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Home > Wedding Blog > What is the budget that I should plan for my engagement ring?

What is the budget that I should plan for my engagement ring?

March 27th, 2012, by Christine Beswick

What is the budget that I should plan for my engagement ring?

When it comes to buying an engagement ring, this is probably one of the most commonly asked questions, among the many common questions. This is probably the first big purchase you will ever make in your life, and you want to do it right. For an engagement ring, you can still get cheap diamond rings and budget yourself accordingly while still ensuring she has the most beautiful ring she could ever dream of. In today’s economy, there is no hard and fast rule to this, because today’s economy is different. You can’t tell someone who has been looking for work for a year to budget two months’ salary to a ring, when they have no salary to work with. So let’s talk about how to get wedding rings for cheap, while still getting something exquisite. Two month’s salary is the standard rule that many people will tell you, but this isn’t always possible. If this is the rule that you want to stick to, find your number for two month’s salary, and start socking it away. If that means $50 a week until you have it, so be it. But this is the approach you should take if this is the rule you want to stick to.

Another option you might want to consider is financing. If you want to get the ring, there are many ways that you can pay for it in bits at a time in the same way that you would put away $50 a week. You can approach a bank for financing, or some companies that will allow monthly payments on the ring of your choice. Remember though, once the ring is on you have a wedding to plan for, and you will have extra expenses down the road as well. The other option is to start the build engagement ring process, just to see how much the perfect ring will cost you. Many times, the two month salary is well over the range of what the perfect ring will cost a future fiancé. If you know exactly what she wants, and you can design it yourself, chances are you won’t need to spend nearly as much as you thought. Once you start this process and see what kind of costs you are actually looking at, instead of deciding ahead of time to put away two month’s worth of paychecks, you will find this process much more affordable than you thought.

There is simply no hard and fast rule to this one, but if you haven’t already, you should definitely start putting money away for it as soon as the idea to propose to her pops into your head. This will make the ring purchase that much easier to deal with when it is time for checkout. The key is to not set yourself up for failure or disappointment before the time even comes. Many grooms think that they’ll never be able to afford that perfect ring, because they simply think it’s too expensive today. There could be nothing further from the truth. Buying rings online today has simplified this process for so many future grooms, as they have found the process so much more affordable than they originally thought. Start looking now, and put your mind at ease today. Remember, this is supposed to be a fun time for you! If you have any thoughts or ideas on how this process was made more affordable for you, drop them in the comments, we’d love to hear from you!

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