PUBLISHED: February 12, 2025
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Choosing an engagement ring is more than just a purchase — it’s a symbol of your love and commitment. But let’s face it: it’s also a big financial decision. Setting a budget is the first step to finding a ring that’s as thoughtful as it is beautiful.

In this guide, we’ll help you navigate engagement ring budgeting, from traditional spending rules to practical tips for maximising value.

Is the 'Three-Month Salary Rule' Still Relevant?

One of the most well-known budgeting guidelines for engagement rings is the "three-month salary rule." This idea, popularised by marketing campaigns in the 20th century, suggests that an engagement ring should cost the equivalent of three months' earnings. However, in today’s world, financial priorities vary significantly from person to person.

Rather than following a rigid rule, it’s essential to consider your own financial circumstances, lifestyle, and future plans as a couple. The focus should be on finding a meaningful and high-quality ring within a budget that feels comfortable for you. 

So, how do you determine what that budget should be? Let’s break it down.

How to Determine Your Engagement Ring Budget

Setting a budget doesn’t have to feel overwhelming. By considering a few key factors, you can find a price range that works for you while still choosing an engagement ring that feels special. 

  • Your financial situation: Take a close look at your income, savings, and any other financial commitments. This will help you set a realistic budget.
  • Your partner’s style: The ring should reflect their unique taste and lifestyle. Are they drawn to classic solitaires, intricate halo designs, or modern duo-tone styles?
  • Long-term financial goals: Think about upcoming expenses, like a wedding, a home, or other investments. Choosing a ring that fits into your overall financial plan ensures a stress-free start to your journey together.

Maximising Value: Getting the Most for Your Budget

Once you’ve set a budget, the next step is making sure you get the most value for your money. Here’s how to do that:

  • Prioritise the diamond cut: The cut of a diamond influences its brilliance more than any other factor. A well-cut diamond can appear larger and more radiant, even if you opt for a slightly lower carat weight.
  • Consider lab-grown diamonds: Lab-grown diamonds offer the same visual beauty and durability as mined diamonds but often come at a more affordable price point.
  • Customisation options: Love & Co.’s "Create Your Own Ring" service allows you to select a diamond and setting within your budget, creating a custom engagement ring that reflects your love story.

Choosing the Right Engagement Ring for Your Partner

An engagement ring is more than just a symbol of love—it’s a piece of jewellery your partner will wear every day. Choosing the right design depends on their lifestyle, job, and personal style. Here are some ring types suited for different preferences:

  • For an active lifestyle & hands-on jobs: Opt for durable and practical designs like bezel-set rings, low-profile settings, and comfort-fit bands that provide extra security and comfort for daily wear.
  • For a classy & elegant look: Classic solitaire rings, halo designs, or sleek white gold/platinum bands pair seamlessly with work attire, offering sophistication and refinement.
  • For low-maintenance & effortless style: Rings that require minimal upkeep, such as lab-grown diamonds, simple gold or platinum bands, and tension-set rings, are perfect for those who prefer easy care.
  • For a bold & statement look: Vintage-inspired designs, duo-tone rings, or coloured gemstone rings add personality and uniqueness, making them ideal for those who love eye-catching jewellery.

Types of Engagement Rings for Every Budget

No two love stories are the same, and neither are engagement rings. Whether you’re looking for timeless elegance or modern flair, there’s a style to suit every budget and taste.

Here are some popular styles that suit different budgets:

  • Classic solitaire: Timeless and elegant, this style features a single diamond and works well for those who love simplicity.
  • Halo designs: A central diamond surrounded by smaller diamonds adds sparkle and can make the centre stone appear larger.
  • Duo-tone styles: Combining white and rose gold offers a contemporary and unique touch to the classic engagement ring.

Ring Sizing: Ensuring a Perfect Fit

Once you’ve chosen the perfect ring, there’s one more crucial step: making sure it fits just right. After all, an engagement ring should be as comfortable as it is beautiful.

  • Borrow a ring: If your partner wears a ring on their left ring finger, discreetly use it as a reference.
  • Measure at home: Wrap a string around their finger and compare it to a sizing chart for an estimate.
  • Seek professional help: Love & Co. offers ring sizing assistance to help you find the most precise fit.

For more details, check out Love & Co.’s guide to choosing the right ring body.

Making the Right Choice for Your Engagement Ring

Choosing an engagement ring is a deeply personal journey, and there is no fixed formula for how much you should spend. Instead of adhering to traditional budgeting rules, focus on what aligns with your financial situation and your partner’s preferences.

At Love & Co., you can shop a range of affordable engagement rings ensuring that every couple in Singapore finds the perfect symbol of their love without compromising on quality. From elegant diamond solitaires to intricate halo designs, each piece is crafted with care, ensuring that your engagement ring is as unique and enduring as your love story.