Engagement Ring Calculator
Ring Budget Calculator and Engagement Ring Calculator
Are you trying to decide how much to spend on her engagement ring?
We agree! It’s a tough question!
There are so many others that struggle with the same problem.
The good news is that we’ve sold 1000’s of engagement rings to people with the same problem, and so we created a groundbreaking calculator that will let you know how much money to spend.
Engagement Ring Budget Calculator
EXCITING UPDATE: This Engagement Ring Budget Calculator has gathered quite a lot of fame across the internet. News Blaze, Evan Carmichael, Smarter Ware, and the University Chronicle have all written articles about this calculator.
Please note: This calculator generates a projected budget based on our 30+ years of experience in the market. The total budget is not a definitive scientific amount, but rather a ball-park figure. The data (without using any personal information) may be used in our engagement ring research.
How much should you spend on an engagement ring?
There are already a few payment systems that people use that determine the “traditional amount” that couples should spend on their engagement ring. These systems have been made public by the big bloggers and websites that talk about budgeting for your engagement ring.
Our calculator incorporates the positive parts of the famous budgeting schemes and rejects the parts that we feel are archaic. We have also added a lot more factors to make the calculations more accurate and personal.
General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring. See below on how we debunk this theory.
Our hope is to eliminate this current out-dated budgeting systems and instead to create a tailor-fitted budget scheme that better fits each couple and their lifestyle.
Our calculator reinvents the answer to the famous budgeting questions. Hopefully, after using our calculator, there won’t be anyone still asking, “How much am I supposed to spend on my engagement ring?“
CLICK HERE to read our research on the engagement ring statistics for the USA in 2020.
Current (and out-dated) Ring Budget Theories
Here are the popular existing budgeting theories:
- 2 months salary (and 1 and 3 months salary)
- Average cost
- Average diamond size
See below for a rundown of each system and the pros and cons.
2 Months Salary
This system also includes the 1 and 3 months salary systems.
This is probably the most popular system for calculating how much to spend for an engagement ring. We, at Estate Diamond Jewelry, strongly discourage the “2 month salary” system, but here is how it works.
If you are making $60,000 a year, for example, then your engagement ring budget is $5,000 according to the 1 month system, $10,000 according to the 2 month system, and $15,000 according to the 3 month system.
This system, started by De Beers, has become particularly unpopular after people realized that they owned most of the diamonds.
Pros: Extremely simple to calculate. After so many years of people following this system, the 2 month’s salary has become almost a tradition.
Cons: This budgeting system is too simple for the modern era. The couple’s debt and expenses don’t figure into the budgeting plan, and neither do their lifestyle choices.
What is the average cost for an engagement ring?
Based on www.theknot.com poll, the average spend for an engagement ring in 2015 was approximately $5,800. The price has probably gone up in 2017 and we estimate that the average is about $6,800.
Your financial means should determine your budget rather than a worldwide average. No one should go into debt in order to pay off their engagement ring.
Pros: Extremely simple system. You both feel that you paid a “fair” or “average” amount.
Cons: Most people fall far below or far above the average. There are couples who can’t afford to spend $4,000, and there are couples who want to spend $100,000’s. Limiting the budget to a national average is a really bad idea.
For a better understanding of the 4c’s and how they effect the price, click here.
We strongly recommend picking a budget that is tailored to your personal requirements. Using a number generated based on the entire country is not suggested.
Average size of diamond in an engagement ring
There are those who want to calculate their budget based on the size of the center diamond.
We’ve done a lot of research on this question and all of the statistics seem to have flaws, biases or a lot of guess work. Based on the research we’ve seen, we estimate that the average diamond size in the USA is 1.10 carats.
The average in the Commonwealth countries (UK, Australia, NZ and Canada) seems to be approximately 0.70 carats.
Pros: It’s a lot easier to control the budget while remaining within the couple’s budget bracket.
For example, a 1.10 carat, round, D color, flawless diamond will cost approximately $19,000 and a 1.10, round J color, SI2 clarity diamond will cost approximately $4,200. They are both 1.10 carats, but the price varies dramatically.
Cons: This system will leave a lot of people dissatisfied with their diamond. Consumers also care about clarity, cut and color. This budgeting method will greatly hamper the control on all the other details of the diamond.
What if I can’t afford to buy a ring?
The answer is really simple. If you can’t afford to buy a ring, don’t buy it. It’s that simple. The engagement ring may be a monumental item, but it’s not a good reason to go into debt.
If you can’t afford it, wait.
The rule of thumb: Buy a more affordable ring, if you can’t afford an expensive ring.
Engagement ring price brackets
Once you determine how much to spend on an engagement ring, you will need to understand the pricing brackets. Although there are many formats, below is the price bracket that we’ve categorized.
Click here for engagement rings between $1,000 and $8,000.
For engagement rings between $8,000 and $11,000, click here.
Click here for engagement rings between $11,000 and $15,000.
For engagement rings between $15,000 and $20,000, click here.
Click here for engagement rings above $20,000.
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