How Much should I Pay for an Engagement Ring?

Posted by on Jan 20, 2015 in Managing Wedding |

How to choose an engagement ring 1Congratulations to you, you have got engaged! The beautiful face of your girlfriend is now constantly on your mind and brain! You feel like bringing stars to her feet! Your thoughts are proceeding on the same lines while entering a jeweler’s shop for purchasing an engagement ring for her, right? But when it comes to the prices of the rings, you feel..ummm…daunted? overwhelmed? Or even like running away? After all that plethora of rings and their prices, you can be easily caught in the dilemma of how to choose an engagement ring. Let’s see what the different rules are and which one is the best for you.

Three Months’ Salary

As a general rule, you (or anyone planning to buy an engagement ring) should set aside his full three months’ salary for the ring. This has now become a much famous rule. But what if, you are already in heavy debt or facing a recession or insecurity of job? In that case, you can cut a bit back on the ring.

One Month’s Salary

Courtesy to DeBeers, a new rule which is consoling to grooms facing a financial setback, but wish to buy a nice engagement ring, has come up that you can spend one month’s salary on the engagement ring. DeBeers ran a campaign in the recession period to suggest men to buy an engagement ring worth only their one month’s salary, and the idea got popular.

Midway Solution

If three months are too much for you, but even one month is not much to your liking, you can find a midway solution and spend your salary of two months too. This is in fact a nice way out which enables you to seemingly spend a fortune, but not very hard on your pocket.

How to choose an engagement ring

Average Price of a Ring

A report says that about $4,000 is the amount spent by couples on an engagement ring. This is a quite fair amount neither making you feel skimpy nor pinching you hard. But this amount has no connection with one’s financial status.

To Hell with the Rules!

If you are like me, you will never go with the rules, whatever they may say! Heck, why should I spend more than my financial ability? And if I can splurge, why should I spend only 3 months’ salary? – I can spend even 5-6 months’ salary or even more! 😀

Do you know that many women don’t want their beau to spend a huge amount on the engagement ring? If you are fortunate enough to have such a girlfriend, you can take her to the jeweler, think more comfortably on the amount and buy the dream engagement ring with mutual understanding. After all, the ring denotes love and not the price of the diamond!

How to choose an engagement ring 3