Lyla Dejesus
There are many traditions and rules of etiquette associated with weddings, one of the most well-known being how many months' salary one should spend on an engagement ring. The “three months' salary” rule suggests that a buyer should put three months of their salary toward an engagement ring for their future spouse. However, this rule has been criticised as outdated and not rooted in any logic, with wedding experts suggesting it is acceptable to disregard it. The average cost of an engagement ring in the US is around $5,500 to $6,280, but this varies depending on factors such as the type of stone and metal used.
| Characteristics | Values |
|---|---|
| Number of months' salary spent on a wedding ring | 2 months or 3 months |
| Average cost of an engagement ring in the US | $5,500 or $6,280 |
| Average cost of a wedding in the US | $30,000 |
| Average down payment on a house in the US | $10,300 |
| Average debt balance of Americans with student loans | $37,574.3 |
| Factors that influence the cost of a ring | Center stone shape and carat weight, metal, and setting |
| Tips for budgeting for a ring | Discuss a range with the jeweler, buy a diamond at the bottom of a bracket, search for promo codes, buy during shopping seasons, compromise on diamond color and clarity, buy a lab-grown diamond |
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What You'll Learn
The three-month rule
Over time, this rule evolved, and by the 1980s, De Beers updated their campaign to suggest spending two months' salary, which eventually turned into three months. This iconic campaign, with the tagline "A Diamond Is Forever," successfully linked engagement rings to diamonds and established a pricing guideline that was widely accepted.
However, in today's economic climate, many people find the three-month rule unrealistic and outdated. According to a Bank of America survey, 61% of people believe this traditional guideline is not feasible in the current economy. Experts agree that the rule can be disregarded, and couples should create a budget that aligns with their financial situation and priorities.
When considering an engagement ring budget, it's essential to think about your goals, budget, and lifestyle. Instead of focusing solely on the cost, prioritize finding a ring that aligns with your partner's taste and values. There are ways to find a beautiful ring within your budget, such as opting for lab-grown diamonds, choosing unique designs, or shopping during promotions.
While the three-month rule may have been a standard in the past, it is not a hard-and-fast rule today. Couples should feel free to allocate their finances according to their means and not feel pressured to spend a substantial portion of their savings on an engagement ring.
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Diamond engagement rings
The idea that an engagement ring should cost three months' salary can be traced back to a De Beers marketing campaign from the 1930s. At the time, the diamond industry was struggling due to the financial strain caused by the Great Depression. De Beers' campaign aimed to increase diamond sales by promoting the idea that diamond engagement rings were a true symbol of love, and that buyers should spend one month's salary on a ring. By the end of the 20th century, about 80% of engagement rings included diamonds, and the expected spend had increased to two or three months' salary.
Today, the three-month rule is still sometimes used as a general guideline for how much to spend on an engagement ring. However, it is not necessary to follow this rule so literally. The average cost of an engagement ring in the US is around $5,500 to $6,280, but this varies depending on factors such as the centre stone shape and carat weight, the type of metal, and the setting. It is possible to find beautiful diamond engagement rings to suit a range of budgets. For example, some people opt for lab-grown diamonds, which tend to be cheaper than natural diamonds. Others choose to buy second-hand rings, or to shop during sales or at cheaper retailers.
If you are unsure how much to budget for an engagement ring, it can be helpful to make an appointment with a jeweller to discuss your options. It is important to set a budget that you feel comfortable with, rather than going into debt to buy a ring. You can also save money by buying a diamond just below a popular carat weight, as prices can jump significantly at certain weights. For example, choosing a diamond of 1.49 carats instead of 1.51 carats can save you a lot of money, without making much difference to the appearance of the ring.
Ultimately, the most important thing is to find a ring that you or your partner will love, and that you can afford without causing financial worry.
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Average cost of a ring
The "three-months' salary" rule is a well-known tradition that has been around for centuries. This rule can be traced back to the 1930s when, during the Great Depression, diamond sales took a hit due to the financial strain faced by US citizens. The leading diamond retailer at the time, De Beers, launched a marketing campaign that aimed to increase the sale of diamond engagement rings. The campaign claimed that diamond engagement rings were a symbol of true love and that buyers should spend one month's salary on the purchase. Over time, this number increased to two months and eventually three.
According to The Knot's 2023 Real Weddings Study, the average amount spent on an engagement ring in 2023 was $5,500. This number rose to $6,280 in 2025. However, it's important to note that this is just an average, and the price of a ring can vary depending on factors such as the center stone shape, carat weight, metal type, gemstone, and setting. For example, a ring with a platinum band, a natural diamond, and a custom design will be much more expensive than a lab-grown diamond with no customization.
The cost of a wedding ring also depends on similar factors, such as the metal type, gemstone, and design. Wedding bands tend to be simpler and less expensive than engagement rings, often without the large diamonds or other gemstones. On average, men's wedding bands cost around $600, while women's bands cost around $1,200.
When budgeting for a wedding ring, it's important to be realistic about what you can afford and to consider your finances. You should also do your research and shop around to find the best value. There are ways to manage costs, such as choosing a diamond just under a popular carat weight or buying during sales seasons. Ultimately, you should spend whatever amount you feel comfortable with, as there is no set amount that you "should" spend.
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Alternative budgeting systems
The idea that an engagement ring should cost two or three months' salary is a marketing campaign that began in the 1930s by diamond retailer De Beers. While this "rule" has been popular, it is not a hard-and-fast guideline and is considered outdated by many. The amount spent on an engagement ring should be based on one's financial situation, values, and expectations, rather than an arbitrary spending guideline.
- Consider the total wedding budget: Allocating too much of the budget to the ring might limit funds for other important aspects of the wedding, such as the venue, catering, attire, and photography. Aim for a balance that allows you to enjoy both the engagement and wedding celebrations.
- Prioritize memorable experiences: Some couples may prefer to invest more in experiences that will create lasting memories, such as a unique venue or an unforgettable honeymoon. Consider what matters most to you and your partner and make decisions that align with these priorities.
- Explore alternative gemstones: Diamonds may be traditional, but they come with a high price tag. Consider alternative gemstones such as moissanite, morganite, or birthstones. These options can offer a unique and personalized touch to the ring while being more affordable.
- Opt for lab-grown diamonds: Lab-grown diamonds are chemically and physically identical to natural diamonds but typically come at a lower cost. This option allows you to have the look of a traditional diamond without breaking the bank.
- Choose a different ring material: Instead of opting for expensive metals like platinum or gold, consider alternative materials such as titanium, sterling silver, tungsten, or silicon. These materials can provide a more affordable option without compromising on aesthetics.
- Customize within your budget: Customizing your ring can make it special and meaningful without necessarily increasing the cost. Simple designs or personal touches, such as engravings or unique symbols, can hold deep meanings without being expensive.
- Set a realistic budget: Rather than following a predetermined rule, create a budget that is tailored to your financial situation and comfort level. The perfect ring is one that brings joy and fits comfortably within your means, allowing you to avoid unnecessary debt.
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The two-month rule
The idea that an engagement ring should cost two months' salary is a guideline that has been around for some time, although it has been updated over the years. The two-month rule was first introduced in the 1930s during the Great Depression by diamond company De Beers, who were looking to increase diamond sales. Their ad campaign claimed that diamond engagement rings were a symbol of true love and that buyers should spend one month's salary on a ring.
By the 1980s, De Beers had updated their campaign to suggest spending two months' salary on a ring, and by the end of the 20th century, about 80% of engagement rings included diamonds. This guideline has been accepted by many as the appropriate amount to spend on an engagement ring, although it is not always feasible or practical. For example, if someone earns $60,000 a year, following the two-month rule would mean spending $10,000 on a ring.
While the two-month rule can be used as a general guideline, it is not a hard-and-fast rule and should not be taken too literally. It is more important to find a ring that aligns with your partner's love language and that will spark joy every time they look at it. There are also other ways to save money on an engagement ring, such as buying during shopping seasons when jewelers often offer promotions or compromising on diamond colour and clarity.
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Frequently asked questions
Traditionally, people spend two or three months' salary on a wedding ring. However, this rule was created by diamond companies for marketing purposes and is not feasible for everyone.
The average spend on an engagement ring in 2025 is around $6,280. In 2023, the average cost of an engagement ring in the US was $5,500.
The design's complexity, the type of diamond, and the setting all influence the cost of a wedding ring.
No, you should not go into debt to buy a wedding ring. It is more important to shop within a realistic price range and consider your financial goals.
You can save money by buying a diamond just under a popular carat weight, shopping during sales, and compromising on diamond colour and clarity.
