HOW MUCH SHOULD I BE SPENDING ON AN ENGAGEMENT RING?
If you are thinking about proposing to that special woman in your life, the question of how much to spend on an engagement ring has definitely crossed your mind. In the old days, it was thought that one should spend two months salary on a ring.
You are likely thinking, 'do I really need to spend two months
salary on an engagement ring?'. Absolutely not! In today's
economy, people are struggling and are just able to make
ends meet, living month-to-month on their paychecks.
Therefore, especially if you don't have any money saved,
spending two months salary on a ring is totally impractical.
How much you are going to spend should ideally be a decision
you and your fiancée make together. Your personal finances
may be low now, but once you tie the knot, not only will
your finances be combined, so will your debts. So, do you
really think your fiancée is going to want to have to help
paying off her engagement ring? Likely no. And, you want to
bring as little debt (baggage) as possible into your
Another idea would be to not purchase a diamond but to custom
design a one-of-a-kind ring with a jeweler. It is important
that if you go this route that you understand your fiancée's
tastes. You can't get a 'do over' if she does not like what
you create for her. But, if you are confident you know her
style, you'll likely hit a homerun because not only will you
be saving a significant amount of money but you will also be
developing a beautiful ring that no one else will have. Get
engagement ring buying tips.
However, you should not be forced to wait to get married because you can not afford a wedding, let alone an engagement ring. It is important that you don't set limits for yourself that are unrealistic to achieve. An engagement ring should cost whatever you think it should (and what you can afford) and not what someone else thinks it should.