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When planning to propose to your other half, you'll soon learn that engagement rings are essential to the tradition. These rings symbolise love and commitment and are a constant reminder of the special moment when two people decide to spend their lives together.
One of the most common questions when buying an engagement ring is, "how much should I spend?" In this guide, we'll discuss different approaches to budgeting for an engagement ring and help you determine the right amount to spend for your proposal.
One of the most popular approaches to budgeting for an engagement ring is the "two-month salary" rule. This rule suggests spending two months' salary on an engagement ring for your partner. However, this rule is flexible and may only be feasible for some. Here are some things to consider when deciding whether to follow the two-month salary rule:
To help you make an informed decision, let's look at the two-month salary rule and average engagement ring costs in Australia.
Diamond company De Beers popularised the two-month salary rule in the 1980s to encourage people to buy more expensive engagement rings. However, this rule has been criticised by some for being arbitrary and not taking into account individual financial situations. Here's a chart that compares the two-month salary rule to average engagement ring costs in Australia:
|
Salary |
2-month rule |
Average cost |
|
$40,000 |
$6,666 |
$3,000 - $5,000 |
|
$60,000 |
$10,000 |
$4,500 - $7,500 |
|
$80,000 |
$13,333 |
$6,000 - $10,000 |
|
$100,000 |
$16,666 |
$7,500 - $12,500 |
As you can see, the average cost of an engagement ring in Australia is significantly lower than the amount you would spend if you followed the two-month salary rule. This suggests that there are other factors to consider when budgeting for an engagement ring.
When budgeting for an engagement ring, it's crucial to have a good idea of the average costs in Australia. According to a survey by IBISWorld, the average cost of an engagement ring in Australia is around $5,500. However, this can vary widely based on several factors, including the quality of the diamond, the type of ring, and the jeweller you choose.
Here's a breakdown of the average engagement ring costs in Australia:
Of course, these are just averages, and you can find engagement rings that are more or less expensive than these amounts.
The size of the diamond is one of the most critical factors that affect the cost of an engagement ring. In Australia, the average size of a diamond in an engagement ring is around 1 carat. However, smaller diamonds can also be stunning and affordable.
Here's how the diamond size affects engagement ring costs:
Remember, diamond size is just one factor to consider when buying an engagement ring. Other factors, such as diamond quality, ring setting, and metal type, can also affect the overall cost of the ring.
While the two-month salary rule is a popular approach to budgeting for an engagement ring, it may only be feasible for some. Fortunately, you can consider other budgeting approaches, such as setting a maximum budget or buying a ring that fits your partner's style and preferences. The key is to find what works for you and your partner.
If you need help figuring out where to start, consider talking to a jeweller who can advise on different engagement ring options that fit your budget.
Once you've found the perfect engagement ring, you must protect it with insurance. Engagement ring insurance covers loss, theft, and damage to your engagement ring, so you can know that your investment is protected.
When shopping for engagement ring insurance, look for a comprehensive policy, including loss or damage caused by everyday wear and tear. It's also important to consider the cost of the policy and the deductible amount.
Budgeting for an engagement ring can be daunting, but finding an approach that works for you and your partner is essential. While the two-month salary rule may only be feasible for some, there are alternative approaches you can consider, such as setting a maximum budget or buying a ring that fits your partner's style and preferences.
Protecting your investment with engagement ring insurance is essential no matter what approach you choose. By finding the right policy, you can have peace of mind knowing that your ring is protected from loss, theft, and damage.
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This has not taken cut, colour, clarity or carat, your financial situation or your partners taste into account. There are many factors that can reduce or increase the value of an engagement ring.
Speak with one of our Q Certified Jewellers to find out what you can afford, what your partner is looking for and what will financially work best for you.
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