Before you start looking at contemporary or vintage engagement rings, you need to determine your budget. Your budget will narrow down your selection, making it easier to find the perfect ring.
The Old Adage: Two Months of Salary
Today, they often say that an engagement ring should be the equivalent of about two months of salary. Of course, that number has changed. A long time ago, it may have been as much as six months. Some still say two.
These numbers aren’t fixed in stone and it’s important to be realistic about the amount. Usually, well before marriage, a couple has already discussed engagement rings and gotten a feel for what they both feel is acceptable.
Saving Up or Financing a Ring
It’s possible to finance a ring, but this often leads to someone spending more than they can safely borrow.
It’s usually better to save up for a ring rather than finance it: after all, there’s no rush to get married, and financing a ring can start a relationship on bad financial footing. After a ring comes a wedding, which is an expense in and of itself.
When calculating how much you can spend on an engagement ring, it’s important to calculate how much you can reasonably save every month towards the ring, and how long you feel comfortable saving for it. This will give you a better picture of the ring that your personal finances can afford.
Standards are changing. The amount that you spend on an engagement ring is often going to be determined by your relationship, your current income, and your complete financial picture.
