Guys never seem to know how much they have to pay for a high-quality engagement ring without having to break the bank or take a second mortgage on their house! Everyone tells them they need to spend so much money because their significant other will be unhappy if they buy them a cheap ring. While your better half certainly does deserve a great ring for their engagement, it doesn’t mean you have to put yourself in financial distress just to buy it.
As a matter of fact, there are a couple of ways you can look at budgeting for an engagement ring and you can pick the one that best fits your particular need. We’ll share some ways to successfully budget for an engagement ring below, so look them over thoroughly, figure out which one makes the most sense to you, and use that to make your final decision.
Do I Have To Spend a Specific Amount on an Engagement Ring?
Some people will tell you that you have to spend a certain amount on an engagement ring. It’s “common knowledge” that every guy should save three months’ worth of his salary and use that to buy the engagement ring. Guess what? Some guys could potentially end up homeless if they spend this much money on a ring, so this is not going to fit their personal situation.
Here’s another way to look at buying an engagement ring…
Think about going to a jeweler or going to an online engagement ring website. When you look at rings that cost $10,000, how do you feel? Are you ready to jump off a bridge because it’s too much money? If so, spending $10,000 on a ring isn’t going to be right for you.
When you look at rings that cost $5000, how do you feel? Does this feel like a good number to you? Or does it feel like you’re being too cheap? Judge how you feel and base your decision on your gut instinct.
Ultimately, you should look at various engagement rings at different prices and judge your personal feelings toward them. If a particular ring at a certain amount really sticks out to you and makes you feel good, then that’s the ring and the price you should pay. Do not pay any more or less. There are several guides to help you budget for this cost, so make sure to look around the web.
Do You Know How Much Your Better Half Expects You to Spend?
Maybe you’ve already talked to your better half about buying an engagement ring and maybe she’s told you how much she expects you to spend. If it seems like she’s asking for too little, you could always spend more and don’t tell her you paid extra.
On the other hand, if it seems like she’s asking you to spend too much, you could always look for discounts on engagement rings or try to find a payment plan so you can easily afford it without going broke in the short term.
Take the time to use these guidelines when choosing the right budget for your engagement ring purchase.
Get Your FREE Book Now
Enter your name and email to get the "365 Day Money Challenge" straight to your inbox.