These Online Calculators Can Help You Budget for an Engagement Ring


Not sure how much you should be saving up for an engagement ring? Here’s something that will help…

Two month’s salary? Three month’s salary? At least $2,000? At least $10,000? There are so many ‘minimum’ spending figures floating around when it comes to buying engagement rings, but how much should you really be spending? The correct answer is… whatever works for your budget and your needs. That’s all you need to know. No big secret.

That doesn’t really make things any less confusing though, we know. You have to consider carat size, metals, settings, your own bank balance, how much you can save, what your bride to be wants, and a whole heap of other stuff before you can come up with a magic number.

But luckily, plenty of people have found themselves in the same situation. And some of them have made some very handy online calculators that will help you figure out your budget limitations.


Some of the questions on this first one are a little invasive and unnecessary, but overall it’s a useful tool for getting you started with the number crunching. This one however goes one step further, but you need to already have a ballpark budget in mind:

Once you’ve selected your budget range, the above calculator will allow you to select a diamond carat size, setting, metal and some other detailing so you can see exactly how much your dream design will cost within certain budgets. That way you can start figuring out what you may have to sacrifice (a certain carat size for a smaller one for example), and get a realistic idea of what kind of engagement ring you should be going for.

If you’re still having trouble finding a ring you like that suits your budget, remember some of the following tips:

  • Lab grown diamonds are exactly the same as mined diamonds in their chemical make-up, brilliance, and appearance and are fraction of the cost.
  • Buying your diamond online can also save you up to 30%, sometimes more. Just remember to be extra vigilant about your supplier and the diamond’s quality.
  • White sapphires, moissanite and various other diamond alternatives look pretty much the same to the untrained eye and are a much cheaper alternative
  • Prices jump at certain ‘desirable’ carat sizes like 1.5, 2, 2.5 etc. Don’t round up – go for a 1.8 or 1.9 carat and you could save yourself a sizeable amount, with little size difference.
  • Rhodium plating has the same shiny finish as platinum and is nowhere near as expensive as everyone’s favourite luxury metal, but will require periodic replating.
  • If you’re not superstitious, you can find incredible deals on second-hand rings and they’re usually in mint condition. Take a look at Craigslist for a start.


At the end of the day, it’s also important to remember that it’s not all about the engagement ring. A glittery piece of rock isn’t what makes your other half say yes, it’s everything that has come before it that does (and the promise of what will come after). If you can’t afford the ring of her dreams now it doesn’t mean you’ll never be able to afford to either; you can always upgrade in a few year’s time. Budget carefully, do your research, make sure you get the best quality you can afford, and the rest will fall into place. The fact that you saved up, spent all that time picking out a ring that you think your bride will love is the only real thing that matters… unless your bride specifically says otherwise!

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