Do you recall that hilarious episode in The Office when Michael Scott messes up the ‘3 month salary rule’? While showing the ring to Pam, he confuses the engagement ring cost rule, saying, “They say, three years’ salary”. Classic Michael! While his mix-up may have us all cackling, it does bring up a good question. What exactly is this 3 month salary rule? Should every couple follow it or is it just some outdated idea? What’s the average engagement ring cost? Well, if these questions keep popping into your mind, this article is curated just for you!
Let’s dig into the true meaning of this rule and find out if it still applies today. After all, we don’t want you to mix up things and land yourself into financial mayhem like Michael Scott!
3 Month Salary Rule — What is It?
The Knot reveals that the 3 month salary rule actually originated from a clever marketing strategy by De Beers in the 1930s. The main motive of this campaign was to increase diamond sales. The concept behind this rule was quite simple as the name suggests — set aside three months’ worth of salary to buy a diamond engagement ring. For instance, if you make $5,000 per month, the suggested engagement ring cost would be $15,000.
De Beers’ campaign pushed the message that diamond rings were a timeless and true symbol of love. They aimed to convince people that the ring was definitely worth their three months’ salary. What’s your view on this?
Should I Follow the 3 Month Salary Rule?
Everyone has a different financial situation. So, the idea of an engagement ring cost being equivalent to three months’ salary may not be practical for everyone. That’s why many individuals argue that this guideline is outdated and no longer relevant in today’s world.
These advertising campaigns were designed to boost sales and push individuals to spend more on engagement rings, ultimately benefiting the diamond industry. Let’s explore some other reasons why this age-old rule is believed to be outdated and bootless now.
Changing Financial Priorities
In today’s world, many couples have a variety of financial responsibilities to think about. These could range from repaying student loans or saving for a home to preparing for future needs. Given all these factors, it might not make the most sense to spend a big chunk of savings on an engagement ring.
Emphasis on Personalization
Instead of focusing on the engagement ring cost, couples nowadays are placing what the jewelry piece symbolizes. Personalizing their rings or selecting special colored gems or lab diamonds are becoming trending options. These choices give couples the chance to design a ring that complements their style and budget.
Income Inequality
Salaries can differ greatly between industries and where you live. This can make the idea of following the 3-month rule challenging for some. Spending three months’ salary on an engagement ring might be doable for one person. But for others, the same engagement ring cost could be quite a strain on their finances. That’s what makes this rule not feasible or equitable for everyone.
How Much Should an Engagement Ring Cost?
As per The Knot’s 2023 Jewelry and Engagement study, the average engagement ring cost in the US is around $5,500. However, you should note that this is just the national average. So, the cost of your dream ring could be different depending on where you shop and some other factors. These include the gemstone you pick, the stone’s quality and carat weight, the ring’s metal type and the ring setting.
The world of engagement rings is quite flexible. It means, there is no mandatory average engagement ring cost that everyone should consider. Moreover, your future fiancé’s idea of the perfect ring might be completely different from someone else’s. So, don’t fixate on the price tag too much. At the end of the day, it is the thought and sentiment behind the ring that truly matters.
Celebrity Engagement Rings to Take Inspiration From
Celebrities never fail to stun us with their engagement rings. And when we say stun, we are talking about both the beauty and the engagement ring cost. Buying the same ring as our favorite celeb may not be in the cards. But, you can still get inspired and create a similar look on a budget. Check out these celebrity engagement rings for some inspiration!
Lady Gaga
Lady Gaga’s sparkler features an eight-carat oval-cut diamond with a solitaire setting. It is estimated that the engagement ring cost $5,78,000. You can design a similar oval-cut ring with a more affordable and smaller-carat diamond.
Kate Middleton
Kate Middleton’s bauble is truly timeless and gorgeous. Featuring a 12-carat oval sapphire surrounded by 14 diamonds, this ring once belonged to the late Princess Diana. Her ring is believed to be worth between £3,00,000 to £4,00,000 ($3,89,000 to $5,19,000). Don’t let those big numbers scare you! You can design a similar ring at GemsNY without putting a dent in your wallet!
Megan Fox
Megan Fox’s diamond and emerald toi-et-moi ring definitely caught our eyes and hearts with its beauty. It has an estimated engagement ring cost of $300K and $400K. But guess what? You can create a similar stunning piece at a much more affordable price!
Mila Kunis
The real value of a ring comes from the sentiment behind it, not the cost. Just look at Mila Kunis and Ashton Kutcher who decided to keep things simple when selecting their wedding bands. Instead of splurging, they found their ideal rings on Etsy that suited their minimalist taste. Mila picked out a thin platinum band for approximately $90. Ashton’s band cost around $100.
If you appreciate and admire such an understated look, you can find comparable options in our collection at good prices!
Your Ring, Your Rules
Buying an engagement ring is supposed to be a happy part of your journey to marriage, not a stressful one. Don’t be a sheep following the herd when it comes to engagement ring cost. Go for a ring that not only aligns with your taste but also your budget! After all, the real value of the ring lies in the love it symbolizes, not the price tag attached to it.
At GemsNY, you don’t have to worry about following the average engagement ring cost standard. Here, you can find a variety of engagement rings for every style and budget. So, what’s the wait for? Check out the collection today!
FAQ
Many individuals consider it to be bootless and outdated, given today’s economic conditions. Nowadays, people focus more on a ring that matches their budget and partner’s style.
While the average engagement ring cost in the US is estimated to be $5,500, at the end of the day, your budget and financial priorities should determine the price tag.
Have an open conversation with your partner. Talk about your financial priorities and what the ring symbolizes to each of you. It can help make sure you are on the same page and avoid any confusion.
Absolutely! At GemsNY we offer customization services to our customers. You can design a unique piece for your beloved, all while sticking to your budget.
Of course! It’s becoming more common for couples to choose colored gemstone engagement rings over traditional diamond ones, adding a special and unique twist to their ring choice.
