How Much Should You Actually Spend On An Engagement Ring?
Back in the days, there was a common notion that you should spend 3 months of your salary on an engagement ring. We have the legendary jewellery company De Beers to thank for that, as it all started with a marketing campaign aimed at encouraging spending amidst tough economic times in the 20th century.
Today, few people still subscribe to this guideline, yet it doesn’t mean that acquiring that beautiful diamond engagement ring for your bae is any easier! With the 3-month rule now mostly fading away into oblivion, what’s a more realistic guideline for spending on an engagement ring? And along with that question, how should one plan for the purchase of an engagement ring?
Let us help you get on track to completing your proposal plans with these budgeting tips for diamond ring shopping!
• Know your priorities
If you’ve decided to get married, buying an engagement ring is probably not the only cost you have to worry about. After the proposal, comes the wedding, honeymoon, new home, and possibly so much more! Don’t forget – you still need to have enough to live your daily life, pay the bills, and maintain an emergency fund.
While an engagement ring might be a meaningful tradition, you can’t wipe out your savings just for this one item. Consider how important the engagement ring is to you in the grand scheme of things, in relation to all the other spending needs you have. For instance, if you and your partner would rather spend on a luxurious honeymoon, it’s natural to compromise a little on other things like the engagement ring.
• Discuss your budget with your partner
Remember to include your partner in this discussion as well! This way, you can be on the same page as to what to look for and expect. Although ‘tradition’ says that an engagement ring should cost between 1 to 3 months of your salary, that doesn’t need to be true in today’s context.
In fact, a survey conducted in Singapore revealed that women had a lower price expectation for their engagement rings than the price that men were willing to pay. Instead of letting this disparity cause misunderstandings and unnecessary strain on your finances, it is far better to reach a mutual agreement through open discussion.
After all, it’s good communication and understanding of each other will carry you through a long and happy relationship, not the price of your ring!
• Budget according to your abilities
So, now that we’ve gotten the 3-month rule out of the way, how much can you realistically spend on your proposal ring? You’ll have to consider your financial abilities and decide what you are comfortable with spending.
Even if it is currently a little out of your reach to purchase a diamond ring now, you should be able to afford one by setting up a simple savings plan. Take the number of months from now till the time you plan to propose, and divide the price of the ring accordingly to know how much you need to set aside each month.
Having a systematic plan will help you ensure you still have sufficient funds to spend on your daily necessities and other costs.
• Choose the right ring, not the most expensive one
In most scenarios, it’s true that you get what you pay for. But expensive isn’t always better – especially if it’s not something you even want.
Not everyone buys into the idea that bigger is better. Some may prefer a more under-the-radar ring, which makes choosing a smaller diamond an ideal choice for you and your wallet. At the end of the day, you want to make sure your money is well spent on something you won’t regret. Thus, choosing the right ring your partner will love is absolutely essential.
If you still love your bling, don’t fret! There are also ways to maximise the dazzle-factor without breaking the bank. Why not go for a lab-grown diamond ring instead of a mined diamond? At Love & Co., our lab-grown diamond range, LVC Precieux, presents stunning diamonds are reasonably priced as compared to mined diamonds of similar specifications.
Alternatively, you can opt for quantity rather than size. If your budget doesn’t allow for a large and glamourous rock, melee diamonds in a halo ring setting can boost the appearance of a small centre stone, while being lighter on your pocket than a single diamond of identical total carat weight. To further amp up the sparkle of your ring, you can also opt for pavé diamonds on the ring band.
Ultimately, there is no right or wrong when it comes to how much you spend on your engagement ring – and don’t let anyone judge you for your choice! What’s important is to be prudent and make sure you spend within your abilities.
Not sure what kind of rings you can get for your budget? Be sure to explore our jewellery shop online or in stores for some inspiration! Our friendly jewellers will also be more than happy to advise you on the best ring styles for your preferences and lifestyle.