relationships

How Much Should You Budget for an Engagement Ring?

Paying for an engagement ring is never the easiest thing to accomplish. But you love the person you intend to marry and you want to make sure you get them the perfect ring at the ideal amount. Otherwise you might end up making a fool of yourself if you accidentally spend too little or maybe even too much – although I don’t think your woman would ever say you could spent too much on an engagement ring! But your buddies might make fun of you.

At the end of the day, figuring out how much to pay for an engagement ring to set a proper budget is going to come down to a couple of different factors. For starters, one of the major factors is the amount of money you make. Another factor is how much extra money you have available to you at the end of the month after all your bills are paid. And yet another factor is your significant other and whether or not she wants a big, gaudy diamond ring or something small and simple.

With that said, we’ll now take a look at some of the major factors involved in budgeting for an engagement ring. This will help you come up with the ideal amount based on your personal situation.

Do You Know How Much You’d like to Spend on the Engagement Ring?

Some guys already have an idea of how much they’d like to spend for the engagement ring ahead of time, and if you’re one of these people you probably came to this figure for a particular reason. Maybe you based it on a certain amount of money from your monthly salary – like two or three months – or maybe you came to this conclusion because it’s how much money you already have saved up.

All in all, only you know the ideal amount to pay for your significant other’s engagement ring. A good rule of thumb is to use the three month salary model. Add up the amount of money you’ll make for the next three months and use that to buy the engagement ring. If you already have that amount saved up, you should go for it and buy the ring now if you’re ready to ask for her hand in marriage. If not, wait until you can save it up or see if you can buy a ring that you can pay for in installments.

Have You Talked about the Engagement Ring with Your Future Fiancé?

If you’re trying to make your proposal a surprise then this is not going to be very helpful for you. On the other hand, if you do not care about a surprise and your significant other already knows you’re going to ask for her hand in marriage, you should ask her about the engagement ring price. See what she says because it could end up saving you money over the long run.

Conclusion

Please use this valuable information to figure out how much you should budget for an engagement ring.

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B&B

We cover all sorts of topics here at B&B: health, career, happiness, improvement & goals, order & productivity, and of course personal finance. Thanks for reading!

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