Setting a budget for an engagement ring can feel weirdly intense - like you’re trying to put a price tag on your relationship. But you're not!

A ring budget is just a way to buy something beautiful without borrowing, panicking, or quietly resenting your bank account every time you open your app.

If you also want to understand why rings cost what they do (stones, metal, labour and all that), hop over to our companion guide: What Determines the Price of an Engagement Ring?

Is the “three-month salary rule” still a thing?

It’s still said, but it’s not a rule you “have” to follow. It’s widely associated with marketing (not financial wisdom), which is comforting if you’d rather not build your proposal around an advert from the last century. If you want a quick explainer of where it came from and why it’s outdated, Sky News has a good breakdown.

A more modern approach is simple: pick a number you can afford without debt or stress.

Steps to create your “realistic” engagement ring budget?

A good engagement ring budget usually comes down to three things:

• You can pay for it comfortably.
• You can get it in time.
• You’re spending on what you actually care about

If you want a quick “what can I get for £X?” reality check, use Boutee’s Ring Inspiration page.

Step 1: How do you work out your “ring pot” (the actual money available)?

Start with what’s true, not what’s ideal.

Ask yourself what savings you are happy to use, and if you're not buying yet, how much you're happy to save over the next few months until you need the ring.

Ring pot = savings you’ll use + (monthly saving × months).

If you want a proper budgeting tool that’s genuinely helpful, MoneyHelper’s free budget planner is great.

Step 2: Why should you set a range, not one scary number?

Because one number turns ring shopping into a hostage negotiation.

Pick three numbers:

• Target budget: comfortable and sensible
• Stretch budget: only if the ring is truly worth it
• Hard cap: the line you won’t cross

This stops the classic “well it’s only £200 more…” spiral.

Step 3: What are your “two must-haves”?

Choose the two things you care about most, and let them lead.

Examples:

• The stone (diamond vs sapphire vs lab-grown, etc.)
• The overall look (minimal, vintage, bold, understated)
• Practicality (sits low, secure setting, easy to wear daily)
• Metal choice (yellow gold, platinum, etc.)

Everything else becomes optional. If you’re unsure where to start, this guide can help you think through the “What affects the ring price” question.

Step 4: What are your “two flex points” (where you’re happy to save)?

This is where value lives. Pick two you’ll happily adjust:

• Carat size (tiny drops are rarely noticeable on the hand)
• Stone shape (some shapes look bigger for the same price)
• Stone type (lab-grown, moissanite, sapphire, etc.)
• Simpler setting (less labour, fewer small stones)
• Gold purity (9ct vs 18ct can change cost noticeably)

If you want more “smart savings” ideas, this one’s a good next read.

Step 5: What “extras” should you leave money for?

Even a well-planned ring budget can get ambushed by small add-ons. Keep a little buffer for:

• Resizing (some Boutee jewellers offer free re-sizing)
• Engraving
• Insurance
• A wedding band that sits nicely alongside it (if relevant)

(You don’t need to overthink the buffer - you just need something there.)

Copy/paste a quick budget worksheet?

Here's a quick copy and paste worksheet you can use to write down your budget! Make sure to write this down and keep referring back to it, as it's easy to get carried away.

When you’ve filled that in, go sanity-check what those numbers look like in real rings, on Boutee's inspiration page .

What can you realistically get at different budgets in the UK?

Every jeweller prices slightly differently, but these are sensible expectations, you can compare this with your budget!

What should you do next?

Start with taste, not price. If you know the style you’re aiming for, the budget conversation becomes calmer - and oddly quicker.

If you want help narrowing options, you can explore Boutee here .

FAQs

How much should I budget for an engagement ring in the UK?

There isn’t one “right” number - it depends on what you can afford comfortably and what you’re prioritising (stone, style, practicality, metal). If you want a quick reality check, browsing real designs helps more than averages.

Is the three-month salary rule something people still follow?

Some do, plenty don’t. It’s not a tradition you owe anyone - it’s more of a marketing hangover. A healthier rule is: don’t borrow, don’t panic, don’t end up resentful.

Should I set one budget number or a range?

A range is usually safer. A target, a stretch, and a hard cap stops the “it’s only £200 more…” spiral (which somehow happens six times in a row).

What if my partner has expensive taste?

Start with taste, not price. Work out the style first (minimal, vintage, bold, low-set, etc.), then use your “must-haves” and “flex points” to steer the cost without ending up with something that looks like a compromise.

Can I set a budget if I don’t know ring prices yet?

Yes - and you should. Set the ring pot first, then use browsing to calibrate what your budget realistically buys. This avoids falling in love with a ring that lives in another postcode financially.

Should I budget for resizing, engraving and insurance?

Ideally, yes. A small extras buffer is sensible for resizing and engraving, and insurance can matter if replacing the ring would be a genuine financial (or emotional) nightmare. MoneySavingExpert’s overview is really helpful.

Is it OK to involve my partner in the budget conversation?

It’s more than OK - it’s often the easiest way to avoid buying something they’ll quietly tolerate. You can keep the proposal a surprise while still agreeing on budget and style.

How long should I allow to buy or design the ring?

If you’re buying a ready-to-ship ring, it can be quick. If you’re going bespoke, you’ll want more breathing room for design choices, sourcing stones, and finishing. If you’re unsure, start browsing early so you’re not making £2,000 decisions in a last-minute panic.

What’s the best way to stick to my budget once I start shopping?

Write down your hard cap and your two flex points before you browse. Then treat them like guardrails, not “suggestions”. If you want a budget sanity-check alongside real designs, use Boutee's inspiration page .