There are lots of things to consider when bringing your relationship with your significant other to the next level, and the engagement ring is high up on that list. For a purchase that’s supposed to last a lifetime, you can expect to spend a significant amount, but figuring out exactly how much to set aside for the ring can be tricky. We’ve rounded up some suggestions to guide you on determining your engagement ring budget.

What Are You Looking to Buy?

Determining how much you can spend directly relates to what type of ring you’re buying, so it’s important to either know your beloved’s taste and style or to take them along for the ride. If buying an engagement ring is something you plan on doing together, you can loosely discuss a budget ahead of time and solidify the costs once you start the process of shopping. Remember this: not everyone dreams of big diamonds, and, especially in today’s society, tastes have become more varied and less traditional. Check out this post to help you choose more affordable and contemporary styles that might be better for both your spouse-to-be and your wallet.

How Much Should You Really Spend?

You’ve probably heard the rumor that one should spend at least two months’ salary on an engagement ring, but for many, that just isn’t practical. When choosing an engagement ring, it’s important to strike a balance between spending enough to buy a good quality ring that will last a very long time and spending so much that you won’t have a budget for the wedding and the honeymoon. The best thing to do is to take a step back and look at the big picture. A wedding – whether you elope or not – can be costly, and an engagement ring should be factored in to those costs. It’s also important to keep in mind that even if you get something that is smaller or costs less than you might like, you can always upgrade the ring down the road.

Can You Put It On a Credit Card?

If you know you have a steady enough income that will allow you to make payments on time, do consider purchasing the ring using a line of credit from your bank or a low-interest credit card. Should you decide to make the purchase via a store that offers their own credit, be sure to do all the research you can first before committing to something that might cause you trouble down the road. And if you sign up for one of those “six months, interest-free” deals, be sure to read the fine print before signing on any contract that involves money. Using the ring to boost your credit score will come in handy when it comes time for the two of you to go house hunting in the near future.

Holiday shopping is stressful for everybody, especially if you have a budget to stick to. We’ve made life a little easier for you and curated a selection of watches and pieces of jewelry that are perfect for every budget.

Under $500
These pieces are on the more affordable side, but their stunning designs and impeccable quality are just as impressive as those of more expensive pieces. We’ve chosen a classic, the David Yurman Cable Bracelet, which would make the perfect foundation piece for a growing jewelry collection. Ippolita’s Lollipop Pendant Necklace has a more modern, minimalist design about it and would add a subtle splash of color to a jewelry wardrobe. For men, we recommend the Michael Kors Windward Watch because of its ultra-functional chronograph capabilities and its sleek and versatile design.

Under $1,000
No respectable jewelry collection is complete without a piece from Tiffany’s, and these Paloma Tic Tac Toe Earrings exude a playful vibe that would round out a collection well. For perhaps a more serious gift, the impressive Exquisite Diamond Pendant Necklace from Effy is a beautiful and simple piece that puts a subtle geometric spin on the classic diamond necklace. A watch enthusiast would appreciate the Tag Heuer Formula 1, especially if they gravitate towards sports watches with racecar-inspired technology.

Under $2,000
These luxurious pieces are sure to sweeten up your holiday season: their lavish designs and high-quality precious metals will be impressing friends and loved ones for years to come. The Bulgari Tubogas Bracelet’s significant, structural design makes for a bold and provocative addition to a well-stocked jewelry collection. For a more subdued choice, the Chanel Matelasse Necklace offers a subtle shine that would elevate any ensemble. Finally, for the dedicated horologist, we suggest an Omega Speedmaster. This cornerstone model would be an important part of their watch collection thanks to its illustrious history, high functionality, and classic design.

Looking for gifts that are a little more luxurious? We have you covered. Take a look through our Ultimate Holiday Wish List here.

Whether you’re buying a gift for your husband or building a watch collection of your own, here are our favorite men’s watch styles for any budget.

Under $2,000
The most popular watch brands with styles under $2,000 are vintage Omega models and the Tag Heuer Formula 1. These are classic styles with durable movements and appreciated by recreational and passionate collectors. The comparatively lower price tag makes these watches great gifts for an entry-level collector or a man looking to punch up his everyday wardrobe.

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$5,000 – $7,000 Range
Within this price point, watch enthusiasts favor the classic Rolex Datejust, the trendier Panerai Radiomir or the sleek Omega Seamaster. These iconic models have rich histories and rank as the prototypical watch styles when you think of any fine timepiece.

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Over $10,000
When we round the $10,000 mark, avid collectors gravitate towards investment-worthy timepieces from Patek Philippe, Vacheron Constantin, Audemars Piguet and A. Lange & Sohne. These watches fetch such high prices because they are oftentimes rare or limited-edition styles and their complex movements are very costly to make.