In other words for some, should you really be spending months worth of hard-earned cash, even taking a loan, for that one special ring? There are certain factors you need to think about before deciding on what ring to propose with.
1.How much can you afford?
It’s best to be realistic and the one-to-three-months-of-your-salary rule isn’t. To fully understand, think of your pay and calculate how much you earn in a month to three. Society’s tradition would dictate this as the amount you ought to spend on an engagement ring. Adhering to this could put you and your partner at risk of debt before the marriage even begins. We’re sure the fiancé would prioritize inner peace rather than have a ring that’s costly.
Remember the ring doesn’t dictate the outcome of a marriage. It’s only meant to symbolize and you can get a gorgeous ring she’ll love at a price you can afford. What’s affordable depends on you. Ask yourself if you’d be more comfortable with cash or financing in purchasing the ring. Then evaluate how this would affect your current financial situation as well as future, depending on how much and how long you’d be paying for it.
2. What’s her style and personality?
A lot of engagement rings look stunning but what would your lady love to have on her finger? You can get a great-looking one whatever your budget would be but if it’s not what she’d want; she wouldn’t be comfortable wearing it, even if you do pay three months’ worth of your earnings for it.
You can take the easy route and let her choose it but you sacrifice creating a once-in-a-lifetime romantic surprise. There’s hardly any other occasion that could come close to how memorable a surprise proposal would be. If you’re brave enough to plan the proposal in secret with the ring included, study her taste in style. When you find yourself having any difficulty understanding what she likes, go back to her character. Is she the type who’d want to show the ring off to everyone she knows? Or is she more quiet and reserved? Does she follow trends or does she prefer more classic designs?
3. How can you stretch your money on a ring?
This doesn’t mean going cheap. This means finding a good quality ring more valuable than the money you pay to have it. Every year, the price of a diamond ring increases and you’ll definitely feel the price biting on your wallet at the bigger jewelry stores. However, if you know where to look, you could get the same quality and brilliance for a much lower price. Diamonds aren’t as rare as we’ve been made to think by marketing strategies. Their increasing value has been dictated by the hype and mentality created around a diamond engagement ring.
One way is to find a store that sells wholesale jewelry. A wholesaler could provide you the same custom-made service for much less than you’d find at a regular retailer as the former supplies the latter. Another romantic option is to find an antique or family heirloom. The ring’s history would add more sentimentality to your precious moment.
Photo: William Warby
Like Us? Sign Up!
Subscribe to get the latest budget buzz via email.