There's really no official rule on how much you should spend on an engagement ring. However, it has long been understood that a man is expected to spend about two months’ salary on this special token of love. For most people, setting a price tag on love seems rather tacky, so for argument, we'll use "Paul's Rule" of how to determine an acceptable minimum to spend on an engagement ring.
Obviously, a diamond engagement ring isn't something you want to scrimp on. After all, this may be the most beautiful and meaningful token of love you ever give to your special someone. This ring will represent the strength of your commitment and love to your future life long partnership. However, you also don't want to go so far into debt that it will cause severe financial distress and/or eventual animosity towards your beloved recipient.
Two months salary is a large sum of money when you consider all of the other things we're paying for in our budget. The key to achieving this temporary extra expense in your life is pre-planning. Remember, the amount you pay for an engagement ring will impact your finances jointly, as a future couple. So purchase a ring that strikes the perfect balance between love and responsibility.
Some simple math and helpful advice from your married friends may give you a greater advantage of finding the perfect ring.
It may even be possible to go over and beyond the original amount you were prepared to spend. If you will spend some time researching prices and talking directly to diamond and jewel dealers, you may find it easy to upgrade your engagement ring purchase value by up to 50 percent. The experts are prepared to understand your situation. They can help you find that engagement ring worth 2 months’ salary and may be able to get it to you for only one month’s salary. If you would rather spend more, then you may be able to get a four months’ salary engagement ring for the price of two. Remember to shop around and gather opinions from different people.