Guest post by Khushboo Shah
Are you scared of getting ripped off? This is one question that scared me too when I decided to propose to the man of my dreams. As an amateur, I did a quick Google search and ended up getting even more frustrated. Several sites asked me to fill a questionnaire wherein they asked me about the guy’s ring size, budget, yearly salary, and whatnot. That was the most stupid thing I came across. After all the research, I came to one bottom-line recommendation that will help you too: “Invest in an engagement ring after looking at your financial situation and the desires of your wife-to-be.” I would advise you to forget the rule of ‘two months’ salary. Never follow these rules as diamond marketers and sellers create them, and they won’t help you.
If you’re planning to pop the big question soon, go through some essential pointers before buying this sparkling gem:
This post will help you find out more about the following:
- Know your girl’s expectations.
- Consider your financial situation.
- Never follow the ‘two months’ salary rule.
- Create your own rules.
- Is borrowing money to buy a diamond ring a good idea?
Know your girl’s expectations
The engagement ring is a symbol of your love and commitment and shows that you’re investing in a shared future. Diamonds are every girl’s best friend, and they tend to dream about their perfect ring since their adolescent days.
Thus, you need to get the perfect ring that has the ideal shape, size, carat, and style. It’ll be quite embarrassing if she doesn’t get the exact ring she’s been dreaming about.
The perfect engagement ring should have the 4Cs that suits his/her personality and style (and your budget, too!).
Consider your financial situations
It’s important to consider what you can afford as you plan to start your future. Never put yourself into a crazy amount of debt for the ring. You may have a home loan and adding another debt won’t be a good idea. Determine your financial ability by considering your current income, expenses, savings, and potential income.
These factors will allow you to know how much you could reasonably spend and if you will be able to pay off your debt in a couple of months (if you’re planning to buy in installments).
Never follow the ‘two months’ salary rule
According to De Beer’s rule, if you make $3,000 per month, you should spend roughly $6,000 on the ring. De Beer’s is the same company that revealed men should propose with a diamond.
Let me highlight the flaws in this rule. We get married in our late 20s when many of us haven’t reached our full earning potential. On the other hand, many people have to pay their student debt combined with the increased cost of living. This means that buying an expensive diamond ring will only add to your financial problems.
Kindly check prices online rather than overspending at a local jeweler.
Create your own rules
How about having an honest conversation about finances and desires?
I did the same thing wherein I sat down with my boyfriend and had a long chat about future goals and figured out if an engagement ring fits in these goals. Don’t talk about the cost of the ring; just try to see if you’re on the same page about things like this.
You can even pick your engagement rings together. It’s the case with many of us who’s clueless about their partner’s preferences. Don’t worry! It’s better than taking a blind guess while purchasing an expensive diamond.
Is borrowing money to buy a diamond ring a good idea?
I would recommend you to put money aside each month until you can buy an engagement ring. It might be difficult to do so when you have other loans. If possible, you can consider financing the ring or putting it on a credit card. Choose one that fits your budget and create a pay-off plan right away. Several credit cards offer promotional period. Simply, plan a feasible strategy to pay off your balance before the promotional period ends.
Let me give you some simple tips to save money on an engagement ring.
Key takeaways you should consider if you’re planning to save a few bucks:
- Never shop during peak times.
- Do your research (know the 4Cs).
- Focus on getting an excellent cut rather than getting caught up on color and clarity.
- If you want a bigger center stone, then opt for a halo setting that can help you to make a huge statement with less.
- Instead of an oval or cushion-shaped diamond, choose an alternative shape or stone. A sapphire or emerald gemstone is easy on the eye and much affordable.
- Invest in a 14KT white gold for the best value.
- Online jewelry shopping makes customization even easier.
Conclusion
How much you want to spend is entirely your personal choice! However, it’s advisable to have an open conversation about your engagement ring cost and how can you manage it, considering your financial situation. Come up with a decision that makes both of you feel happy and comfortable.
Author Bio:
Khushboo Shah is an avid jewelry designer and a fashion consultant at ZIVAR.in. She is also an enthusiastic reader and an animal lover. Sharing the latest fashion trends and uncovering unique style secrets keep her going.