How Much to Spend on an Engagement Ring?
Lavish engagement rings are becoming more and more popular, in part due to celebrities’ influence. Sophie Turner, Kylie Jenner, and Lady Gaga, for example, all got engaged very recently. What do they all have in common? Their engagement rings are worth thousands and thousands of dollars. However, most people can’t afford that, so here’s all you need to know about how much to spend on an engagement ring.
Engagement Ring Rule of Thumb:
We all know that if you’re thinking about popping the big question, buying the right ring is a priority. The first thing that comes into your mind is probably the style of the engagement ring and then how much to spend on it. Whether you’re going for a halo ring, princess cut, or a solitaire ring, you still have to choose the size of the stone you’re going for and therefore the price.
For further guidance, many of us would be looking at Google for some advice. There you might find different rules for ring prices. There is a 1-month salary rule, a 2-month salary rule, and a 3-month salary rule. So which one is the ‘right’ one?
If you’re going for the 1-month salary rule, you will be spending less than 10% of your annual income on a ring. With the 3-months salary rule, you will be spending a whole 25% of your earnings. The 2-month salary rule is also quite popular. This rule states that a person should spend 2 months of his or her salary to buy an engagement ring. So if you are earning $5000 per month then you should buy a ring that costs $10,000. This is a really popular technique, but it doesn’t always work and has its limitations.
How Much Should a Man Spend on an Engagement Ring?
Many men are confused by these endless ‘rules’ made up by other people. What you should actually consider when buying an engagement ring is two factors: how much you want to spend and how much you can afford to spend. Other than that, you should also consider your partner’s expectations. That’s not to say that you should get the most expensive ring, because we all know that’s not always possible.
Look at your income and calculate how much you can actually afford to spend on it because the last thing you want is to go into debt right before getting married. These 1-month and 2-month rules can’t possibly apply to everyone, so don’t try to follow them. Look at what your partner likes and then do your best to find something that doesn’t break the bank.
A Symbol of Love and Commitment
An engagement ring is so much more than just a ring. When a man gets down on one knee to propose, he puts everything on the table. That’s when he declares his love and commitment to his lady, and spills out all of his deepest feelings in front of her. The engagement ring that he puts on her finger is only a symbol of that, and can’t fully reflect what he’s feeling at that very moment.
Styles and Designs
Many women dream about their perfect wedding and the perfect engagement. This usually includes getting an engagement ring with style and design. There are certainly some expectations that everyone has, and if the ring is too far from those expectations the person receiving it might be a little disappointed.
Major Factors to Consider
- Your financial situation: You shouldn’t take tremendous amounts of debt just to spend it on a ring. You have a future to think about too. After the engagement and wedding, you and your partner are likely going to merge your finances, so why do something that’ll make you both suffer after marriage? If you have the extra money to spend on the perfect ring, then, by all means, go ahead. If you don’t, however, don’t feel pressured to go overboard just to impress others.
- Your current income & expenses: Your current income plays a vital role while determining your financial ability. If you are earning enough then there is no issue but if your expenses include student loans, car payments, and other bills then you need to manage your expenses and prioritize your spending.
- Your savings: If you’ve been planning your engagement for a long time, chances are you’ve been saving some money to cushion that engagement ring cost. If you haven’t started saving yet, then it might be a good idea to start now.
Be realistic about your situation and don’t stretch yourself thin by trying to follow some ‘rule’. Consider all the factors mentioned above and put together a plan for your purchase. Ideally, it’s best not to take any debt unless you absolutely have to. However, there’s a lot of financing options for engagement rings that you can choose from. Do your research, choose the style that you want, and buy the ring that makes you and your fiance happy.
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