember for the rest of your life.
But wait! Are you officially geared up? We mean, that engagement ring. Please don’t forget that, more than that perfect diamond shape, you should pay significant attention to your budget. Many people often overlook the fundamental details that go into the whole process of buying an engagement ring. But that’s not your fault at all. Nobody marries every day! But we strive to be your guide on how much you should spend on an engagement ring so that, financially, you feel better on your engagement day.
What is the cost of an engagement ring in London?
Nobody hates diamonds, but they definitely hate their budget. Many times, you want the moment to be amazing and memorable. Certainly, decoration and event planning can add wow-worthy elements to this first-time experience. But in the end, that shining ring is the real show stopper, which most of the time costs equal to the entire event’s cost. For instance, in London, the average cost of an engagement ring starts at £3,500 and can go up to £6,500 and above, depending on your spending power. It goes higher due to cost-adding factors, much like stones, designs, and types of rings, which might add or reduce the final price of the ring.
However, depending on the brand and the exclusivity of the diamond stone, engagement rings can readily achieve a cost of £10,500. But now the real consideration is how much you should spend on an engagement ring in London. So below, we break it down in simple words for you.
How Much Should I Spend on an Engagement Ring?
First of all, you aren’t bound by any condition that you’ll buy that flashy big diamond to marry your beloved one. If you’ve found a true-life partner, they will also be against your decision to buy a £10,500 ring while putting your life financially at risk. However, that’s a different scenario if you can afford that big diamond. But in case you want expert clarification, here’s some simple math on how much you should spend on an engagement ring.
You can go with the old-school saying “two-to-three-month salary on an engagement ring”—let’s say, you take home £3000 per month, and after eliminating monthly expenses (e.g., £1000), you save £2000. With the two-month savings, you can purchase a ring worth £4000, and with three months, you can readily purchase a ring worth £6000.
Final Thoughts
Eventually, it all comes down to your monthly savings. You can certainly combine your two-month salary to purchase that expensive diamond ring for your engagement. But while doing so, make sure you evaluate your debts, your daily expenses, and your future goals. The alternative approach would be to save a small chunk of your income every month. Let’s say £500. By the end of the year, you’ll save £6,000, which you can use to buy the symbol of love without disappointing your partner.
