How Much Should I Spend on an Engagement Ring?

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 marriage.

Unless you are marring a materialistic woman, an engagement ring should be more emotionally significant than costly. Perhaps you have a ring that was passed down to your from a living or deceased relative. An heirloom costs nothing but has extreme sentimental value tied to it.

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 more engagement ring buying tips.

If you are established in your career and have been able to save money, then maybe two months is doable. However, if you are in your 20s, or even 30s, two months' salary is an absurd target. Maybe that number worked from 1950-1990. However, nowadays many people graduate college with a large amount of student debt while facing very small salaries for their entry level employment. And the cost of living is so high that upon graduation, many people are forced to share an apartment with four, five or even more random people...or move back home with their parents! Bottom line, you aren't going to have much money when you graduate college.

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.

You should consider an engagement ring loan...but one that is not going to break your bank long-term. When it comes time for the wedding, utilize a small wedding loan to meet your needs.

Money Saving Tips for an Engagement Ring

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