Your love is not defined by materialistic things. However, you’re going to propose a special person whom you want to spend the rest of your life with. That’s something worth remembering, and it’s possible with a shiny engagement ring. You might be planning countless things to make your proposal perfect. You can make it happen by choosing the right engagement ring. For that purpose, knowing how much should you spend on an engagement ring is beneficial. It’s a tricky but worth the effort process.
How Much Should You Spend On An Engagement Ring? Four Rules To Simplify Expenses
The following are the factors to understand how much should you spend on an engagement ring.
The Old Three-Month Rule
For several years, jewelry brands and professionals have promoted advertisements. That the person proposing should spend their 2-3 months’ salary on the engagement rings. It showcases the affection and importance of your partner in your life.
However, it’s not a realistic approach and suitable for all. Your salary and expenses cannot define your financial demands and saving requirements, along with personal debts. That’s why modern couples today prioritize their budgets and not this old rule.
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National And Global Rates
The normal rate of an engagement ring in the US is between \$5,000 and \$7,000. But this rate differs according to your:
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Region.
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Lifestyle.
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Income.
It’s vital to know that the costs of engagement rings do not define your relationship or financial worth. It’s your effort and support for your partner that counts.
What Is Your Budget Limitation?
Choose an engagement ring that reflects your love and financial condition. Don’t overspend money on the ring that leads to stress, which is not worth the energy for the couple. Ask yourself the given questions when you set a specific budget for the engagement ring.
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What is your current financial situation?
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Are you carrying student loans or other major debt?
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What about emergency savings?
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What’s your main goal? A wedding, honeymoon, or a new home?
Females love to wear a delicate diamond necklace.
Prefer Quality Rather Than Size
Considering the 4Cs helps choose affordable yet high-quality engagement rings. Preferring diamond quality and setting of the ring is far efficient than the size of the ring. It ensures they can enjoy a great engagement ring within their budget limitations.
Also, see diamond earrings as a gift for wedding anniversaries.
Conclusion
To conclude, how much should you spend on an engagement ring? Not every couple prefers the same things as other couples. Some prefer a lavish engagement ring, while others prefer an understated option to save for a bright future together. It depends on your and your partner’s personal preferences which matters.
Next, read about the best wedding rings.