How much should an engagement ring cost?

How much should I spend on an engagement ring?

According to one 2019 survey, the average price of an engagement ring in Australia is over $5,000 dollars . When deciding how much you’re comfortable spending it’s important to consider your own budget, taste and lifestyle. While a diamond ring is traditional, they come at a high price, and these days there are a variety of rings available to suit all styles and budgets. 

Do your research to figure out what the typical price is for an engagement ring, prices can vary widely, so visit a few jewellers to get an idea of what types of rings are within your budget. 

How to finance an engagement ring

Not only can an engagement ring be expensive, it’s likely the first of many big costs to come once you start planning your wedding. 

How to save for an engagement ring

Your first option is to decide on a budget for your engagement ring, and then work on saving up that amount. You can set up a savings goal in the NAB app to track your progress. You can also read our budgeting tips and our advice to help you become a better saver.

Once you’re engaged you’ll also want to start planning ahead for the wedding itself. Read our advice on budgeting for your wedding.

Personal loan for an engagement ring

Taking out a personal loan for an engagement ring is another option to help you cover the cost. With a personal loan for wedding expenses you can borrow from $5,000 to $55,000, get your funds in as little as one business day, and enjoy no penalties or exit fees.

Other things to consider

• Research the different types of rings available and decide on your budget. This is the first step when deciding what type of engagement ring finance is right for you.
• Explore factors like colour, clarity, carat and cut to understand what they are and how they can influence the cost of an engagement ring. 
• Consider your partners’ personal style and choose a ring they will love for years to come.