So, you are finally thinking of popping up the question and getting engaged. You might be thinking that confusion and problems are a thing of the past but the moment you think about getting engaged another question which is very confusing would be posed in front of you and that is how much should I spend on an engagement ring?
When you ask your friends and relatives for an answer to this question you would always be getting different opinion from different people.
If you are asking about the cost of the engagement ring from your friends, they would be replying to you according to their own financial status and similarly your relatives would be replying to you regarding the cost according to their own financial status and therefore the more people you ask this the more confused you would be.
Luckily, there is a easy way to find out the answer.
How much should I spend on an engagement ring?
The general consensus is that you should be spending a maximum of three months of salary on the engagement ring. You should note that we mentioned the maximum and not the minimum and therefore in order to decide the exact amount which you should be spending on the engagement ring you need to look into quite a few things regarding your financial status and current circumstances and then only it would be possible for you to make a decision about how much you should be spending on the engagement ring.
-Your financial obligations: Each and every person has a different financial status and even though your friend’s and your salary might be the same but still your financial obligations can be much different as compared to your friends.
You need to take your salary into account but along with that you also need to take into account the credit card debt which you might be having as well as any other type of debt which you might be having and also you need to take into account your job security as well and the current savings which you are having. You need to understand that just because you are popping up the question, you cannot just start ignoring your financial status.
-Future wedding expenses: One thing which most of the people forget is that if you’re spending on the engagement ring then that means that in the very near future you would have to spend a lot more money on the wedding preparations as well. Along with that you would have to spend on the honeymoon as well. That actually means that whatever you would be spending right now on the engagement ring would be just a drop in the bucket because you would have to tackle many more expenses for the wedding as well as the honeymoon and therefore it is important that you look into the overall financial status and the future wedding expenses as well and then make the final decision about how much you want to spend on a wedding ring.
-Future planning: After the wedding as well the expenses would be increasing and at the same point of time if you’re planning a big expense like purchasing a house or purchasing a car then you have to plan for that expense as well. Just going out and buying a lavish ring because you are popping up the question is not a good decision. You need to actually ensure that you look into the future family planning as well and the economical planning for your family as well and after that only set aside the budget for the wedding ring.
Most of the people think about getting the diamond engagement ring and therefore the cost of the ring, needless to say, would be dependent on the type of the diamond which you are getting and the cut of the diamond. When you’re getting a diamond engagement ring then is a good idea to find out more about the diamonds and how they vary and cost with respect to the weight of the diamond and the cut of the diamond and after you have looked at this point then only it would be possible for you to make a decision about the engagement ring.
These days diamond ring does not necessarily mean that you would be going for golden diamond ring but it can also be platinum and therefore it is very important for you to look into the cost of the metal which you would be using as well as the weight of the diamond which you would be using.
You should not be just buying a expensive engagement ring because your friend had done so in the past for his engagement.
As we mentioned above, the choice of each and every person is different as well and therefore you need to go according to the type of ring which you like rather than looking at the pricetag and then picking up the most expensive ring.
If you do not have any idea about the cost of the engagement ring, then instead of going to the store looking clueless, you need to look them up online and find out the various type of diamonds as well as the cuts on those diamonds and then decide which is the best engagement ring options which you are having and also it would depend on the design of the ring as well and the metal which you are choosing as well.
So, the answer to the question how much should I spend on an engagement ring depends on the financial situation in which you are in and the type of the ring which you like and the metal which you want but as a general ballpark figure you can consider spending up to 3 months of your salary on the engagement ring as long as you are not into dire financial situations currently but it all depends on the individual and there is no hard and fast rule that you should be spending X amount of money on the engagement ring either ways and thereby the final choice would always be belonging to you rather than a general perception.