Freeing the one you love is a life-changing experience.
To nervously hope that it will be a “yes” that is quickly replaced with the hope that you have chosen the right ring. It is always a personal choice of how much to spend on an engagement ring. We have compiled our best tips on how to make the right decisions about the engagement ring, based on your budget.
1. Salary and an engagement ring
An often-cited rule of thumb is that an engagement ring should cost one to three months’ salary. What is that sum based on? Assume that you earn EUR 2200 a month and are ready to ask the question. The average recommendation is two monthly salaries, ie EUR 4400. It will be a real gem.
But above all, the ring is a romantic sign of your engagement – so think about how your partner looks at it. Is your partner someone who really wants a luxurious ring? Or maybe someone more down to earth who would rather have something simpler? With that information, you can calculate what kind of ring you can afford based on your salary.
2. Keep the receipt
Think about the worst that can happen when you buy an engagement ring so you don’t risk your money. The ring may not fit, or it may not be the right time. However, it is always smart to buy the ring from a jeweler who has a return policy or at least exchange right. But be sure to find out before you make the purchase.
Keep your receipt in a safe place. It is wise to wait with personal details, such as engraving, for later. A size adjustment (especially if done elsewhere) may prevent the ring from being returned. It is always important for larger purchases to have some kind of consumer protection in place.
3. Don’t forget about wedding expenses
Your dreams came true, the answer was “yes”. Congratulations! Remember to consider this when calculating how much to pay for an engagement ring because the next step is expensive: a wedding. Many women, and even men, dream of the perfect wedding day. Do not already start to decide how to pay for the party and the flowers. But that is the next logical step after the engagement, so give it a thought.
4. Calculate the expenditure realistically
Let us for a moment step away from the “rule of thumb” and get some perspective on your life situation. Are you having trouble managing your monthly expenses? In that case, you can forget about such rules and instead think about what you can actually afford.
Budgeting for the ring the same way you budget for other big expenses – because after all, it’s (if you ignore the romance) – a beautiful expense. Many jewelers offer installment plans for engagement rings, so this may be a good option for you. But don’t forget to read the fine print and be careful not to pay a large premium over the original price.
For that reason, the budget for an engagement ring should also include an idea of your plans for the coming year – including a possible wedding and perhaps other major purchases as a new home for you, the lucky couple.
5. Do you want a diamond ring?
Think about what kind of ring you want when you ask the question. It has not been mentioned straight out, but it is almost assumed that a diamond ring is a right way to go. But the diamond ring as an engagement ring is not very old. It is actually a fairly new phenomenon with brilliant marketing behind it.
Alternatives to diamonds have begun to grow in popularity, such as emeralds or rubies. Or white sapphires, with a similar beauty to diamonds, but without the high price. Whatever you choose, it is wise to find out what expectations your future partner may have. You can also choose a ring together, but remember to have a maximum price you can shop for in advance and be careful not to have unrealistic expectations.