How much is too much to spend on an Engagement Ring – 2023 Guide
If you are dreaming of that perfect moment to propose to your partner and ask them to spend their life together with you, then you probably plan to buy an engagement ring too. Popular culture is making us think it should be the most expensive one, with a lot of diamonds on it, but the truth is that you need to focus on your income and the budget you can afford. Surely, there are nice choices or a few hundred, but sometimes people want to spend thousands on an engagement ring, and honestly, we really don’t know what’s the meaning of that.
Marriage is focused on love and understanding, and improving life together, starting a home and family. It’s more important than gold and diamonds, but sometimes, some couples prefer glamorous proposing, so the ring can look nice on the photos on Facebook or Instagram. But, how much is too much? As you can see on tingdiamond.com, diamond rings are worth a few thousand dollars. But, the goal is not to spend all the savings you have on a diamond ring. It’s always better to plan it a few months in advance, so you can save money based on the income you receive. In different countries, the average salary is different too, and not everyone is able to save half of it, and still live comfortably with the rest of the money.
Surely, buying an engagement ring is a whole experience, and if you can afford to buy a diamond and quality piece of jewelry for your partner, then you can try saving every month, so you can come up with a nice amount of money at the end of the year. It will be easier if you already live together and split the expenses for living.
But, is $3,000 a reasonable price for a diamond engagement ring? It is, and you surely can find a lot of exceptional designs for that price range. It’s a lot of money, and you probably work a lot to earn them, but it can be really worth it. Also, less than $1,000 is also a reasonable price, for those who can’t really afford to spend a lot, but still want to choose something beautiful and meaningful for their partner. There are also engagement rings that are worth around $10,000, but at this point, we will say it’s already too much because the average people don’t earn that much to afford that amount for a ring. It’s not impossible, but if you are planning to move in together immediately, or to try having a baby, you will need that money more than ever. So, even if you can buy a $10,000 engagement ring right now, think twice if it’s worth it, or you can still get a cheaper one and invest the money in something else? For some examples, you can go through ItsHot’s latest selection of engagement rings with ranges from just over $200 up to $100,000 via this link: https://www.itshot.com/jewelry/engagement-rings/preset-diamond-engagement-rings.
The meaning of the engagement ring
Even though many women already know what type of ring they want, they are also aware of their partner can afford it. It’s a symbol of love in the first place, and of course, commitment and trust, and it really doesn’t matter how expensive it is, as long as it looks beautiful, meets her taste and preferences since she is the one who will wear it. Sometimes these women can get pretty disappointed when they get a ring they don’t like, and that’s why it’s crucial for her spouse to know her taste and find the right one for her. Keep in mind that engagement rings have more emotional value because they are a symbol of your love and dedication, and the decision to start a home and family with her. Sometimes, even the cheapest piece of jewelry can be more meaningful than the expensive ring you saw in the store. The popular culture puts a lot of pressure on the man who wants to propose, but the women are reasonable and aware of the situation, so they won’t go for something that can lead to huge debts.
The average cost of these rings
The average cost of engagement rings, according to many sources, is around $6,000. That depends on the diamond and other stones used for it, but also on the material the base is made of. On the other hand, you can be sure that your partner is reasonable and realistic, and they know your financial situation and issues, and they won’t ask for something that can lead you to bankruptcy.
Keep in mind that the choice depends on your current financial situation. You can determine how much you can spend on a ring, and go to the more affordable stores to find something better that will fit your budget. Women are reasonable, and they are nothing like those in the movies. Don’t put yourself in a debt, because she will anyway disapprove that, especially if you have other debts, or you try to build your home together.
Your budget also depends on the current income, the general financial situation, and the amount you have already saved for this purpose. But, keep in mind that the income can change over time, but also the expenses for food, bills, and other regular payments can go up and down. If you plan to move together after the engagement, it will be easier because you will split the expenses for living, but sometimes this decision comes with additional costs too, especially the bills.
But, all these factors can help you determine your budget and how much money you are planning to spend, as long as the limits are reasonable. In the best-case scenario, you need to buy the one that won’t lead you into new debts.
There is no perfect price for an engagement ring, and there is nothing like too cheap or too expensive. Everyone knows how much they can afford to spend on it, and they will choose the ring based on that. Don’t go over your budget. It’s the worst decision ever, and can only bring financial issues without any benefits in your life.