Planning on proposing? Here’s how long and how much you’ll need for an engagement ring

The spicy stuff
March 3, 2020

Sheridan

Content Writer

If you like it then you better put a pretty expensive ring on it.


Thinking of popping the question? Getting down on one knee? Tying the knot? While you prepare to ask arguably the most important question of your life, you also have to prepare to purchase the most expensive piece of jewelry of your life. 

At Chip, our philosophy is all about empowering you to save for the things that really matter, so we’ve done some math and crunched some numbers to give you the lowdown on the price of a proposal. 

How much are Brits spending on rings?

Kim Kardashian’s cost $2million, Megan Markle's cost $350,000 and Jennifer Lopez’s cost $1.8million, but what can us mere mortals expect? Thanks to our data guys, we found the average amount people in the UK aim to save for an engagement ring is £1,902.

Compared to the previous years, the cost has been steadily rising, with people spending an average of £1,080 in 2017, £1,471 in 2018, and £1,800 in 2019. 

When is the prime time to do the deed?

Valentine’s Day? Predictable. New Years Eve? Nah uh. 

For those who have made engagement goals in the app, we analysed when they planned to reach their target, hinting to a subsequent proposal. September was the most popular month for an assumed ring purchase. 

The top five most popular months were:

  1. September  
  2. April 
  3. August 
  4. July
  5. May 

How long do you need to save?

It takes Brits an average of 102 days to put the money aside for an engagement, with January being the most popular month to begin squirreling away money.

  1. January
  2. February
  3. June
  4. April
  5. August

If you’re not in a rush and want to purely stick to autosaves, you could save £1,902 in approximately 14 months, based on the current average autosave amount being £18.60 and autosaves occurring every four days. 

If you simply can’t wait, make a few manual saves in addition to your autosaves or ramp up your save level.


We love seeing how you made it happen so send in your proposal pics to sheridan@getchip.uk or tag us in #ChipPaidForThis.

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