How Much Should I Spend on a Wedding Ring?
Every year, we hear all kinds of stories on how much money a person should spend when buying a wedding ring for that special lady, but what’s the reality?
How Much is a Wedding Ring Supposed to Cost?
Typically, the traditional way of buying a ring is to pick something that is equivalent to your one to three months’ wages. However, nobody really does that anymore. People have moved towards a more pragmatic approach. A lot of couples choose an engagement ring together, according to their budget. A ring needs to be special as well as unique, as it is the symbol of your love. However, spending too much on it can lead to debt, especially if you hold an average job or you’re still a student.
How Much Should You Spend on a Wedding Ring?
When looking to buy a ring, spend what you can afford. Don’t let your friends or the salesman at the jewelry store tell you what you need to spend. It’s silly to buy something that is clearly out of your budget. What you should spend on your engagement ring should entirely depend on your finances.
Look for Something Meaningful
A meaningful ring doesn’t have to cost $10,000 & above!
So, which of these following scenarios seem to be the least meaningful?
- Using that inherited family ring that has a ton of family history behind it, and won’t cost a dime.
- Setting aside money every month for a year to buy a ring.
- Find a less expensive gem rather than a diamond and work with a local jeweler to help you create a custom designed ring.
- Using three credit cards and maxing them all out to buy that wedding ring.
I think we can all agree that the last option should be something we all stay away from.
Borrowing Money for a Wedding Ring
Always remember once you are married, what you have becomes your spouse’s, too. This includes everything, including debt. These days it is irrational to think that you’ll be completely debt-free before marriage. Most young adults nowadays have student loans that they will have to pay for years to come. Still, the less debt that you bring into your marriage, the better it is for both of you.
If you are planning to finance your ring through a credit card or a jewelry store, be very careful.
However, if you’re in a situation where you want to propose soon and don’t have the money available, make sure you make smart choices in terms of where you borrow that money from. Make sure you won’t get punished with a severely increased rate in case something comes up and you have to extend it by a month or two.
Remember this: your love and commitment is supposed to be forever, but the debt from excessive spending on a wedding ring is not.
Planning on proposing soon? Make sure you know which knee to propose on when the time comes!
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