How Much Should You Spend, Really?

Okay, you’ve found the girl of your dreams. Now it’s time to talk numbers. How much is the right amount to spend on an engagement ring? There isn’t a one-size-fits-all strategy for buying a ring, but here are a couple of helpful tips.

It is important to get clear and confident on your ideal budget, whether it’s $1000 or $40,000. Where did the “Two Month Salary” rule come from, anyway? Many claim it’s the result of some WWII marketing tactics to enhance diamond sales. There are so many styles, price point, and financing options available today. It is up to you how much you spend.

Plan before buying engagement ring

A useful rule is the 80% rule. Do the brunt of your engagement ring research—your ‘work’—before you even get near a diamond retailer. Would you ask a car salesman what car you should buy? No. So formulate a plan before you get taken on a sales roller coaster. If you have 80% of your planning done, they can only steer you toward specific options that fit your needs.

Consider your financial situation for buying a ring

It can be useful is to have an open and honest discussion of finances. As nearly-engaged individuals, you are tuned in to each other’s financial situations. And you see eye-to-eye on big purchases. It might not seem romantic but it might save you a disagreement down the line. A lot of stress can be avoided by asking a few simple questions prior to getting down on one knee. Do not fret, you can keep things mysterious. You don’t have to tell her the exact time and date of the proposal. It could be two years down the line—keep her guessing!

It is important to strike a balance between expectation (hers and yours) and the reality of your finances. It is safe to say your bride-to-be doesn’t want you broke after buying this ring. People often mistake expense for thoughtfulness. A well thought out ring will be far more meaningful than the most expensive one your credit card can buy. Keeping logic and love in mind is always a good idea. If you decide to include your partner in the discussion, find the delicate balance between romance and sense.

Check online jewelry stores to see latest rings

Once you’ve established a reasonable price point, take a peek at online retailers like DiamondNet and see their latest engagement rings designs. In general, the budget you’ve set will stretch further online than at local jewelry stores. You often end up with a larger selection to choose from. You also avoid being pressured into buying something the jeweler has in-store.

Tricks of saving money on buying engagement ring

Don’t forget to shop smart. There are some tricks of the trade to make your dollar go a little further. Try shopping below weight classes. A 0.95 carat diamond rather than a full carat will mean a reduced cost. The same goes for colour. The colour of a diamond is referring to how colourless the stone is. D color is ideal, and Z is the lowest. A diamond around the F colour mark is nearly impossible to distinguish, but could save you significantly when it comes time to reach for your wallet.

And before you go, remember not to focus only on price. Don’t let your mom, YouTube, or a local jeweler tell you what the ‘right’ amount is. Find the perfect ring for your situation, emotionally and financially. And make sure to leave yourself enough time. 6-8 weeks is a good ballpark, especially if you’re getting something custom.