Engagement ring shopping can be one of the most exciting experiences for a couple! While this is a milestone many people are excited to reach, it’s important to be mentally and emotionally prepared before you start the buying process. You should start by asking “How much should I spend on an engagement ring?”
Spend What YOU Can Afford
You never want to purchase an engagement ring that will leave you in an uncomfortable financial situation. Remember, an engagement ring is meant to symbolize your commitment and love to your significant lover. It’s not meant to put you in financial stress!
Make sure you’ve reviewed your current debts and income, even before setting a budget and visiting a jewelry store. Of course, this will be different for every couple. As you sort through your finances, give yourself a ballpark estimate on what amount you’d feel most comfortable investing in an engagement ring.
If you feel uncomfortable reviewing your finances on your own, it’s a great idea to contact a financial planner to give you some advice on a reasonable budget to set. They will be able to guide you during this process.
What is your fiancé-to-be expectation?
Being proposed to can be one of the most exciting milestones in a persons life.
Be sure you’re on the same page as your partner. You wouldn’t want to ruin the moment by doing the wrong thing. If your partner expects an extravagant engagement ring, it might be helpful to talk about finances before shopping. In todays modern times, there are couples who are open to splitting the cost between both of them. Simply ask them “How much should I spend on an Engagement Ring?”
Three Months Salary Rule – Is it outdated?
If you’ve done any online research so far, you’ll most likely come across the two month salary “rule”. This rule was created by De Beers marketing team after
Let’s do some simple math. If you earn $60,000 a year, you’d be expected to spend $15,000 on an engagement ring. If that sounds like a reasonable amount for you, then stick to this guideline. For most people, this is not a comfortable budget. Therefore, we say calculate your budget based on your current income, debts, and desires.
Prioritize! What’s most important to you?
Priorities differ from couple to couple. Perhaps you dream of putting down a large down payment on a house over purchasing a large engagement ring. Or vice versa!
There are diamond “alternatives” such as moissanite and manmade diamonds which can significantly bring down the final cost. You don’t have to sacrifice on quality if you have a lower budget.
What is your lifestyle?
This portion of the engagement ring shopping often goes unnoticed. If you’re soon to be fiancé lives a very active lifestyle, it might be a clever idea to purchase a smaller center stone. A smaller center diamond reduces the chances of an engagement ring getting damaged by outside activity. There are a few couples who even decide to get rid of the engagement ring all together, and stick with wedding bands. Discuss these options with your partner!
Is Bigger Better?
Often times, designing an engagement ring filled with sentimental qwerks that will tug at her heart strings. That being said, bigger carat weight isn’t always what she wants. There are ways to personalize any ring without a large center stone.
How do I Save up for an engagement ring?
Try working backwards. Once you set your budget, figure out a timeline for your proposal date. Divide your budget by the number of months you have until your proposal day. Keep in mind, it could take up to a month to create an engagement ring, especially if you’re hoping to create a custom design.
So for example. Let’s say you have set a budget of $5,000 for your engagement ring, and want to propose in 5 months. You should plan to save $1000 a month. Make sure you contact your jeweler and ask if any financing is available if you’re not able to save up before your planned proposal date. Keep in mind, wholesale jewelers like Diamond and Gold Warehouse offer better prices than most jewelry stores, but typically do not offer financing plans. It’s a great idea to discuss payment during the beginning moments of your appointment. We hope you now know “How much should I spend on a Engagement Ring?”