How Much Should You Spend on An Engagement Ring In 2022?

The engagement ring cost is a delicate topic since this is a symbol of love that your partner will wear every day and everywhere. Remember the ring you buy is something they will be looking down upon and reminiscing about your relationship and good moments. It is the one tangible item that everyone will see and know that you’re happily engaged. 

You might have heard about the golden rule of spending a specific amount of your salary to buy a ring. Some say it should be a three-month salary, two-month salary, or one-month salary. But how much should you really spend on that coveted ring?

I think the best way to go about it is to make crucial considerations since your case might be unique. The factors you consider will help make wiser decisions than the three, two, or one-month salary ratio that came up as a marketing ploy to make you spend more. Below are the factors that should help you decide the amount to spend on a ring. 

Engagement Ring Cost Factors

Understand Your Fiancée’s Expectations

The ring matters as it represents your love, commitment, and investment. Besides, most women have dreamt about the day they will receive a proposal and a ring since childhood. So, choosing an engagement ring that meets their expectations and makes the moment breathtaking is imperative. 

If you’re comfortable with your fiancée, consider having an open conversation about their ring expectations and financial perspective. Understanding her expectations and feelings about the amount you spend on jewelry is wise. Below are questions you should find answers to before going on a buying spree. 

1. What shape of ring do they desire?
2. What setting matches the fiancée’s style? (vintage, solitaire, or halo)
3. How often will they be wearing the ring?
4. What color do they prefer? (Platinum, yellow gold, white gold, or rose gold)
5. Will they be comfortable showing the ring to friends, family, and social media, and what is the likely reaction?
6. Are there family diamonds, rings, or heirlooms to incorporate?

If you’re uncomfortable facing them with these questions, try to find out from a close friend or a family relative. If that fails, look at available options and follow your intuition. 

Financial Situation

As you think of the engagement ring to buy for your fiancée, remember any celebrations or ceremonies attached to it. You’ll want to deal with what you can reasonably afford, ensuring you set up a favorable financial position for your engagement. Avoid getting into massive debt to afford a ring. Gauge your financial situation by thinking about the following. 

1. Your income minus healthcare and taxes
2. Your savings balance
3. Monthly expenses like insurance, car payment, or rent. 
4. What you can afford. 

These considerations will help you estimate how much to spend. If you must borrow some money for the ring, make sure you can pay off the debt without struggling. 

Don’t mistake the amount you spend on the ring for the size of your love. Your fiancée will likely notice the thoughtfulness you put into finding the perfect ring than its price. Take your time and effort to choose a personalized and beautiful ring that pays off more than anything else. The amount you spend is highly personal. 

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