Calculate how much your engagement ring could COST

Did you or your partner underspend or overspend on your engagement ring? 

Financial comparison website money.co.uk has launched an engagement ring cost calculator, where users can find out exactly how much they can afford to spend when popping the question. 

While the tradition is to spend three times your salary on an engagement ring - a rule conceived by De Beers Jewelers in 1940, this can cause large debts which is not ideal when beginning to plan and budget for a wedding.

A recent study conducted by money.co.uk found that half of people who proposed got into debt when buying an engagement ring. In response to this statistic, the engagement ring cost calculator has been introduced to help people better manage their money. 

Set up by the financial experts behind money.co.uk and Dr David Homes - psychologist at the University of Manchester, the calculator takes into account several factors which will influence what you can afford to pay.

Spending habits and disposable income have been found to be the two most important lifestyle influences in the budgeting process, with other factors including how long you and your partner have been together and whether you believe in love at first sight.

Whether you are still shopping for an engagement ring or are simply interested in what you could afford, give the engagement ring cost calculator a go.