How Much Should You Pay for an Engagement Ring?

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How Much to Pay for an Engagement Ring

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Proposing to your significant other can feel like a daunting task. It’s a big step forward in life, and there are a lot of variables to account for – Will they say yes? When is the date? How many people will be invited to the wedding? The list of questions can feel endless, but before you even start processing all that, the first question that comes to mind for a lot of proposers is: How much should I spend on an engagement ring?

The average cost for an engagement ring varies by state, ranging from just under $4,000 to over $10,000, but that doesn’t mean you have to spend that much (and JCPenney has hundreds of gorgeous options that are much less expensive). There are many factors to consider when calculating the cost of an engagement ring, and you’re not alone if you feel uncertain – that’s why we’re here to help! Here are a handful of steps to consider before finding the perfect engagement ring.

1. Calculate Your Income and Expenses

First, you need to determine your own purchasing power by examining your current income, your monthly expenses, any savings you might have (or will have), and any potential income you might get in the near future. Running these figures will help you get a good idea of how much you can reasonably spend, or how much you can finance for an engagement ring.

Now, you’ve probably heard of the “two month rule” for buying a ring, meaning you should save up two months of your salary and buy a ring in that price range. Today, this is viewed as a somewhat outdated tradition. Many couples would rather use that money for other expenses or purchases, but it really boils down to how much you are comfortable spending and what your partner would prefer in an engagement ring – which brings us to the next point.

2. Figure Out What Kind of Ring Your Partner Wants

Unless you have an innate understand of what kind of engagement ring your partner would like, it’s a good idea to either talk to your partner about the kind of ring they’re expecting (or if you really want to keep it a secret, then at least ask their family and friends). They might want a classic solitaire diamond, a unique gemstone ring, or even just a simple gold band – you’ll never know unless you ask! Too many people skip this step in the research process, and having this information is vital to not only choosing the right ring, but also figuring out how much you can (or should) spend.

3. Talk With Your Partner About the Cost

This might be viewed as jumping the gun or spoiling the surprise, but if you’re going to spend the rest of your life with this person, it’s a good idea for you and your partner to be on the same page about the cost of the engagement ring – especially if you’re going to merge your incomes after you get married. You can still have the surprise of “popping the question” for the proposal, but you and your partner will both feel more at ease with the situation if you come to an agreement about the price before making the purchase.

4. Determine the True Value of the Engagement Ring

We’re not just talking monetary value, but sentimental value. The number on the price tag doesn’t equal the amount of love you have for your partner. If you’ve already had the conversations mentioned above, then you’re in a great position to find the engagement ring that will make your proposal moment even more memorable.

At JCPenney, we have an incredible assortment of engagement rings in a variety of styles, gemstones, metal types, and more. Our collection features hundreds of affordable rings, and we offer excellent financing and protection plans for your investment.