Knowing how much to spend on an engagement ring is necessary of course. But the question is how to get it just right. Trying to strike a balance between being too cheap and going too far can be hard. But here are some guidelines.
Think of the Wedding Expenses
Remember, the ring is only one part of the cost. Your wedding will make up a bulk of it. You need to assess the expenses you’ll incur there. Among them will be the food, clothes and guest list. The location and the decorations will also cost a lot. Don’t forget about the honeymoon too.
Even if you aren’t planning anything extravagant, these should be considered also. When thinking of how much to spend on an engagement ring, all these things need to be assessed.
Other Possible Expenses
There are other things you and your partner need to think about. This includes mortgage expenses, student loans or other personal debts. Going over these figures isn’t exactly romantic. But while crunching numbers isn’t fun, it is essential to starting a married life. After all, there’s more to a marriage than just getting a ring and saying I do.
After going through these facts, you can set aside the money you want for the ring. You can do this by yourself, or you can plan it with your partner. It’s up to you.
Price of Rings
When assessing how much to spend on an engagement ring, it’s normal to want an idea of the average ring price. However that’s rather difficult. Just to give you an idea, there are rings you can buy for under $1,000. Of course, the gemstone and quality is on the low
end, but it is cheap.
On the other hand there are rings studded with diamonds and other precious stones. These can cost tens of thousands of dollars.
Setting Aside the Budget
In terms of what the average middle class American spends (with a salary of $32,000), it’s about $2,500 to $4,000. Using these figures, an individual will spend about a month’s wages on it. Some may prefer to spend more, like two months’ worth.
These figures are for those earning about $30,000 to $33,000. If you’re making more or less, you’ll want to adjust that to meet your own personal capacity. Think of your salary when considering how much to spend on an engagement ring.
Things to Look for in a Ring
Aside from the cost, there are other things you’ll want to look at. The first will be the cut. The type of cut can mean the difference between an average ring and an exceptional one.
Of course, carats are also important. When it comes to color, the silvery shades are always popular. But if you like something bluish or any other color, you may pick them instead. It may look different, but that’s the point. There’s no need to blend in when your ring can stand out.
How much to spend on an engagement ring is something you’ll want to think about. But in the end, it’s the thought that counts.