Engagement Ring Budget Calculator
Forget the "three months' salary" rule (it was invented by a diamond company). Set a budget based on what you can actually afford.
- A ring budget that fits your finances
- How the old salary rules compare
- The U.S. average ring cost
How much does the average engagement ring cost?
According to The Knot's 2024 Real Weddings Study, the average engagement ring in the U.S. cost about $5,200. Lab-grown diamonds have pushed prices down in recent years.
Where the salary rules came from
In the 1930s, De Beers advertising suggested spending one month's salary on a ring. In the 1980s, the suggestion became two months. Three months is an internet inflation of the same idea. None of them are based on your finances.
Plan the whole thing
The ring is the first expense. Next is the Wedding Cost Calculator. Not sure about timing? See how long to date before marriage.
Frequently asked questions
Is the three months' salary rule real?
It started as diamond advertising. Spend what you can afford without debt.
Are lab-grown diamonds real diamonds?
Yes. They're chemically identical to mined diamonds and usually cost much less.
Should I finance a ring?
Saving first is safer. Ring financing often carries high interest.