4 New Rules for Creating an Engagement Ring Budget

Choosing the perfect engagement ring is difficult. Setting a budget is just one way to make your shopping easier. -------- The price of what you “should” spend on an engagement ring continues to grow larger and larger. Traditional ideas on how much an engagement ring should cost just don’t realistically work financially for many couples. Each person’s budget is unique and doesn’t always fit in with the rules from budget lore. When setting a more realist budget for the big purchase, try these helpful steps:

  1. Throw the Multiple Month’s Salary Rule out the Window As time goes on the “one month’s salary” rule has almost tripled to equal up to a quarter of your gross annual salary. The original tradition started way back before WWII and may just not be realistic for many budgets today. Instead, try determining where you stand financially and establish what type of financial investment feels comfortable for you. If you are paying on a bunch of student loans (as we all do) then spending $30K on an engagement ring may not be ideal for you.
  2. Determine Your Engagement Ring Priorities Simple or detailed? The highest quality stone or a large stone? If the carat weight of the diamond in the ring is most important then, a larger sized stone may be more reasonable if you opt for a more simple setting or a lesser color or clarity stone. Some companies, like Allurigem, choose the most beautiful, sparkling diamonds for their products automatically. Finding an engagement ring that is further customizable can allow you to highlight your must-have ring features and still stay within your budget.
  3. Find out What Your Other Half REALLY Expects Pinterest, Facebook, Wedding Mags, OH MY! Your significant other may have scattered all kinds of engagement ring inspiration on boards and feeds but is that really THE RING? While these rings all may be beautiful and fit their style perfectly, they may not actually be expecting a ring of that size and scope. Figuring out the difference between the dream and the reality can make setting a budget less stressful.
  4. Remember: Sometimes the Meaning behind the Ring is Priceless Putting thought into each small detail of the perfect ring like personalizing an Allurigem ring with their favorite diamond shape, gold color combination, and even their initials, can be priceless. Representing your journey that lasts a lifetime will mean more than the total of your receipt.