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TL;DROn a $90,000 Melbourne salary, consider spending $3,000-$7,500 on an engagement ring (1-2.5 months' income) rather than following outdated "3-month salary" rules that ignore modern cost-of-living realities. |
The old-school “three months’ salary” rule would suggest spending $22,500 on an engagement ring if you earn $90,000 a year. For most Melburnians, that doesn’t line up with real life.
Melbourne’s living costs are high. The median house price sits at over $$922,500. Rent for a one-bedroom inner-suburban apartment averages more than $550 per week. Add transport, groceries, and other expenses, and it becomes clear—your engagement ring should fit your lifestyle, not push it to the edge.
Modern couples tend to think more practically, choosing a ring that fits within their broader financial goals.
Using the one to two and a half months' salary approach, your engagement ring budget might fall between $3,000 and $7,500. This range lets you purchase a high-quality ring while staying on track for other priorities—like saving for a home or planning a wedding.
Inner-suburban rent: $550+ per week
Average wedding cost in VIC: approx. $37,000
Weekly transport cost for commuting: $100–$180 per person
Cost of living index among the top 4 in Australia
Choosing a ring within your means is one of the first financial decisions many couples make together. It sets the tone for everything that follows.
Want the most sparkle for your spend? These practical tips can help:
Lab-grown diamonds cost 30–40% less than natural stones
Moissanite and coloured gemstones like sapphires offer unique, affordable alternatives
Vintage rings often have character, value, and lower price tags
When selecting a diamond, focus on cut. A well-cut stone will look brighter and larger than a poorly cut diamond with higher carat weight. G-H colour grades and VS2–SI1 clarity often strike a strong balance between beauty and budget.
Simple designs—such as solitaires in white gold—keep the focus on the stone while offering timeless appeal.
Once you've bought the ring, it's time to consider how you’ll cover it.
Generic home and contents insurance policies may impose item sub-limits or may not fully cover loss outside the home. Travel insurance can sometimes exclude high-value jewellery or limit cover based on where the item is stored.
Some insurers offer policies specifically for engagement rings and other high-value jewellery, offering policies designed for how people wear and travel with them.
Jewellery-specific cover is designed with everyday use, emotional significance, and financial value in mind. Depending on the provider, this type of cover may include:
Loss, theft, accidental damage, and unexplained disappearance
Worldwide cover (ideal if you're travelling or proposing overseas)
Annual revaluation so your insured amount stays up-to-date
No excess on theft claims (subject to policy terms)
Option to return to your original jeweller for repairs or replacement
Australian-based support and claims management
Q Report is one example of an Australian-owned provider focused on jewellery insurance, with over 2,000 five-star reviews and coverage tailored to how jewellery is actually worn, gifted, and cherished.
Decide on a budget (typically 1–2.5 months of your income)
Research Melbourne-based jewellers and reviews
Learn the basics: cut, colour, clarity, and carat
Consider your partner’s style and lifestyle
Ask for a grading certificate (e.g. GIA or IGI)
Request a detailed receipt and specifications
Check the return and resizing policies
Photograph the ring for records
Choose a jewellery-focused insurer
Review the Product Disclosure Statement and Target Market Determination
Keep documents safe until after the proposal
Ensure the ring is covered before you take it travelling or out of the house
In Melbourne, where everyday costs run high and future plans matter, a ring budget of $3,000–$7,500 offers a thoughtful balance of meaning and money. This range allows you to invest in a beautiful ring without compromising your ability to save, plan, or celebrate.
To get an accurate insurance quote, please provide the amount from your purchase receipt.
Don't have the receipt?
If you don't have the receipt, you can provide the most recent valuation amount instead.
