While the traditional two-month rule is still useful for some couples, you should consider the truth of this rule: it doesn’t really apply to you. Buying an engagement ring is about more than just the stone. The price of an engagement ring should reflect what the couple values and can afford to spend. Discuss your financial situation with your partner and come up with a budget that works for both of you.
1.The two-month rule is outdated
The one-month salary rule for how much to spend on an engagement is a common sales tactic. Many couples make a comparison online of how much they’ve spent on their engagement rings to their own. But this rule has its flaws. It’s based on a person’s current salary. According to certified financial planner Ryan Marshall, a man’s salary is not a good guide to a woman’s ring budget.
While some people justify spending three months of their salary on an engagement ring, others aren’t able to. For example, if a man makes $50,000 per year, he’d have to shell out $25,000 to buy a ring worth $1,200. The two-month rule is an outdated guideline. Instead of putting it into practice, couples should consider their personal preferences and budget before choosing a ring.
2.Buying an engagement ring isn’t just about the stone
Purchasing an engagement ring is not just about the stone. There are many different things to consider, such as the setting and color of the stone. While diamonds are the most popular choice, there are many other options as well. For example, you can choose to buy a ring with a sapphire or emerald center stone. You may also want to choose a metal setting, and there are many different types of precious metals to choose from.
The style of the engagement ring is most affected by the stone and setting. Depending on the shape and style of the center stone, you can select a traditional, vintage-inspired, or modern design. Even if the stone itself is unique, the setting is what will make the ring look special. There are also different settings for the center stone, and the choice of the style and color will affect the overall look of the ring.
3.Budgeting for an engagement ring isn’t based on salary
Before you start shopping for an engagement ring, you should consider your salary. You should make adjustments in your living expenses based on your current income level. If you don’t have any money set aside for big purchases, you may want to create a buffer for larger expenses in the future. This way, you’ll have some extra money for a vacation or unexpected bills. If you can afford more than a thousand dollars, go for it!
The maximum cost of an engagement ring can range from $500 to thousands of dollars. Despite the high cost, this investment is usually forgotten within a few years. Consequently, many buyers cannot afford to lose six weeks’ salary for an engagement ring. Rather than risk losing the ring, they should purchase an insurance policy for the ring. You should also avoid spending more than you can afford to keep on hand.
4.Waiting to buy an engagement ring is a good idea
When it comes to buying an engagement ring, patience can be a virtue. Buying a ring quickly may not be the best idea, but the longer you wait, the more time you have to save and budget for it. While some people can afford to spend all their money right away, waiting a few months can give you time to save and pay for it later. Although this may be a temporary pain, you can always resume your normal budget after the ring arrives.
During the holiday season, engagement ring sales tend to peak. These are often accompanied by radio spots and flyers that encourage men to visit the stores. Some “diamond warehouse” stores even give away televisions and gaming consoles to encourage men to buy diamond rings. Sadly, the “discount” engagement ring prices are marked up to cover the gift giveaways. If you want to surprise your partner earlier, try shopping for it online or wait until spring.
5.Diamond engagement rings aren’t just about stones
Whether you’re thinking of setting a diamond in a solitaire engagement ring or want to make it look larger, there are several options to consider. While larger stones will look better in the center of the ring, they can also be very expensive. However, you can still have a dazzling ring by using smaller center stones in strategic ways. For example, you can choose a halo setting or multiple side stones to increase the surface area of the center stone.
Sapphires and rubies are some of the most popular choices when choosing an engagement ring center stone. Both of these stones are durable and come in a range of colors. Ruby engagement rings, for instance, are the most popular choice among women. While rubies are the most traditional and popular choice for engagement rings, other precious stones such as emerald, ruby, and sapphires can also make beautiful and unique choices for an engagement ring.
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