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What to Spend on an Engagement Ring

Updated on October 5, 2012

You want to propose, but how much should you spend on the engagement ring? You have probably heard the traditional answer that it should be at least two months worth of your salary. Your question then is if you have to go by this rule or not.

The answer is no! The amount that you decide to put towards an engagement ring falls to you. Remember that you will eventually have to share your financial information with your soon-to-be finance. This means that if you need to pay off her ring over an extended period of time, she will know what you paid. Additionally, depending on how you arrange your finances, she might even land up putting money towards it. Now would you want that? I doubt she would be happy purchasing her own ring.

It is not a good idea beginning marriage with a ton of debt. Many young people in their mid-twenties have student loans to repay alongside other forms of debt. Adding debt for an engagement ring might not be wise. However, there are a few ways to finance an engagement ring without taking on debt or to have paid it off before you get married:

1) Save $ 50 to $ 100 a week for a year. This will give you $ 2,600 to $ 5,200 in cash that you can spend on the ring without incurring any debt.

2) Enroll in a credit card with an introductory offer of 0 % interest for a year. Purchase the ring using this card, but make sure that you settle the balance within the year to avoid interest charges.

3) Evaluate your options. Does your mom or grandmother have a ring that you can use the center diamond from? Would you consider using a sapphire, emerald, or ruby as the center stone? These two ideas can save you a significant amount of money. If you decide to use a diamond as the main stone, do your research before selecting it. If you wish to save money, get a smaller carat size stone that is still good quality. Round brilliant diamonds are the most expensive, so selecting another shape can decrease the price by sometimes as much as 30 %.

4) Consider purchasing your engagement ring or at the very least the diamond online. Online jewelers, including Golden Tree Jewelry, are typically more economical than retail stores. Most also provide guarantees or 30 days money back options to be sure that you are satisfied with your ring or diamond.

So, the amount of do you have to spend on an engagement ring? That falls to you. She is worth every penny. The key is to think this expense and make sure that you do not go into a huge amount of debt that you will bring into the marriage. Beyond that, just do your homework and follow your instincts.


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