How to Budget for an Engagement Ring

Buying an engagement ring is a big moment and a big investment. Whether you're looking for a timeless solitaire or a fully customized design, understanding how to budget for an engagement ring is essential to getting the most value and meaning out of your purchase.

At Teresa and Sons, a trusted Montreal jeweller, we believe every couple deserves a ring that fits their love and their budget. Here's how to plan smartly and shop confidently.

1. Forget the “3-Month Salary” Rule

The outdated rule that you should spend three months of your salary on a ring? It's not realistic for most people, and it doesn’t reflect modern relationships. Instead, determine a budget based on:

Your financial comfort
Shared priorities as a couple
What quality and design truly matter to you

A beautiful ring doesn’t need to break the bank—and we help you find the perfect balance.

2. Understand What Affects Price

A ring’s cost is shaped by several factors:

Diamond or gemstone size and quality (the 4 Cs: cut, color, clarity, carat)
Lab-grown vs. natural diamond
Type of metal (10K, 14K, or 18K gold; white, yellow, or rose)
Design complexity (custom, halo, pavé, etc.)
Brand markup (which you avoid when working with a local Montreal jeweller like us)

3. Consider Lab-Grown Diamonds

Lab-grown diamonds are chemically and visually identical to natural ones, but they cost 30-40% less on average.

This means:

Bigger stone, better quality, same price range
More budget left for setting, custom work, or wedding bands

At Teresa and Sons, we offer both natural and lab-grown diamond options, depending on your values and vision.

4. Choose the Right Metal

10K Gold: More affordable, durable for everyday wear
14K Gold: The most popular balance of price and purity
18K Gold: Highest gold content, more luxurious look

Picking the right gold type can help you save or upgrade where it matters most—like the center stone.

5. Start with a Consultation

Meet with a Montreal jeweller like us to explore options within your price range. With our in-house 3D designer, we can show you what your ring will look like before it’s made, so there are no surprises.

We guide you through:

Ring designs that match your budget
Custom options to make it personal
Quality materials that last a lifetime

6. Factor in Long-Term Costs

Don’t forget to include:

Ring insurance
Appraisal (we offer this service)
Resizing if needed later

At Teresa and Sons, You Set the Budget—We Make It Beautiful

Whether you’re spending $1,500 or $15,000, our goal is to create a ring that fits your love story. Our custom engagement rings in Montreal are designed with honesty, craftsmanship, and no pressure.

Let’s design something that reflects your style, without stretching your wallet.