How Much Should You Spend On An Engagement Ring?

The calendar indicates your wedding is around the corner, you know it too. You are running out of time soon. You may have earned your love yet here you are, reading this article in dilemma about choosing the right engagement ring, so many questions about the ring romping up and down your thought as you inch closer to your wedding. But why so much hype about the engagement ring? Since engagement is a one-time affair, and it is one of the most special moments of your partner’s life, it is often a pride for the bride-to-be to flaunt the glittering rock. Many women desire their partner to surprise them with one of a kind ring. So, if you are that somebody who is in pursuit of that ’one ring’ for your partner, this article will bring forth the best information you will need so that you sweat less surfing for more information.

There have been several blogs and articles that have blasted figures contemplating ratios and statistics based on the median earning. Some of these are found to be just bloated values that are sometimes misguiding or inaccurate.

Here are the facts that drive you men in the pursuit of an engagement ring; it is a tradition that has existed since ages. It is said that a man’s budget for the engagement ring must be equivalent to his three month’s pay slip. Yes! All of it! So if you are that somebody who earns $ 80,000 annually, you kiss goodbye to $20,000 for the ring. This practice is also recommended by most jewellers when you ask them to help you select a ring. Well, there goes your savings, setting you back by a couple thousand dollars, but what if you do not make sufficient earning to be extravagant on the ring? Then, here is what you should be doing instead. Try not to overdo to impress your partner, instead take stock of your financial situation and ask yourself if you would be staring at a blank wall thinking of job security and debts if you shelled out a couple thousand dollars for an engagement ring. Many times when you have an understanding partner, and if she has a thought to spare about your financial standing, she will not want you spending a lump sum of money on her engagement ring. Your fiancée would rather want you invest your savings in non-depreciating assets and may indirectly indicate that she isn’t expecting you to buy her an expensive engagement ring by telling you that her best friend wished that her husband had spent less on their engagement ring. But that doesn’t mean you aren’t expected to buy a ring at all. If a woman truly loves you, she will also love the ring you buy for her, irrespective of the costs or the size. But you mustn’t be an exorbitant spender unless you own a mansion and live life large.

On an average, it isn’t uncommon to find men spending close to $ 5,000 on the engagement ring for their fiancée. There are also some who spend close to a million on their fiancées engagement ring. But if you do not have that amount to spare for the ring, fret not! There are rings under $ 1,000 that your fiancée will be proud to adorn her finger.

If you have planned to get engaged at some point in life, then you must have wondered the type of investment you had to make towards the engagement ring. You must know that diamonds are a commodity, and it bears no pre-set value, unlike the gold and silver where there is a standard rate, this means you can bargain with the merchants and if one store is quoting a high price you can certainly negotiate the price tag. But then you may ask, “Why is it such a labyrinthine process to buy a diamond ring”? It is because there are so many confusing rules, expectations of individuals added to the burden of ensuring the quality and authenticity of the diamond; it can all sound like twisted logic that is topped with your concern of affording them. Then, there are also other technicalities that are used to quote the price for a diamond such as a carat, cut, and colour. In this article, we will be specific about the factors that influence the price you will be spending for that special rock for your fiancée without having to rip your hairs.

There are other options for you buyers to buy the diamond with a cheaper price tag. Sellers offer slashed rates if you choose to buy from an online store, this is because the sales tax is not levied on buyers who prefer to make a purchase online which means you can buy the diamond from Texas and have it delivered to your location.

How Much Should You Spend On An Engagement Ring?

Here are the rules that apply to a diamond purchase;

The Traditional Rule

It is said that when a man purchases an engagement ring, its worth must be equivalent to that of his three month’s pay. Just like they say, this is a rule of thumb to purchase that ideal ring, but not necessarily a compulsion, because not everybody will have a financial standing to buy a ring from their three month’s salary.  Many diamond sellers also recommend this logic for purchase of the ring, but do so only if you are capable of footing the bill without harming the prospects of your financial stability else there is no shame in scaling down the expense if you are not in a position to afford such expensive rings.

One Month’s Salary

However, the trend seems to be catching up soon. With many men shying away from the three-month rule, there has been a slight change in the drift among many men who prefer investing their one month salary to purchase the glittering rock for their lady love. Several merchants run ad campaign exclusively highlighting this new trend.

For Those Who like The Right Balance

Since your salary directly impacts in making the right decision about buying the engagement ring, some men prefer to maintain a right balance, especially if you are the one who believe that using your one month’s salary is too stingy, and neither are you willing to pay a lump sum for the ring. Many recommend you to invest two months of your salary to purchase the ring, this way you do not wreck your finance entirely and neither will you be skimping on the borders of cheap investment.

Choose The Average Cost Over The Rules

If the three month salary rule is too complicated, then you can opt for the more logical option of sticking to the standards that is in trending, usually on an average, the couples are willing to invest up to $ 5,000 in the engagement ring. Remember, this logic has nothing to do with your financial situation and if you think that paying a median price for the ring is too expensive, then you can scale down further till you feel it safe without breaking your financial prospects.

Ignore The Rules, Save A Fortune

The easiest way to find a solution to the question, ‘How Much Should You Spend On An Engagement Ring?’ is to ignore the rules altogether. In the times of recession, many may think twice, and hard adapting to rules or trends when it comes to shopping an engagement ring for their fiancée. Not always are these rules feasible and are subject to scrutiny especially when salary is you earn is the prime constraint. It can stress those on the lower income scale. The logic of and engagement apart from the ring is about your fiancée and the mutual understanding you have with one another. If your fiancée understands your ability and doesn’t want you bear the burden of debt, she will not mind if you were to buy an inexpensive ring.

Knowing Your Ring

Engagement ring is a shallow definition of defining an ornament that your fiancée will proudly adorn and flaunt in front of her family and friends. So, it is important that you know what makes such a ring special and what varieties are available. So the next question is, what should an engagement ring be made of? A typical engagement ring is a band that is made of gold, silver, platinum or other metals of value and the face of the band consists of the diamond rock. Again, diamond is a loose definition when referring to the rock that is found attached on the ring. The selection of diamonds can depend on various factors; here is the logic to select the diamond ring,

The 4 C’s Of Diamond

The C here means carat, clarity, colour, and cut. These are the standards laid down by Gemmological Institute of America. Its is one of the rigidly maintained global standards; the best and original diamonds always come certified by GIA. When you measure diamonds in terms of carat you are referring to the weight of a diamond. The one carat diamond roughly weighs around the same as a paper clip. Clarity is the characteristics associated with the diamond that is only visible under magnification. But do note that flawless diamonds are incredibly rare and of very high value. Colour is yet another characteristic of many diamonds, diamonds often have a tinge of colour to them, and they can appear in various shades and are graded by alphabets from D-Z indicating the shade of colour. Finally, the cut of the diamond is what decides the sparkle it will have, when the diamonds have many cuts then there will be more sparkle to it. The cut will directly define the number, position and shape of the facets.  Diamond experts say that the value of each C will vary depending on the preference of the buyer. For instance, if the buyer wants more clarity, then they must focus on diamonds with more cuts, but if size is your concern, then you will have pay attention to the budget to buy a larger rock.

There are also some who buy a stainless steel ring band instead of ornaments. This way you not only save in terms of cost but also you also own a metal that virtually needs no maintenance at all, and it lasts a lifetime. Also, many buyers choose the turquoise or onyx over metals for the engagement ring. Partners prefer to have their engagement ring to be made of mixed metals too. For instance, the combination of gold and silver that will not just add to finesse, but is also a better alternative to buying a single more expensive ring and also, it will easily match other jewellery on the wearer.

When you must plan to purchase an engagement ring for your fiancée, it isn’t compulsory that you make the purchase from an elite diamond merchant. Interestingly, you can save a considerate amount of expense if you are looking at auctions. But the only downside to this strategy is that you may not find that ideal model that you have been looking for, but you certainly will not be disappointed as you will still be able to find good selection among the available items that are still priced at great deals. If you do not like the pre-existing encrusted diamond, then you can have it replaced or remounted with the selection of your choice.

Did you know the cost of the diamond is exponential to the size? IF you are purchasing a diamond that is one large piece then you can expect an elevated price tag, but if you insist on purchasing the same quantity of diamond in a fragmented form, then it will cost you much lesser than the single large rock. Hence, it is another strategy of purchasing the diamond where you buy smaller pieces of diamonds and have them arranged in a cluster on the engagement ring. This way you save on the expense and also the quantity. The best example to explain this logic is to consider that you are comparing one carat diamond that is a single piece and the same one carat diamonds that are cut in several smaller stones, the price you will be paying for several smaller stones of one carat diamond will be cheaper than paying for a single carat solitaire stone.

Before you ask, how much should you spend on an engagement ring, you must take into consideration of the most important detail, one is the budget you are willing to earmark for the engagement ring and the other is the lifestyle of the user wearing the diamond ring. Suppose your fiancée is an active person, then she may find it inconvenient to wear the solitaire stone-encrusted ring as she may have difficulty wearing gloves and there is also the risk of loss of the diamond if they are vaguely handled and are subject to wear and tear during the active wearing. Thus, it is more feasible if you take into the consideration of the personality and the lifestyle of the wearer.