The Perfect Engagement Ring – How Much Can I Afford?

She’s the most amazing woman you’ve ever met. The woman of your dreams is soon to be saying yes to forever with you. You want to give nothing but the best that she deserves, right? But the reality confronts you that it’s not as easy as 1,2,3 when giving her the best, even in choosing the perfect engagement ring that she would surely love.

What really is the rule in buying an engagement ring? Should you have to spend your one-two- or three-months’ salary on a diamond engagement ring? While it’s true that a three-month salary would undoubtedly buy a beautiful ring— but the big question is, can you afford it? The truth is, an engagement ring is neither a necessity nor an investment. Perhaps, you wouldn’t want to bring to a new marriage is unnecessary debt and financial stress. The diamond industry can tell you how much to spend for an engagement ring, using their how much ring can I afford calculator, but the truth is, you yourself will know what’s the perfect ring for her.

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Some may follow that traditional rule of buying a ring that costs a one- or two-month salary, but nobody knows best how much you can afford, except yourself.

How much you can afford means…

a man kissing a woman’s hand while kneeling as an act of having a proposal

What are your current expenditures?

Your engagement is not the only concern you have in your head unless you have already saved a lot of money that you are ready to buy an expensive engagement ring anytime, anywhere. You have other things to buy and pay: house amortization, energy bill, gas, water consumption, monthly expenses, groceries, etc.

How much money can you save every month?

How much you can afford means how much money you can still allocate for the ring, not sacrificing your other needs. The amount of money you can spare every payday will help you determine how much engagement ring you can afford.

When is your target date of engagement proposal?

You also need to consider the best time to buy your engagement ring. There are months in a year that you have many expenses, especially during months with celebrations like Christmas or significant family celebrations. You have to consider those things and those unforeseen expenses to let you know how long is the time that you can still save up for that ring you wish to buy.

How much is the average spending for engagement rings?

Based on a survey, Americans averagely spend $7,750 on an engagement ring based on an online diamond retailer Ritani specializing in engagement rings. They dive deeper into the statistics to find the average price paid for an engagement ring across the US in 2019. The range is wide — in South Dakota, engagement rings sold for $3,005 on average, but those bought in California were worth nearly five figures.

The two-month salary rule is outdated and spending with that basis using a how much ring can I afford calculator might be a lot of money for couples planning to be married at an early age like 20s or 30s. Buying an engagement ring should really be based on how much you feel comfortable with spending.

But the average spending is not always applicable to you. If perhaps, you have won a Lottery even if you triple the amount of your two months’ salary, it would not be a problem. You possibly might not need how much can I afford calculator. But it’s not always a lucky case.

Being a wise spender from buying your engagement ring is just a responsible step you are making towards your marriage. Therefore, it is a good idea to look at precisely what you can afford. The how much can I afford calculator should always consider your annual salary, monthly expenditure, current savings, and the amount of time you have left until you pop the question.

The best ways to save for an engagement ring?

Saving for an engagement ring shouldn’t be a burden. It should be saving money from the heart. So here are a few quick tips to help you when saving up for an engagement ring.

The first and possibly the most important thing is to do your research. Take time to search across online shops and physical stores how much are the rings that can fit your budget. Also, don’t forget about her choice, such as her favorite style, stone, etc.

Next, look at where people usually prefer buying. Check the customer reviews and ratings for the stores. When saving, always make tight budgeting, and for a while, you are saving money and avoid going to places that will tempt you to spend more than your need.

Once you have the budget in place it is time to save. You can try setting up automatic transfers into another savings account, skip the bigger purchases, and save any loose change instead of spending it. No matter what your method is, it is a good idea to commit to it.