Are you thinking of asking the big question soon? Surely one of the main questions you will be asking yourself is:
How much do I have to spend on the wedding ring?
This decision is complicated because it is largely emotional and on the other hand also rational. The things you should consider to find the right balance are:
- The expectations of the loved one
- your financial situation
There is a “two months salary” rule that was invented by DeBeers (the same company that convinced everyone that the man should propose to a diamond).
If you obey DeBeers, it means that if you make $15,000 a month, you should spend $30,000 on your engagement ring.
However, the rule has several flaws. After all, it was invented for the benefit of diamond dealers. This is why deciding how much to spend on an engagement ring based on your salary is the biggest mistake you can make.
The expectations of the loved one
You can’t help it, the engagement ring matters!:
An engagement ring is a symbol of love and commitment. Show the world that you are interested in sharing the future with your loved one. Many women have dreamed of the perfect ring for a long time, including the style, diamond shape, size, etc. It would be a great disappointment to have a ring that is not exactly the one you dreamed of. The woman is the one who wears the ring daily. This ring is going to be the most important piece of jewelry she owns in her entire life, and naturally they will want something that makes them feel happy and they can show off to the whole world.
Sometimes it is not so easy to pamper the loved one the way we would like. She will surely appreciate the fact that you put in the effort to find the perfect ring.
your financial situation
You also have to think about your future; So, as well as your expectations of the ring, you also have to consider what your budget is.
The worst thing you can do is spend an exaggerated amount and fall into debt for an engagement ring. Some of the things you have to evaluate to decide how much to spend are:
- Your monthly income
- Your expenses: Food, rent, gasoline, debts, etc.
- Your savings: How much can you save monthly without dying trying? How much have you already saved?
- Your potential income: Do you think you will get a better income soon or will you receive an additional payment to your fixed monthly income?
Once this is evaluated, you should be able to estimate how much money you could spend. Preferably buy the engagement ring in a single payment; if you do it this way, you will usually receive an additional discount at the time of your purchase.
In conclusion you should spend the amount with which you feel comfortable, it does not matter if it is $4,000 or $100,000. At Matrimony you can find the perfect ring that fits your budget.
Consider buying your engagement ring online, this way you can get a much better product for the same budget without compromising on quality. Some local jewelry stores can raise their prices up to two or even three times their actual cost.