How Much Should I Spend on an Engagement Ring?
Buying an engagement ring is a highly personal and unique experience—and that includes deciding on a budget you’re comfortable with. If you’re unsure whether the traditional 3-month salary rule applies to you, our guide will help you consider your priorities and land on an engagement ring budget that makes sense for you.
How Much Should I Spend?
According to WeddingStats.org, in 2023, the average engagement ring cost in Canada was $4,770 - $5,580, however, many couples spend more and many spend less. When it comes right down to what you should spend on an engagement ring, the answer is simple: spend what you can afford. Whether you have been saving up for years or you’re making a surprise purchase, no matter your budget there are plenty of beautiful rings available in every price range. The key is finding ways to maximize your engagement ring dollar.
Once you've established your budget, speak to your jewellery expert. At Peoples, our knowledgeable jewellery experts are trained to not only find the perfect ring for the one you love but to find it within your budget. Stop by your local Peoples retail store and talk with a jewellery expert today. They will show you different engagement ring styles, and discuss financing options, to help you find the ring of your dreams.
What to Consider
You may have heard that spending three months' salary on an engagement ring is standard. There's no doubt that three months' salary would buy a gorgeous ring—but with a wedding to plan and a whole life ahead of you, it might not be financially realistic to spend that much. Instead, look at your unique circumstances to decide on a budget that makes sense for you. Here’s what to consider:
Living Together
If you have been living together for a while, your finances are already intertwined, so making a purchase as significant as an engagement ring will be a joint decision. Remember to be practical—your rent or mortgage, bills and other day-to-day expenses come first. After those expenses have been taken care of, you have a couple of options:
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Decide how much you can set aside each month toward the purchase of a ring in the future.
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Decide how much you can pay each month to finance an engagement ring right now.
Take some time to discuss your options. While choosing the ring of your dreams is important, it’s equally important that you’re both comfortable with the purchase.
Living Solo
f you haven’t combined your finances yet and are using one income to purchase the ring, you might need to plan ahead a little more. After deducting your monthly fixed expenses from your income, what's left over? Depending on when you plan to propose, this can help you determine a realistic savings plan and budget for an engagement ring. Financing is also an option, but make sure you can comfortably make the monthly payments on your income alone.
Financing an Engagement Ring
If you don’t want to wait until you’ve saved up enough cash, financing an engagement ring is always an option. First, make sure you’ve examined your budget and feel you can safely make a payment every month for a certain amount of time. Next, decide on the type of financing that makes sense for you. Peoples Jewellers stores offer different types of financing, including:
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Credit card financing: Learn more about the Peoples Jewellers Credit Card that comes with exclusive offers throughout the year such as a special welcome, $50 off on your birthday, 10% off repairs and more.
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Enjoy flexible financing plans in store with the Peoples Jewellers Credit Card:
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90 Day Plan with No Interest and No Payments (Interest Accrues) ^1 on a $300 minimum purchase.
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6 Month Plan with No interest and No Payments (Interest Accrues) ^2 on a $500 minimum purchase.
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12 Month Plan with No interest and No Payments (Interest Accrues) ^3 on a $1,500 minimum purchase.
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24 Month Plan Equal Monthly Payments with No interest ^4 on a $2,500 minimum purchase.
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Regular Credit Purchase Plan ^5
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Store financing: Flexible financing plans are also available in store with varying no-interest periods and minimum purchase prices.
Speak to your jewellery expert to find out what financing options may be available to you.
How Ring Style Impacts Price
From the band metal to the size of the center stone, the design and style of your engagement ring of choice will impact the price. If you want to maximize your budget, consider a lab-grown diamond for a stone that has the same physical, optical, and chemical properties as a natural diamond. When it comes to the metal, platinum is often the most expensive. Yellow, rose and white gold are classic choices for an engagement ring, while a sterling silver style could be an option that can help bring the price down. Check out our Engagement Ring Buying Guide to learn more about the wide range of engagement ring options to start narrowing down what styles will fit into your budget.
Shop By Your Budget
Whatever amount you decide to spend, our knowledgeable jewellery experts can help you find that engagement ring perfect for the one you love. They will work with you to maximize your budget and help you get the most for your engagement ring dollars.