After much thoughts, you have decided she is the one for you. But the next thing bugging your mind is how much you should spend on an engagement ring?
Should you ditch the budget and go all out? Or should you consider that you’re about to start a new life with your significant other and you need to save all the money you can now?
Deciding how much you should spend on getting an engagement ring for the love of your life is your responsibility. But you can also get some advice from this article that we have painstakingly put together to ensure you make no mistakes you’ll regret.
Spending on an Engagement Ring: 5 Things to Consider
1. How much you make
There is a commonly accepted idea to spend three months’ worth of salary on an engagement ring.
According to that idea, if you make $10000 per month, you should dedicate $30,000 to an engagement ring. And if you make $1000 per month, you should spend $3000 on a ring. Should you do it?
If you’re going to spend that much on an engagement ring, how much then will you spend on the wedding arrangement? You might go bankrupt before the wedding night.
When considering how much you should spend on an engagement ring, check your finances. How much do you make each month, and how much do you save? Can you finance your wedding with your savings, even without your partner’s contribution?
How much will be left when you get the ring? These are questions that should guide your decisions. And remember, credit cards are not part of your earnings.
2. How long have you been working
For young couples fresh out of college who have just got a job, you might not be able to afford a piece of expensive jewelry.
But since you will be moving in together for the first time with your partner and paying probably splitting bills, you might be able to save up quickly to replace the amount you spent on the ring.
On the other hand, if you’ve been working for a while, you might have the money to splash on an engagement ring and even have more for the wedding arrangements, wedding dress inclusive.
But you still need to ask if you want to spend much on an engagement ring or use the money for future expenses. It’s your call.
3. Your opinion
Everyone has an opinion about something. Before someone influences yours, what is your thought on how much you should spend on an engagement ring?
Do you think the three months salary rule of thumb is reasonable? Should you cut your coat according to your size? And most importantly, what kind of ring do you want to give your significant other?
Is it a diamond ring? If you can get the discounted prices for it, would it spur you to get it?
The bottom line is you want to make sure you are doing what will make you happy and not tensed because you follow the advice of strangers who have no idea what you and your partner have been through and how much you cherish them. So give your opinions a thought too.
4. Consider piecing it yourself
This means supposing you can get diamonds (just the diamonds, not the ring) for a discounted price, you can purchase it and look for a jewelry shop to make the ring for the diamond. This method is far cheaper than getting both the diamond and ring at retail.
5. Your partner’s opinion
We do things to make our partners happy. So how about you think of your partner for a minute, what will make them happy? An average engagement ring or an expensive diamond engagement ring?
What’s her value system? Is she the frugal type that frowns at eating out, or is shopping her favorite pastime?
Have you indirectly discussed the kind of engagement ring she wants? What did she say?
You want to make your partner happy now and in the long run. If you make her satisfied now by spending on an expensive engagement ring and unhappy in the long run by not being able to afford a down payment for a house? It’s not a win-win. So you need to know how to balance things.
When you’re able to piece these points together, you’ll have a clear answer for how much you spend on an engagement ring. Just ponder on it carefully.
You should check out the serious financial mistakes people make and how you can avoid them.