As a one off symbol of unending love, an engagement ring should be of a very high quality and that tends to mean a high price tag. However, the amount you spend on an engagement ring should never be more that you can afford, especially as you will soon have a wedding to pay for.
The following five tips will help you decide how much you can afford to spend on that sparkling diamond:
- There are mixed views over whether a man should spend one or two month’s salary on an engagement ring, but one certainty is that your spend should be relative to the amount of disposable income you have. Be realistic about what you can afford to pay.
- Don’t assume that a larger or more expensive ring is always a better choice. If your girlfriend has small hands, a smaller ring will look better, and if she always wears gold she won’t thank you for choosing platinum just because it’s got a higher price tag.
- If you’re shopping with your girlfriend or fiancée, always let the jeweler know your budget discreetly beforehand. Set it lower than you can afford so you have the possibility to increase slightly for a good deal.
- If you find that your ideal ring is out of your price range, check with the jeweler to see if you can have something similar made with a slightly more colored diamond, or one with more inclusions. You could also opt for a slightly smaller diamond to reduce the price.
- Try to save up for the ring before you buy it rather than buying it on a credit card, or worse still using a payment plan from your joint account. You will have a long line of wedding expenses coming up so don’t get into debt for the engagement ring.