How Much Of Your Salary Should You Spend On An Engagement Ring?

If you’ve found the partner of your dreams, you may be ready to pop the big question. That question, however, opens a world of new questions for many men, such as how will you ask, will she say yes, and most importantly, what kind of ring should you buy and how much should you spend on it? You may have heard all the rules about what you’re supposed to do when buying a diamond engagement ring, but how do you find unique jewellery that fits your budget and what should your budget be?

Three Months’ Salary

This is probably the most popular and widely accepted rule of thumb for custom made diamond rings. According to this advice, you should calculate how much you earn in three months and use that price to determine how much you should be spending on your diamond engagement ring. Although this may seem like a large sum, diamond engagement rings can be very pricey and having a bit of cash on hand will get you farther when it comes to shopping for your custom made diamond ring. This will also allow you to buy the ring you like the most without having to compromise on the price.

One Month’s Salary

Another popular word of advice is to spend one month’s salary on a ring. Depending on the style of diamond engagement rings you are looking to buy, this may be more than enough to get what you want, while saving three months’ worth of salary may be too much. Whether you want to save a month or more, it is important to determine how much you want to spend and find unique jewellery that fits your budget and the bride’s style.

Splitting the Difference

If three months seems like way too much, but one month may not cut it, consider saving your salary for two months and spending that on your engagement ring. This is helpful for those who want to buy their significant other a beautiful custom made diamond ring without spending too much, especially if you are living together or plan to pay for the wedding yourselves. After all, with a huge party to plan, you may need all the extra money you can get!

Find Then Save

Another great way to ensure you have enough for the ring of her dreams is to work backward. Instead of saving all your money and then shopping around, find the diamond engagement ring you want to buy first and then save up what you need in order to get it. This will allow you to determine your budget, find the perfect ring in your budget and spend exactly what you plan on spending without finding that you may not have saved enough. And don’t forget to add the proposal costs to your savings as well!

Author: Jordan Moffatt

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