If you are thinking about getting engaged at some point in the near future, you’ve probably started wondering about the cost of engagement rings and just how much you should really spend. There’s really no amount that absolutely has to be spent when it comes to how much to spend, which leaves you with a wide range of rules and opportunities that can quickly become frustrating and confusing.
That’s why we’re here to help. We have put together a couple of pointers for you to follow. December is a busy time of year for engagement ring shopping, and it will be here before you know it, so use these tips when it comes to budgeting for an engagement ring.
The Three Month’s Salary Rule
According to the experts, you ought to spend around three full months of salary on the engagement ring. The good news is that this is more a rule of thumb than a “given.” But, if you worried about job security or you’re already heavily in debt, you may well want to scale back.
The One Month Salary Rule
Perhaps you’ve heard about the idea of spending at least a month’s salary on the ring. You can thank well-known diamond manufacturer, De Beers, for that. During the American Depression, De Beers ran an ad campaign that compelled buyers to spend a whole month’s salary on the ring as a way of saving money, and the idea has certainly stuck through the ages.
The Split the Difference Rule
If three months’ worth of salary does seem like a considerable stretch, but yet a month feels a little cheap, there are those contemporary couples who choose to negotiate and spend two months’ worth of salary on the engagement ring. This is a great idea if you would prefer to spend a considerable amount but without destroying your finances. If you plan on having the ring custom made, Diamond Brokers Queensland is among the reputable wholesale diamond merchants. You can choose loose diamonds to be set on the ring and have it custom made to suit your budget and taste.
The Idea of Spending the Average Cost of an Engagement Ring
On average, it is reported that couples spend about $4,000 on engagement rings, if not a little more. There’s always the option of showing your future spouse this information and suggesting they spend that on the engagement ring. It is a relatively fair number, but remember, your budget should suit your personal financial situation.
You Could Always Ditch the Rules
Often, we just assume that the amount spent on a ring ought to be 100% up to the person who is buying it but remember to welcome to input of your fiancée-to-be. If you are not the one making the purchase, keep an open mind and offer helpful suggestions. There are plenty of women who don’t want their partners spending a massive fortune on the engagement ring. It really ought to be a personal decision. Remember to discuss the budget and finances openly when determining a budget for the engagement ring.
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