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What to Spend on an Engagement Ring: The Cost of an Engagement Ring in Toronto

You've decided to propose! Congrats! This is a huge moment for you and the start of an amazing life with the one you love! However, there can also be a lot of stress involved. How will you do it? What will you say? And what about the ring? How much should you spend on an engagement ring? This is a question that can stress a lot of guys out. That's natural. You want to buy a ring that your new fiancée will love and one that she will be proud of. However, you also don't want to put yourself into financial trouble over that ring. Starting off your life together in serious debt likely isn't a good idea. Balancing these two ideals is crucial to getting a great ring.  


How Much is the Average Engagement Ring?

paying-for-engagement-ring-torontoA few facts might help you determine how much to spend. For example, did you know that WeddingWire, Inc.'s 2015 Newlywed Report stated that the average cost of an engagement ring is $4,758? Or that listed the average engagement ring cost at $4,986.75? Of course, these numbers are nice to know, but the actual amount that you should spend on an engagement ring depends on more than just these facts. You'll need to consider your situation as well. How much money do ytou earn? How much do you have saved? Are you in debt? Is your job secure or do you work contract or freelance work? All of these factors will affect how much you should spend. Also, consider your partner and what she would want. Remember, this isn't about showing off. It's about making the person you love happy. Would she want you to spend $5k on a ring? Or would she rather use some of that money on a trip, or to help pay for your wedding, or to put towards the purchase of a house?  

Following "The Rules"

There are a lot of "rules" out there to help you figure out how much to spend on an engagement ring. You've probably heard that you should spend one months' salary (or two months' salary, or three months' salary, etc.) but these are all guidelines. They're not set in stone. Use these "rules" to help you come up with a budget, but don't feel that you have to spend a certain amount, especially if you've found a ring that you like.  

Doing What's Right for You

What's truly important is working within your budget and finding a ring that you love and that your fiancée will love. Everyone is different. Some women want a big, expensive ring that they can show off to their friends and family. Others will be happy with a smaller, less costly ring. Choosing the right ring (not just the most expensive ring) is important. Picking out a ring that makes her eyes pop and her smile widen is the key, and that will be different for every person. Remember, you're buying this ring for her. Finding the right ring could mean getting a custom engagement ring, it could mean spending a lot of time looking at a large collection of rings, and it will certainly involve doing your research. Once you've figured out what she wants and determined your budget, you're ready to shop! The good news is that, no matter your budget, we've got lots of great rings available!

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