How Much YOU Should Spend on an Engagement Ring

There’re a lot of emotion-fuelled theories about how much you should spend on an engagement ring. Societal expectations, widely influential marketing campaigns, and the ridiculous notion that the size of your ring has anything to do with how much you’re loved all contribute to the highly contested topic. Add the fact that it’s generally taboo to ask how much your peers paid for their engagement rings, and it’s easy to see why many are in the dark about how much money to drop. To help clear up the mystery, we reached out to the experts at Hearts on Fire, the world's most trusted diamond brand, for their insight on how much you should spend and what you should consider before making the major purchase.

Scroll down to find the right price range for you in three easy steps!

"We know sometimes it’s hard to plan ahead, but the more time you have to put a savings plan into action before you purchase a ring, the better! Besides feeling less stressed overall, giving yourself a good three to six months to save will also allow you to expand your budget a bit more to achieve the ring of your dreams. However, if you are in a time crunch and need to purchase a ring within three months, don’t worry! While you may need to consider lowering your price range a bit, there are also many ring styles today, such as halo engagement rings, that achieve a big, beautiful look for a more affordable price." — Hearts on Fire

"The amount of time you have to save for this purchase will impact your price range (even if you have a strong income, it is never wise to empty your entire savings account for one purchase). Luckily, many jewellery brands and retailers do offer some additional payment or financing options, such as Bill Me Later, which can be a great option for some couples. However, if you are looking into payment options, always make sure to take a step back and not use this as an excuse to get in over your head.” — Hearts on Fire

"This is an incredibly important consideration that gets easily overlooked during such an exciting and nerve-wracking time. Many times, an engagement falls closely in line with other major expenses in the near future, such as buying a house, paying for a wedding, or starting a family—all of which should be taken into account when buying a ring. Work the cost of the ring along with any large foreseeable future expenses into a long-term budget so you can make sure you don't overextend yourself beyond your means." — Hearts on Fire

Van Cleef & Arpels Estelle Solitaire Ring ($5150)

How much do you think is a reasonable amount to spend on an engagement ring? Let us know in the comments below!