Budget Basics for the Engagement Ring . Ring buying tips.
October 4, 2016
Historically, the engagement ring was a way for the man to show the woman (and her family) that he could make a conscious effort at saving and could take on the support of a family financially. By saving for the ring, he showed that he was capable of saving for a future home. Should the couple fall upon hard times, there would always be the ring to ‘pawn’ in order to get through. In this day and age, couples are getting engaged later, women have become equal earners so men in most cases do not have to “prove their worth” in dollar amount… However, anyone budgeting and purchasing an engagement ring should remember that it is an investment. This ring will most probably be passed from generation to generation. Getting the best metal, the best stones and the best design you can afford is not a waste of money.
Below are some steps to help you decide on how much to spend on the engagement ring:
1- Start browsing online to get more familiar with engagement ring prices. You will notice that settings and center stones are sold separately in most cases. Though the price of each setting is set, the overall cost of the ring will change depending on the quality and size of the center stone.
2- Crunch numbers and decide on an overall budget and lay-away plan. It used to be a two months salary recommendation but it’s silly, just make it work for you.
3- Once your budget is set, you have to make a decision on where to spend most of it, the setting or the center stone. It really depends on what your fiancé is more excited about or adamant she wants. A specific “ring” or the biggest diamond you can afford. So let’s say she really wants an expensive setting, you can pick a diamond stimulant or CZ or color gemstones as the center for now, until you can afford the real thing. Or focus most of your money on the center diamond and pick a simple solitaire setting, then upgrade the setting down the road. There are also popular middle of the road options . Pick a halo type setting (1 or 2 halos of little diamonds surrounding the center stone), a cluster of diamonds (the center stone is made of 4 or more diamonds to give the illusion of a larger stone from further away) or a special cut that will make the center diamond look larger and be more affordable than a classic brilliant cut.
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