One question to tackle before proposing is how much to spend on the engagement ring. The popular "three months' salary" rule originated in a De Beers marketing campaign from the 1930s that actually suggested spending one month's salary. (That's increased with inflation.)
But that guideline is widely considered outdated: Median monthly earnings in 2026 exceed $5,00, which means spending more than $15,000.
How much does an engagement ring cost?
According to The Knot's 2026 wedding guide, the average cost of an engagement ring stands at $4,600 — a significant drop from $6,000 in 2021.
So, how much should you spend on an engagement ring? As with everything related to love and marriage, there's no single right answer: Experts recommend focusing on what works for your joint budget and long-term financial goals, rather than fixating on a specific dollar amount.
You may even want to think about buying a modest ring and putting the extra cash into a joint savings account for your wedding, honeymoon or first home.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Markel's wedding insurance policies offer high limits for cancellation and postponement coverage and offers a discount for buying both types of coverage. The company offers online quotes and coverage for weddings in some destinations outside of the US.
Event Helper policies can cover everything from a small affair to a 5,000-person event. Insurance documents are available instantly to download and share with your venue.
Information about Event Helper Wedding Insurance has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
How to finance an engagement ring
If you're determined to go big on the ring and don't have cash on hand, there are different ways to get financing.
1. 0% APR credit card
The Wells Fargo Reflect® Card offers one of the longest introductory purchase APRs on the market, giving you more time to pay off your partner's ring. And there's no annual fee, which can save you hundreds of dollars.
The Wells Fargo Reflect® Card can help you save on interest charges thanks to its extra generous intro-APR offer on purchases and qualifying balance transfers.
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.49%, 23.99%, or 28.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 annual fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Balance transfer fee
5%, min: $5
Foreign transaction fee
3%
2. Personal loan
If you don't think you'll pay off the ring before the first billing cycle, a personal loan may make more sense than charging it to a credit card. Your Interest rate will likely be lower and the monthly payments will be predictable.
With competitive rates, autopay discounts and high borrowing limits (up to $100,000), SoFi is one of CNBC Select's top picks for personal loan lenders. If you need that ring right away, same-day funding is avaialble on loans approved and signed by 5:30 p.m. ET.
SoFi Personal Loans
Annual Percentage Rate (APR)
8.74% - 35.49% when you sign up for autopay
Loan purpose
Debt consolidation/refinancing, home improvement, relocation assistance or medical expenses
Loan amounts
$5,000 to $100,000
Terms
24 to 84 months
Credit needed
Good to excellent
Origination fee
No fees required
Early payoff penalty
None
Late fee
None
Terms apply.
3. Buy now, pay later (BNPL)
A buy now, pay later (BNPL) plan allows you to split the cost of the ring into smaller installments, often interest-free if you pay on time. Applying won't ding your credit like a credit card or personal loan, and approval is nearly instant.
Kay, Jared, Zales and other major jewelry companies accept Affirm, allowing buyers to "pay in four" over six weeks or secure longer-term financing.
Affirm
Interest rates
0% to 36%
Loan terms
30 days to 5 years
Fees
There are no late fees, but making late payments can affect your ability to get a loan in the future and may also impact your credit score.
Return policy
Customers are only refunded the principal amount, so if you don't have a 0% loan, you won't be refunded for the interest you paid before making the return.
Available merchants
Affirm has more than 358,000 merchants, including Amazon, Peloton, Adidas and Target.
Loan amounts
From $50 to $30,000
How to insure an engagement ring
You might assume an engagement ring is covered by your homeowners or renters insurance policy, but they typically have conservative caps on valuables — typically $1,500 to $2,000. A standalone jewelry policy will have much higher limits and will cover additional situations, like floods, earthquakes and "mysterious disappearances."
Premiums average cost about 1% to 2% of your ring's value annually. So, on some $4,600 bling, you're looking at less than $100 a year.
Jewelers Mutual Group doesn't just cover the cost of replacing a lost or stolen ring — your plan also includes maintenance, such as tightening the stone or repairing a bent setting. (And selecting a deductible will lower your monthly premium.)
Jewelers Mutual Jewelry Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Undisclosed
Policy highlights
Jewelers Mutual policies are a strong option for those wanting more than just insurance coverage. Policies cover normal wear and tear, and can include things like prong retipping, broken or bent prongs, pearl restringing, and stone tightening. Coverage can be optioned to include a deductible.
BriteCo's virtual appraisal program makes getting less of a hassle, and paying your premiums annually allows you to save on their already competitive rates.
BriteCo Jewelry Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Individual Item Limit is $250,000 and Schedule Limit is $750,000
Policy highlights
BriteCo's jewelry insurance is a strong choice for its no-deductible policies that include coverage for loss, theft, damage, and mysterious disappearance. It offers replacement values up to 125% for jewelry which has appreciated in value.
Engagement rings FAQs
How much should an engagement ring cost?
There is no set amount you have to spend on an engagement ring. While The Knot's latest survey has put the average spend at $4,600, many couples spend far less. The growing popularity of lab-grown diamonds has also increased the number of affordable options.
Does my homeowners insurance policy cover my engagement and wedding rings?
Homeowners policies do cover valuables, but they have relatively low limits — typically $1,500 to $2,000, or less than half the average cost of an engagement ring. A jewelry insurance policy can pay to replace or repair your ring, and can cost as little as 1% to 2% of its value.
What affects the cost of an engagement ring?
The price of an individual engagement ring is influenced by many factors, most notably the diamond (or other center stone), which is determined by the 4 Cs (carat, cut, clarity, color). Beyond that, the type of metal, the complexity of the design, the setting and whether you've chosen natural vs. lab-grown diamonds are all variables that affect cost. The retailer's markup rate and market conditions will come into play with any piece of jewelry.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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