If you are considering purchasing an engagement ring and popping the big question, there is probably one question that stands out in your mind above all others: how much should you spend? There are a wide range of options available dependent upon the cut, color, clarity, and carat (the 4 Cs) of the stone you choose (not to mention the setting), but how do you know where to invest your hard-earned cash and how much is appropriate to spend?
The general rule of thumb when it comes to buying the ring that she’ll wear for the rest of her life is to allocate a minimum of three months’ salary. This may be a lot or a little depending on your particular job, but the real trick is to spend what you can actually afford. When setting the amount you’re willing to shell out, consider not only how much money you make, but how much you owe, as well as how much you can reasonably expect to save in the next, say, six months. This should give you a good idea of your budget. But you still want to get the most bang for your buck.
In order to ensure that you’re getting the best ring that your money can buy, you should start by avoiding engagement ring stores. They not only put a huge markup on their wares (their excuse is that it costs a lot to run a storefront), but you will probably walk out with a diamond that is actually worth less than what you paid for it. Ouch. Instead, consider going to a nearby jewelry district (if you live in a major city) or look online. You can always find much better deals, and if you plan to save for awhile anyway, sign up for the diamond clubs that are often offered by e-tailers so you can get updates on sales.
Then, when you’re ready to buy, simply select the diamond and the setting you prefer. You can often call or email sales representatives for help if you’re not sure what to get, and you should always ask for certification papers to ensure that you receive exactly what you ordered. It couldn’t hurt to have it appraised once it arrives so that you can take advantage of the return policy if there is some sort of discrepancy.
As for the amount you want to spend, that is entirely up to your discretion. The truth is, most women will be so ecstatic over the proposal, they won’t even notice any flaws that you may perceive in your choice of ring. Your best bet is to stay within your means whenever possible so that you don’t have to start your marriage in debt because you just had to buy a ring you couldn’t afford.
