Did you know that there are over 130 million married adults in America?
If you’re thinking of marrying your partner, you’re definitely not alone! But, before you pop the question there are plenty of factors you need to consider to create the perfect engagement.
One major question is how much should you spend on an engagement ring? You don’t want to disappoint the love of your life with a cheap ring, but you also don’t want to splurge half a year’s wages on a big diamond!
To work out the right amount to spend, read on.
Three Months Salary
There’s a lot of differing information out there, but one rule of thumb that’s cited a lot is the three-month salary rule. This is the idea that you should be spending three months’ worth of wages on an engagement ring. But, if that sounds like too much to you then it probably is!
If you’re in debt, are saving up for something like a house or a holiday together, or you simply can’t spare that much, you by no means have to. The best engagement ring is one that you can afford.
One Months Salary
If you’re buying an engagement ring and are freaked out by the idea of putting aside three months’ salary, don’t panic! Another widely cited rule is to buy a ring that’s worth one month’s salary. This is much more realistic and a better option if you don’t have a huge amount of excess income.
How Much Should You Spend on an Engagement Ring
The average engagement ring cost in America is $6000. However, that isn’t necessarily a good way to work out how much to spend, as even though it’s the average cost it doesn’t mean that the average person is spending that much. In fact, many people are opting instead for rings between $1000 and $4000, and 8% are going for engagement ring styles that are less than $1000.
Talk to Friends and Family
If you have no idea what you should be spending, talk to your friends and family. Even better, talk to your partner’s friends and family who might have an idea of how much your partner would be expecting! People that are married will have a better idea of what’s realistic and can help you understand what’s appropriate.
Look at Ways to Save
You can still buy beautiful engagement rings on a budget. There are plenty of ways to save money, such as picking a less expensive stone than a diamond, or opting for a lower carat diamond. Vintage rings are another great option, and better for the planet, too!
Remember That Price Isn’t Everything
A gorgeous ring doesn’t have to put you in debt. Spend within your means and remember that the most important thing here isn’t the ring, but the fact you and your partner are committing to each other for the rest of your lives!
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