How Much Should You Spend on an Engagement Ring

Debunking the 3 Month Rule
The perfect proposal doesn’t start with your wallet—it starts with your heart. If you’ve recently started shopping for an engagement ring, you’ve probably heard the “3 month rule.” According to this old idea, you’re supposed to spend three months’ salary on a ring. But is this really the gold standard, or just a clever bit of marketing that’s stuck around for generations? Let’s take a closer look at where that expectation comes from, why it no longer fits today’s couples, and how you can find a meaningful, beautiful ring no matter your budget.

The Story Behind the 3 Month Salary Rule
Many people are surprised to learn that the "3 month rule" is less of a tradition and more of a slogan. The idea started in the 1930s, when a clever advertising campaign suggested one month’s salary was an appropriate amount to spend on a diamond engagement ring. Over the decades, that number slowly crept up, with some brands insisting on two months, and later, three. The rule was never about etiquette or romance—it was about making diamonds the ultimate symbol of love, and encouraging people to spend more.

For couples in Canada today, life looks different than it did in the 1930s. Housing is expensive, student debts are common, and values around money and marriage have changed. The three-month guideline, while catchy, doesn’t really hold up in real life.

Is $5000 a Lot for an Engagement Ring?
When it comes to engagement rings, “a lot” is all about perspective and priorities. In Canada, the average engagement ring spend varies significantly, with many couples landing somewhere between $2,000 and $7,000.That means a $5,000 budget is very much in the middle for buyers in cities like Toronto, Vancouver, or Montreal. With $5,000, you can explore a wonderful range of classic solitaires, vintage-inspired settings, or even the option for a custom piece with personal details.

Some will spend less, others much more. There’s no universal standard—what matters most is that you find a ring that feels special to you both, and that fits within your own financial comfort zone. Talk openly with your partner if you feel comfortable. This isn’t just a ring, but a symbol of commitment and your life together.

Can You Spend Too Little? (Is $1500 Too Cheap for an Engagement Ring?)
With the power of modern design and new diamond options, there are stunning rings at almost any price point. A $1,500 budget is by no means “too cheap.” Many fine jewelers now offer thoughtful designs using lab-grown diamonds or alternative stones, making it possible to get a meaningful, beautiful ring with a moderate price tag.
It’s important to know what you’re getting at any budget. For $1,500, you can still opt for a classic style, a simple solitaire, or a custom ring design that’s personal and unique. Some couples happily choose sapphire, morganite, or a small-but-high quality diamond. What's essential is the love and the story behind the ring, not the size or price.

What Do Most Canadians Spend on an Engagement Ring?
So, how much should you actually spend? Recent surveys of Canadian couples show that average engagement ring budgets hover between $3,000 and $7,000, with plenty of flexibility above and below that range. City and lifestyle can make a big difference—Toronto may see higher averages, but that doesn’t mean you need to hit a certain number.
The best advice? Decide what feels right for you, both emotionally and financially. There’s never any need to stretch yourself too far just to meet an outdated “rule.” Start with a conversation about savings, other financial priorities, and your partner’s style preferences

Finding the Right Balance: Meaning and Affordability
Shopping for an engagement ring can feel high-pressure, but it should be anything but stressful. Here are a few practical steps to ensure you find the right balance:
1.
Set Your Budget Together
Open communication is the best way to avoid unnecessary stress. Choose a price range that feels responsible and right for your relationship.
2.
Explore All Your Options
Don’t be afraid to consider lab grown diamond rings toronto or timeless alternative gemstones if they speak to your values or allow you to get a larger, more brilliant stone for less.
3.
Prioritize What Matters Most
Is it the size of the stone, the craftsmanship of the setting, or the uniqueness of a custom piece? Knowing your priorities will help your budget go further.
4.
Work With a Trusted Expert
Whether you’re visiting a jewelry store in toronto or working with a designer online, a bit of professional advice can be invaluable. Many jewelers offer a free engagement ring consultation to help you get started.

The Best Engagement Ring is the One That’s Right for You
At the end of the day, there’s no right answer to how much you should spend. Let’t leave the “3 month rule” in the past, and embrace a new tradition built on what works for you. Whether your budget is $1,500, $5,000, or somewhere in between, there’s a beautiful ring out there that tells your story.

Ready to begin your search? A personal, one-on-one design experience makes the entire journey even more meaningful. If you want advice on custom designs, settings, or ethical stones, reach out to a jeweller with a passion for listening and understanding your needs. Above all, remember: the best ring is always the one that feels just right for your story and your future together.