How Much Should You Spend on an Engagement Ring

“Will you marry me?” These are the four most important words a man can ever say to his partner. If you watch a lot of movies, you know that the words need to be accompanied by something - a ring.

While the movies will show you how the ring fits the woman’s finger perfectly, they skip out the preceding part – buying the engagement ring. It is not only tricky but also requires you to do a lot of math!

When buying engagement rings, the first question that comes to mind is, how much do you spend? Here is everything you should know about this topic.

So, What about the Three Month Salary Rule?

For many years, men who were to be engaged followed the ‘three-month salary rule’. This rule, as the name suggests, stipulated that a man should spend three months’ salary on the ring he buys for his fiancé. Many men, especially in the West, saved up for months and bought an exorbitantly priced ring. Are you planning to follow this rule?

Whoa! Whoa!

Do you know that the three-month salary rule is only a marketing gimmick? There is no hard and fast rule to how much money you should spend on your engagement ring. You could spend all your savings (not a wise move), a part of your savings or nothing at all! Yes, the last only applies to men whose mothers or grandmothers have given them a family ring to propose to their loved one with.

To understand how much you should be spending on an engagement ring, you need to first understand a few other things.

What Determines the Cost of an Engagement Ring?

An engagement ring typically has two parts: the metal and the gemstones. When it comes to precious metals, gold and platinum are the most favored ones for an engagement ring. Gold rings have a traditional appeal while platinum rings have a more modern edge. Between the two metals, platinum is much more expensive. However, it is also more long-lasting, durable, and less prone to scratches.

Diamond rings are the most common and favorite picks of many couples. If you want to go the unconventional route, you could also pick emeralds, rubies, or sapphires. These are considered precious gemstones.

Factors That Determine a Gemstone’s Value:

• Cut: Determines how the stone sparkles.
• Color: Clearer diamonds are more expensive.
• Clarity: Fewer inclusions mean a higher value.
• Carat: Larger stones are pricier.

Consider the Preferences of the Wearer

An engagement ring should be something your fiancé will be proud to wear. Hence, it must be something she likes. Many men choose to shop for an engagement ring with their partners. If planning a surprise, ask her friends for hints about her ideal ring.

Don’t Break the Bank

Now that you know how the value of a ring is determined, take a look at your finances. The engagement ring is only the first of many purchases that will go towards your wedding and future life together. Hence, do not empty your savings on this.

How Can You Get the Best Deal?

• Shop around: Compare different designs before deciding.
• Shave off a few points: Buying a 0.9-carat stone instead of a 1.0-carat can save money.
• Leave the solitaires aside: Consider rings with a cluster of stones instead of a single stone.

So, are you ready to buy the ring that will mark the beginning of your future?