So How Much Should you Really Spend on an Engagement Ring?

So How Much Should you Really Spend on an Engagement Ring?

How Much Should You Really Spend on an Engagement Ring??

So there are various myths that have been going around for decades on how much you should spend on an engagement ring. Some say the price should be three months salary, but if you really think of the logistics this is a completely null rule. If a man makes $80,000 a year that means he is entitled to buy you a $20,000 rock! What if he is making $200,000? Is he supposed to shell out over 6 figures to buy you a Tiffany & Co. D Internally Flawless sparkler? There are three rules that women swear by, but in reality it just isn’t a good financial plan.

The second myth is that two months gross or net salary this is still a little steep, but if you can bargain it down to one months gross or net salary that turns out to be only 1/10th a mans annual or gross salary, which is typically the rule of thumb when buying a car. If your man can afford a shiny new transporting device he can afford to get you the ring of your dreams!

The last rule that is by far the most bogus is the Age Rule. This rule states that however old you are is how big the rock should be. So if you are 30 years old you will  be receiving a 3.0ct diamond ring…the average price for an H in color SI1 in clarity is approximately $35,000. And lets say you are a fresh 18 years old, you will be sporting a bright shiny 1.8ct engagement ring. The average price for this diamond is $15,000!! What 18 year old do you know that can afford a $15,000 ring, and this is just the diamond itself, no setting included! This rule is completely mythical.

So what should you do? What is the REAL rule for engagement rings?

Think about buying a car this is a big financial jump for most people. Whenever you buy a car you take an in-depth look into your finances to make sure after buying the vehicle you won’t be living in a card board box. The rule to live by should be, whatever he spent on his car is what he should be spending on your ring. It is fair enough! Why should he be buying himself a shiny new car for $20,000 and getting you a $5,000 ring! If he is that type you might want to reevaluate things due to the fact he is completely self-centered and self-empowering (in a bad way).

Lets say your man just bought himself a $30,000 Honda Civic 2014 you are in luck! Your rock will be bigger than 2 carats for sure. But on the other hand you could have the short end of the stick because he can be driving his 10 year old Toyota Corolla that cost him $5,000.

No matter what financing technique works best for you we hope you get the ring of your dreams! Never settle for anything less than perfect, but just make sure that with that hefty purchase you still have some money left over to have a comfortable life!

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