How Much Should You Spend on an Engagement Ring?

How Much Should You Spend on an Engagement Ring?

I’ve had several friends get engaged recently, and I was thinking about this topic. The great thing about all of these friends is that they’re all of modest minds and means, and thus they take it easy on the bling, bling.

When you get right down to brass tacks, however, how much should you spend on an engagement ring?

There ain’t nothing wrong with a sweet lady desiring a sweet diamond ring; however, before you consider making the purchase and slapping one on a girl’s finger, you need to consider a few things.

Once upon a time people used to state that an engagement ring should cost 2-3 months, or a quarter-year’s salary. So if you’re pulling in $3,000/month/36k/year, then you’d be able to afford $9,000 for the engagement ring. I’ll leave my opinion out of this. That antiquated archetype has been replaced with: Purchase a ring you can afford.

There are so many variables. Can you finance the ring at a reasonable rate? Are you hoping to pay cash for the ring? Are you planning to have the ring customized, and built to match the wedding band?

Here’s the best recommendation I found. Once your thought is moving in the direction of marriage, start saving for an engagement ring. This should offer you plenty of time to put some serious funds aside for the ring, so that you can score a good monthly payment rate if you choose to finance.

Once you pop the question, set a goal to get it paid off before the wedding. If you’re paying for your own wedding, this may delay the goal, but regardless, it will leave you little debt to repay once you’re married. Anything that might take you years to pay off, you’re spending too much on the ring.

(Image via: Total Wedding Planning)