The amount that you should be spending has a lot more to do with your financial circumstances than the current “encouraged” amount. You will need to take a good look at your budget and monthly expenses to see what you have to spare and where you might be able to cut a few corners if you’re intent on getting something more expensive.

That being said, it is a good idea to have a sit down and talk to your intended partner about what is most important to her (and you) about the engagement ring. If you’re planning this as a surprise, then you could phrase it in a hypothetical “my friend has a girlfriend” kind of way to get her thoughts on what is most important. Should an engagement ring be more of a symbolic thing, or is it a must have piece of eye-catching jewellery? This will have a big impact on how much of a cost you need to plan for.



Another option, if you can sweet talk your lady into it, is for you to purchase a smaller “placeholder” diamond engagement ring that you will replace at a later stage when your income is more in line with your expectations and lifestyle.

Some lucky individuals have access to inherited jewellery that makes use of beautifully cut, flawless gems which can then be used as is or, by employing the skills of an expert jeweler, remade and repurposed into a new engagement ring that suits your tastes and style. This would certainly save you the cost of sourcing a gemstone or two to set into your chosen engagement ring setting.



The other good news is that it is possible to get financing for buying an engagement ring. This means that if you find yourself to only have a small amount available in a monthly budget, you don’t have to save for years on end before popping the question. You could make use of a registered financial advisor to work out what you can afford to borrow for what may turn out to be the most expensive piece of jewellery you will ever own. Many jewellers also offer the option of paying over a number of months rather than having you pay the entire amount for your diamond engagement ring in one fell swoop. These are certainly good options if you are not one of those people who is good at saving and squirrelling funds away.

Remember, your continued financial stability as a couple is just as, if not more important than the engagement and wedding ring itself. Financial difficulties can introduce a lot of strain into a relationship and your engagement and wedding rings should not be the source of that stress. They are symbolic of your love for each other and that should not be tainted by the pressures of paying for them.