You should follow many golden rules when purchasing an engagement ring, like choosing the right diamond characteristics for your budget and shopping from a reputable place, like RockHer website. Some even say that you should invest three months’ salary in an engagement ring, as a general rule. However, this is not something you must do. The right budget is what you feel comfortable shopping and does not compromise much of the desired features.
When deciding the amount of money to put into your partner’s engagement ring, it is best to just ignore salary metrics. Instead, pay attention to how much you can practically spend. Several individuals spend excessively on this jewelry piece, and they end up having little left for other financial objectives.
For a much more manageable metric, invest only up to about 5% of your total salary into a ring. For individuals who make $62,000, the median income of US households, this is around $3,100. Adding that engagement ring’s cost into your overall wedding expenses is also a wise move. Last year, the average American wedding, including this jewelry piece, cost close to $34,000, as per The Knot’s 2019 Royal Weddings Study.
Tips On Saving For An Engagement Ring
However much you chose to pay for it, an engagement ring can be a significant purchase. Still, many saving tactics can make it much easier on your pocket. Start by establishing an engagement ring account; in it, put your additional funds earned or saved.
Saving small funds regularly over time can be helpful. Imagine you are paid once every two weeks and depositing $50 per payroll check into your engagement ring account. That is $100 monthly, and following a year, you will have $1,000.
If you wish not to handle biweekly deposits, make arrangements to have your payroll checks automatically deposited into your bank account. This tactic can help to protect savings objectives from things such as impulse purchasing, delaying and inconsistency.
Besides, seek ways to limit unwanted expenditure and tighten the budget. Even little things like cooking at home, and choosing public transportation over paid car service can help to spend less money and invest more in your engagement ring fund.
If you cannot afford the desired ring, you should not settle for a price that is beyond appropriate. Consider not digging into retirement savings or using a short-term loan to cover the jewelry piece’s cost. You always have to consider how much will be ideal for you and her before you take on debt, carrying a high rate of interest.