The Burning Question: How Much Should an Engagement Ring Cost?
So, you’re ready to put a ring on it? Finding your soulmate and knowing that person is who you want to the spend the rest of your life with is an exciting time but, it can also be daunting. Making sure you get the perfect ring for the person who you love unconditionally and also have the most heartfelt proposal can make the experience extremely overwhelming. One specific question plays a big role in the stress of starting to look into buying an engagement ring… that question is – How much should an engagement ring cost?
For years, the month’s salary rule has a been a guideline for how much someone should spend on an engagement ring. The rule has had different variations stating it can either be one, two, or sometimes even three months. What this rule does not take into count is all of life’s expenses and debt. So what the rule is saying is that if you make $2,000 a month, you should spend either $2,000, $4,000 or even $6,000. That’s a big range of numbers and can really confuse you even more.
Then, there’s the engagement ring calculator that is designed to help you look at all your finances including your debt to get your budget for your engagement rings. These are great for a general ball park of what you could consider to be your budget but beware, some calculators are completely hokey in their results.
But to us, there is no set rule on what your engagement ring cost should be. We truly believe that every person has some sort of budget and whatever that budget is, is okay. But, if you would like some help on coming up with your budget, here are a few things that we think are important to consider.
- Financial Situation – we strongly recommend looking at your current bills, income and even debt level. Also, look at what you have saved for the ring thus far. Based on what you have saved think about whether you would like to do financing or pay for the ring in full at time of purchase. These are all important steps in finding out your budget.
- Partner’s Expectations – this one is tricky. We recommend having a discussion on what your partner would like in a ring so we can better serve you when looking at different ring options. We have a high number of couples who come in together and window shop, or even make decisions together too. But if you would like it to remain a total surprise, ask a close relative or a close friend for help. Whatever is the best fit for you is just fine.
- The Symbol of the Ring – an engagement ring is a symbol of unconditional love. We promise you that your partner will be happiest with a ring that symbolizes that to him or her, more than a ring that you spent too much money on. The ring is not meant to put you in substantial debt but is meant to be a symbol of the marriage and life ahead.
We have people come into the shop with different budgets daily. We know the importance of an engagement ring and will work with you to find the perfect ring with the right fit to your budget. We have 12 month interest free financing as another way to help with purchasing your forever ring for your forever person.
But remember our number one rule: Your engagement ring should be beautiful to you and your partner, and that is what is important. Not how much you spend.
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