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You’ve waited for quite some time now for the perfect moment to find its way to you. You’ve been with your partner long enough to know that he or she is the one you want to spend the rest of your life with. Now that this moment has finally found its way to you, it’s time to purchase an engagement ring!
However, you might be wondering how much should you spend on an engagement ring. This is a good question to ask, because as times change, so does the spending norm for many things. You want something that’s going to wow your partner, but not put you both in debt.
Fortunately, this outcome is attainable. If you’re not sure how much to spend on your engagement ring, then you’ll want to continue reading below. Here’s everything you need to know.
The Average Cost
The average cost of an engagement ring is right under $6,000. However, this doesn’t mean that you need to spend 6 grand to find the perfect ring for your significant other. In fact, engagement rings come in all different price ranges.
You can even find some stunning rings for under $1,000. Other beautiful rings can be purchased for just above $1,000 such as the pear shaped engagement ring, which is unique and perfect for just about anyone’s budget.
Creating Your Budget
Once you get an idea of how much engagement rings cost, and once you’ve found one that you believe your partner will like best, it’s time to start creating your budget. If you plan ahead with enough time in advance, you can certainly save up enough money for a ring that’ll turn heads.
The last thing you want to do is empty your savings accounts for a ring. Give yourself a goal to meet when saving. You should also have a set budget and ensure that you stick to it.
Having a budget to stick to is the best way to determine how much you should spend when engagement ring shopping.
The Three Month’s Salary Rule
If money isn’t a huge factor, and you’re looking for a good rule of thumb to follow when ring shopping, you can stick to the three month’s salary rule. The three month’s salary rule might not be as popular as the one month’s salary rule. This rule states that you should spend one month’s worth of gross income on an engagement ring.
However, this rule dates back to many years. In today’s world, we follow the three month’s salary rule, which states that you should spend what you make in gross income in three months on an engagement ring. This is a good rule to follow if you’re in the right financial state to do so.
So, How Much Should You Spend on an Engagement Ring?
The amount of money that you should spend on an engagement ring depends on your own financial situation and personal preference. Not everyone believes that the most expensive ring is their style, and many would prefer the style of less expensive rings.
After reading this post, we hope you’re no longer wondering how much should you spend on an engagement ring! For more posts like this one, check back with us regularly!