Getting engaged is exciting, but there’s lots to plan and consider in the run-up, especially the engagement ring and costs to take into account as well.
The ring will be the biggest expense, and there is a lot of conflicting advice about how much you should spend on it. Let’s attempt to answer this as thoroughly and honestly as possible, as well as talking through some of the options that are available to you.
Image Source: Pexels
How Much Money You Should Spend on an Engagement Ring
Debunking the archaic approach
Lots of people still adhere to the 1 month or 2-month salary rule when pricing an engagement ring. This jewellery industry-concocted rule claims that it’s only proper to set a budget equivalent to the amount you make when working for a month or two. Some even push this to three months, but that really is excessive.
Simply put, this is not an organically emerging tradition, but rather a marketing ploy that has successfully duped people into spending far more than they’d usually be comfortable with for an engagement ring.
Furthermore, national averages reflect this, with a typical ring budget set at $5,500. So you really don’t need to throw too much money at the problem, just because big businesses tell you to.
Considering stone choice
One thing which will impact your engagement ring costs is the type of gem it is set with, as well as the number and the size of the stones in question.
You could go for a traditional diamond engagement ring, and expect to spend from $2,500 upwards. Meanwhile, you can find quality ruby rings from $500 up to $40k, which would definitely help your fiancée to stand out from the crowd, and gives you more flexibility in terms of budget.
Looking at your lifestyle
Another aspect to weigh up when exploring the engagement ring market is how the band you select fits with the life you lead.
If your fiancée is not a showy person and is more interested in outdoor pursuits than in glamming it up for fancy parties every week, then it doesn’t make sense to spend thousands and thousands of dollars on a bling-tastic engagement ring.
Conversely, if your betrothed is known for their sense of style and their taste for the finer things, then you don’t want to disappoint them by underspending on an engagement ring, or by choosing a design that clashes with their tastes.
It has to be a very personal choice and one that is not shaped by your budget so much as by your understanding of the person that you are buying it for. You should treat this process as a test, not one of your bank balance, but of your familiarity with and love for your fiancée.
Building a realistic budget
If you’re ignoring the aforementioned salary-based rule for engagement ring budgeting, which you really should do, then how do you decide what to spend?
It’s all about looking at what is affordable within your current set of circumstances. Don’t just consider your monthly earnings, but also look at your outgoings and your debt. If you only have a small amount available to set aside to save for a ring, either choose to scale back your budget or wait until you have built up a larger pot that can be put towards this.
Also consider that you will probably have to contribute towards the costs of the wedding itself, which will further encourage you to be realistic about what you plan to spend on an engagement ring.
Conclusion
With an engagement ring, it’s better to follow your heart and buy something meaningful as well as affordable, rather than trying to meet the meaningless standards associated with this process.
This will leave you and your fiancée happier, and more importantly with a healthier set of finances going into your marriage.
