Most people have heard the rule of thumb that you should spend 3 months salary on an engagement ring. But as the styles of engagement rings change and progress, so do the rules of setting an engagement ring budget.
Related: Engagement Ring Shopping Tips Part 1
So many times now, purchasing an engagement ring is a joint venture. It’s not always a surprise engagement. Couples are making the decision together which helps in setting a budget and picking the perfect ring.
If you are purchasing the ring by yourself, we can offer some tips on a budget.
- You have to decide if an engagement ring is worth putting yourself in years worth of debt. If it’s not, spend some time saving up for the ring or look into financing options. You want to put as much down as possible to minimize your monthly payments.
- Decide what is most important to you and your partner. Is it purchasing a home in the near future? Maybe it would be best to buy a smaller ring and put the extra money towards a down payment on a home.
- Has your partner expressed the need for a large sparkler? If that’s the case, decide what you can cut back on in other areas of your life in order to afford the ring of his or her dreams.
- If you have an unlimited budget, follow your gut! If you know your partner well, you can pick out something that will fit their taste and be the perfect engagement ring for them to wear for the rest of their lives.
We can’t give you a hard and fast rule for an engagement ring budget. What we can say is this… Be comfortable with your purchase. Once you’ve set a budget, come into our luxury jewelry store in Scottsdale and begin your shopping. Who knows? You may find a smaller, more intricate ring that fits the bill. You might find a larger ring that speaks to your heart and that’s why we have financing options so you can buy him or her the ring of their dreams.
Related: Engagement Ring Shopping Tips Part 2
If you have questions about our engagement ring selection, stop by our Scottsdale jewelry store and our associates will walk you through the process so you make the right choice for your significant other and for your budget.