If you’re hearing wedding bells and are ready to start looking for the perfect engagement ring for your significant other, there are some questions you need to answer first. Perhaps the biggest of them all is the price. How much should you spend on that engagement ring, and is there a rule you should follow?

“Rules” You Should Ignore

Many old-school fellas will tell you about the so-called three-months’ salary rule. Of course, there are many similar rules with varying numbers of months involved. That idea started circling at the start of World War II as a way for diamond marketers to sell their rings. As you can judge yourself, this is a very subjective and narrow-minded rule that doesn’t account for many variables – like debt, or the bride’s preferences.

Engagement Rings: How Much to Spend and Which Rules to Avoid

Things to Help “Calculate” Your Budget

Before you know your exact budget, you need to have a few of the specifics railed out. Are you looking for a high-quality but smaller diamond? Or perhaps you want to sacrifice some of that quality to get a larger diamond? Is your lover into diamond rings at all? Start gathering intel and, in the meantime, think about those three factors:

#1 Your financial situation

Engagement Rings: How Much to Spend and Which Rules to Avoid

No matter if you have savings or not, make sure to consider your current income and bills. If you’re going to have monthly payments for the ring, assess how stable your current finances are, e.g., do you expect a promotion at work, or are there upcoming expenses you can’t avoid.

#2 Your partner’s expectations

By now, you should have an idea about the type of engagement ring your partner would like. Some couples go window shopping together, while some guys prefer to keep everything a surprise. Decide which approach will be yours.

Engagement Rings: How Much to Spend and Which Rules to Avoid

#3 The meaningfulness of the ring

Size does not determine the personal value of a ring. To some, personalized, minimalistic rings matter more, while others put more value on diamonds. Make sure to account for that when getting your ring.