When it comes time to pop the question, there are a slew of questions that race through your head. Of all of the questions, figuring out how much to spend is quite possibly the most difficult. After all, you want to get something that is made of quality yet you do not want to have to take out a loan to do so. There are several age old traditions, one of which is to spend three months of your salary. This idea however is based on no sound reasoning.
How much you end up spending on an engagement ring is entirely up to you with hopefully a little input from your significant other. It is important to consider that although your finances are separate now, they soon will be joint and placing that burden on your new marriage is hardly fair. Additionally, your new fiance will probably not want to end up paying off their own ring.
Generally speaking it is ideal to go into a marriage with your affairs in order, most important of all, your finances. The less debt you bring into a marriage, the less stress you will place on your new marriage and therefore you will be able to focus on saving for your future together.
After all, an engagement ring is a symbol above all else. Choosing the right ring should be a thought out process that ends on a ring that is meaningful. More often than not, someone in your family has an heirloom ring that has been passed down through the generations. Nothing is more meaningful, or inexpensive, than that. If this isn’t an option, perhaps you can go the online route. There are plenty of reputable online sellers that sell rings at close to cost which saves you money. You can even buy a ring second-hand from someone online at usually steeply discounted prices. If you want to go the nontraditional route, a nice stone set in a custom band can also be an option. It really all depends on what your significant other will like, and if you don’t know the answer to that, perhaps you aren’t ready to pop the question after all.
At the age couples are getting married these days, it is unrealistic to still follow the age old theory of spending three months of your salary on a ring. Costs of living are higher than ever, student loan debt is prevalent, and unemployment is reaching all time highs. Not to mention most women are making more than men. There is already a long list of items that can cause stress on a marriage, so why add to the list by buying an engagement ring that you really can’t afford? Focus on what’s important and disregard what you think matters such as size, carats, etc. At the end of the day, your significant other will appreciate any ring that was picked out by you as it is a symbol of your love, and that is something that no amount of money can buy.