How much should you spend on a ring? Engagement rings can definitely take a hit on your wallet. But, it’s a piece that embodies your love for your partner. So, isn’t it only right you spend all your hard-earned cash on it?
The truth is, the purchase of an engagement ring doesn’t have to empty your bank account. There are other factors that come into play while deciding on a ring that will make it easier to decide how much you can really afford to spend.
So, forget the popular 2-month salary rule, which says you must spend two months of pay in order for a ring to mean anything to you significant other. That’s absolutely ludicrous and just not true. Just because a ring is priced higher, doesn’t mean your partner will love it any more than a less expensive piece.
Here are the factors you should be focusing on:
How Much Should You Spend on a Ring?
Ok, money shouldn’t be the biggest factor when purchasing an engagement ring. But, truth is, it has to matter a least a little bit. Obviously, it would be a bad idea to purchase or put a downpayment on a ring that was much higher than your intended budget.
That’s why it’s important to sit down with your online banking app open. This will allow you to see your weekly, bi-weekly, and monthly income and crunch some numbers. Before you even head to the jeweler make sure you have a clear number that you would feel comfortable spending on a ring. Engagements are stressful enough, don’t put extra stress on your wallet.
It’s tough when your significant other has certain expectations of what they want in an engagement ring. If they have a dream ring that is insanely expensive, then it may be hard to actually make payments on that particular ring.
Luckily, you have options! There are many styles that can be easily copied or found at a cheaper price. If your partner has a specific ring in mind, go to the jeweler with a picture of that ring and see what they can delve up for you. It’s guaranteed your partner will love this new ring even more because it’s coming from you!
There are certain styles and rings that have sentiment, which values at way more than money. For instance, say your grandmother has a vintage wedding ring and you would like to pass it on to your lover as an engagement ring. That gift is sure to mean much more than a ring you found at the local jeweler.
Likewise, if your partner is a fan of untraditional stones- something other than a diamond, then you might want to consider proposing with something a bit more their style. There are so many beautiful gems that come in a plethora of different colors. Find the one that you think would speak to your sweetheart. We’re sure they’ll love the unique approach you took in purchasing their piece.