How much should you spend on an engagement ring?
If you are ready to pop the question, you are probably trying to gather enough funds to purchase a custom engagement ring for your leading lady. According to weddingstats.org, the average cost of a ring for 2013 is around $5,000, but costs range drastically. Generally, it is recommended that men spend the equivalent of three months' salary on a diamond ring, but there are many factors that come into play when making the final decisions. Here are a few things to consider:
The three-month rule
What was once the two-month rule has been bumped up to three months, but this rule isn't set in stone. After the recession, average salaries and the price of a diamond cut both wavered a bit. Because of this, the three-month rule is slightly outdated. Before shopping for a ring, make sure to have a set price range that is affordable for you.
What does she want?
A good rule of thumb to live by is to take the opinion of your wife-to-be into account. Is she a fashionista with a passion for sparkling diamonds? Or is she a laid-back artist with dainty style and an alternative outlook? These can be deciding factors when figuring out how much you plan on spending. Also consider the style she prefers. A round-cut solitaire with modern aesthetic will cost less than a vintage-style halo setting.
If you are still concerned about how much to spend on an engagement ring, here are a few questions to ask yourself:
- How much do both of you earn?
- Can you pay for the ring upfront with your savings, or do you need to finance it?
- Have you determined what type of financing is needed? How fast will you be able to pay it off?
- How will other expenses, like a wedding, honeymoon and house, be paid for?
