Choosing an engagement ring may be one of the most important decisions you will make in your life. An engagement ring is something your partner will may very well be wearing every day for the rest of their life, so it is important to get it right. Not only will you need to choose a ring that matches their personal style, but one that is also stands out in some way among all the thousands and thousands of other wedding rings. The last thing you need to determine is how much you want to spend on an engagement ring. Here are 3 things to consider when deciding how much to spend on a wedding ring.
1. How much you spend will say something about how much that person is worth to you
As much as we would like it to not be the case, the value you place on your relationship is deeply tied to the amount you spend on a ring. That doesn’t mean that a man that spends $2,000 on a ring loves his fiancé any less than a man that spends $10,000, but what you spend on the ring should be proportional to your income at least. Keep in mind, however, that if you buy a ring on credit, then eventually your debt will become your spouse’s debt. You don’t want them to have to pay for their own ring, so it’s a good idea to save up in advance. While this should not be the ultimate measuring stick, it is something you need to take into account. The traditional rule of thumb is about the equivalent of 3 month’s salary.
2. What does your potential spouse want?
While you don’t want to be cheap, the truth is, if you are wealthy and your potential spouse is not, they may not be comfortable sporting a $10,000 rock even if you can afford it. While you may want to splurge and give them the world, you also need to take into account what they are and are not comfortable with. Remember, you can always buy a more expensive ring down the road if you so choose or if they become more comfortable with your wealth (or build their own) but sometimes it’s better to start with something smaller and more meaningful. There are literally thousands of beautifully designed engagement rings to choose from. Above all else, no matter how much you spend financially, invest the time in choosing just the right ring.
3. Meaning vs. Money
Some people may wish to give their fiancé a family heirloom that has been passed down for generations. In some cases, your fiancé may love the ring as is, but in many cases, you may want to choose a new setting that is more in keeping with your fiancé”s style. In that way, you can give them something with sentimental value that is still tailored to their unique style. You may also want to choose a more modern white or rose gold ring with a more contemporary wedding band.