Numerous misconceptions are there regarding purchasing an engagement ring. If you cannot differentiate these myths from facts, it might be tough for you to know the amount to spend on this jewelry piece. The answer to the question in the title differs from couple to couple because there are so many factors at play, including spending power. Still, here is how you should approach this matter.
What Is The Average Engagement Ring Price?
The standard engagement ring prices keep increasing on a yearly basis in the market. As per the Brides American Wedding Study’s findings, the 2018 price was $7,829, increased from 2017’s $5,023 on average. However, some fiancés and fiancées spent much less, and celebrities splurged considerably more on their engagement ring than the average figure.
Should I Spend Three Months’ Salary On The Ring?
This is among the myths floating around concerning engagement rings. However, not all know that this is a myth; for them, it is rather a general rule to spend their three-month salary on the jewelry piece. Jewelry experts say that this is no rule set in stone, and that you should rather spend any amount you are comfortable with.
Many customers still regard the three months’ salary rule as it is something they must follow. Marketing has a role to play in making them think so, as with other things in the market like the catchphrase “Diamonds Are Forever” to name one. Do diamonds last forever? No. Then again, that is what a normal person would think when reading the catchphrase.
The so-called rule makes no sense because almost everyone marries when they are between 25 and 30 years of age. This means they may not have yet reached their full earning capacity. Besides, there is another thing to consider if you are marrying after just coming out of college: your student debt. Coupled with the rising living cost, it may be infeasible for you to spend considerably on an engagement ring.
Should I Borrow Money Or Use My Own Funds For Her Engagement Ring?
This appears to be a dilemma for many people. It is best to save up some money monthly up to the time you will be able to purchase the piece in full cash. If there are other debts to manage, however, the aforesaid approach would not work for you. Why? Because it would take so much time for you to just save up and accrue enough funds to make the purchase.
After all, you want to pop the question as early as possible to plan for the marriage, which is scheduled for a date some months later. In this situation, you might want to think about financing an engagement ring or pay for it with your credit card. Still, you have to pick a piece which fits in the budget.
A good option would be to bring as much money as possible upfront, borrow the remaining amount, and form a repayment plan. Plan to settle your debt well ahead of your wedding day. Certain credit cards have 0% APR as a limited-period offer for new customers. If you are taking this option, be sure to proceed with a viable plan to repay the balance ahead of the last date of the offer period.
Another option is to borrow from a loved one. There are advantages and relative disadvantages to this option. You will not have to pay interest to your relative, and he or she will not run a credit check on you. However, should you fail to repay what you owe to them in time; it could ruin your relationship.
So How Do I Convey Money Matters To My Partner?
A fixed price limit is not there for the ring, but you might just be bothered that your fiancée will be inclined to spend too much. When you know that the marriage proposal is around the corner, just have a conversation with her regarding this matter. Come up with a story to let her know what you think of purchasing an engagement ring at a particular price. Just include some imaginary names of your friends in the story, and tell that one should not spend that much on it.
Try to convey it generally; for instance, instead of saying, “Jane and Alan should not spend an X amount”, say it in a way that applies to everyone. Then, before asking her opinion about the matter, just pause and let her mull over it for a while. If she smiles, just ask her, “What do you make of this?” If you feel too shy to try the aforesaid approach, then just convey your concern to her loved ones.
Ultimately, some individuals have to spend a lot on their engagement piece, which is fine provided that they are able to do it.