For most people, an engagement ring is more than just jewelry. It’s a symbol of love, affection and serious commitment. How can you begin to put a price on that? Gone are the days of the old three-months’ salary rule. Read on to find out how much you should spend on an engagement ring.

What’s the average cost of an engagement ring?

So, what’s the average American spending on an engagement ring these days? About two weeks’ pay. You may have heard the age-old adage to spend two- or three-months’ salary on a diamond engagement ring but the only rule is that there are no rules as to how much you should or shouldn’t spend on a ring for your soon-to-be spouse. Few people realize that these “rules” began as a marketing initiative to improve diamond sales in the 1930s. So, despite what you hear or what a jewelry ad says, it’s never a good feeling to spend the first several years of your engagement paying off the engagement ring.

How much should you spend on an engagement ring?

The right plan of action for you begins with setting a budget. This will help guide your decisions going forward and help you get a handle on how much to spend on an engagement ring. Once you have decided on your budget, you’ll want to start thinking about your main priorities — are you looking for a high-quality diamond? Or are you willing to sacrifice a bit on quality for a larger diamond? Below are three factors to consider as you determine how much to spend on your loved one’s engagement ring.

Financial Situation

Are you saving for a down payment or are you planning to finance the cost of the entire ring? Think about your current bills and income and determine what you’re comfortable spending now and monthly, if you choose to finance a ring.

Partner’s Expectations

You’re likely getting an idea of what type of engagement ring your partner is dreaming of, but if you haven’t, now’s the time to find out. You want to purchase a ring they’ll love and feel proud of, regardless of the price tag. You could ask your partner for some ideas or perhaps do a little window shopping together to figure out what they really want. If you’re hoping to surprise your partner, consider asking friends or family.

Meaningfulness of Ring

A well thought out ring that speaks to your partner’s personality will be so much more meaningful than the biggest or most expensive ring you can find. If you have a family heirloom, your partner might prefer that. Or skip the traditional diamond in favor of another stone that fits their personality.

How should you protect your new purchase?

Once you’ve purchased your new bling, you want to make sure it’s protected. You have insurance for things like your home, rental property or auto, but did you know that there are special types of coverage for personal property items, like jewelry? Personal property coverage can be a valuable supplement to your homeowners insurance and help replace a wedding ring should you or your soon-to-be spouse lose it.

Whether protecting your engagement ring, insuring your combined household or helping you prepare for your financial future, your Farm Bureau agent can help ensure you have the right coverage as you begin your new life together.