Home Buying Guide How Much Money Should You Spend on an Engagement Ring?

How Much Money Should You Spend on an Engagement Ring?

If you are trying to decide the amount of money you should spend on the engagement, you will have landed in the ideal place. We agree that it is quite difficult to decide the amount you need to spend on this ring because it is a precious gift for your better half. In this post, you will find the tips that would help you decide how much it is okay to spend on a ring.

You can find different payment systems and techniques to help you know about the traditional amount spent on ring purchasing. Still, these techniques are stated by bloggers and are based on public opinion. You cannot simply use the same budgeting scheme in all cases.

There are dozens of ring budget theories that you can on the web, but we would like you to know about the most sensible ones.

Ring Budgeting Theories!

Out of various budgeting theories, we have listed the top three one is for you:

2 Month salary!

This is one of the popular theories for calculating the amount you should spend on a ring. According to this theory, as the name intends, you must spend two months of your salary on the engagement ring. Many people agree with this theory, and many do not but let us go through its details.

For instance, if you are making 50,000 pounds in a year, then according to this theory, your ring budget should be around 8500 pounds. You must also know that the two-month salary theory also includes a one- and three-month system. So, this means that you can also choose to set the ring budget based on your single month salary of quarterly too.

The pro of using this theory is that it is quite easy to calculate, plus you must also know that it has become a traditional theory, so the majority of people accept it. The con of this theory is that it is too simple for the modern era. Furthermore, this theory does not consider the dept or expenses of a person nor their lifestyles. If you do not have any savings and are running your daily expenses with your salary, this theory would not appeal too much.

Average cost theory

This is another common theory that is being used for the calculation of the budget that you should spend on a ring. This amount/budget depends on the cost of the rings in the market. For instance, the average cost of an engagement ring is 8000 pounds today. According to this theory, you must spend this amount on the ring. Now this theory, like others, has its pros and cons.

The benefit of this avg. Cost theory is that it can be calculated quite easily. It also gives you a feeling that you have paid a fair amount for the ring. The con of this theory is that it does not fit everyone. Some people might want to pay thousands of pounds on the ring, but there might also be some people who cannot afford to spend the average price of a ring. No one should go in-debt or should feel low because of a limiting standard. According to some budgeting experts, limiting the rung budget to a national average is an awfully bad idea.

We would always recommend choosing a budget that suits your personal requirements, which also doesn’t disturb your day-to-day expenses.

Average diamond size theory

The highlight and the costliest thing in an engagement ring is the diamond itself. Many people prefer to calculate the ring budget based on the size of the diamond. We have researched this theory and have concluded that this is also not perfect for a common person. The average diamond size across the globe is around 0.70 to 1.10 carats. Following this theory has its pros and cons.

The proof course is it makes it a lot easier for the couple to control their budget. The con of following this theory is that you might feel unsatisfied with the size of the diamond, and in some cases, you might not be able to afford the average diamond size.

Conclusion

There is no right way to calculate the amount you should spend on an engagement ring. We would suggest you use the theory, which seems more friendly and cost-effective to you. You should never go for a diamond ring if you cannot afford it as it would create financial problems for you. There is no doubt that the engagement ring is a memorable item, but it is not at all a good reason to get yourself into debt.

According to us, the rule of thumb is to buy the most affordable ring that is suited to your budget. You can, of course, buy an expensive ring if you can afford it!

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