Know Everything About Engagement Ring Budget

SHARE THIS

FACEBOOK

  DELICIOUS

  SU

  REDDIT

Engagement and wedding is indeed life changing experiences. To have a perfect engagement, it is very important that you plan right and in time. Engagement rings are one of the most important purchases of your lives. That’s why you must have a planned budget for your engagement ring. There are times when many couples end up spending a fortune on the engagement ring leaving them in debt. All you have to be is be patient and think in detail about this life-changing expenditure.

Start with Simple Rules

There are many tips and rules for buying engagement rings that you can consider. The most common one is the two or three month salary rule where you decide to spend your two or three month gross income on the wedding ring. This is a popular and simple way to determine the cost of your engagement ring. Though you have to have your budget planned in advance to apply this rule.

You can also use online engagement ring calculator. This will help you decide the money you have to spend on your ring. For making a satisfying purchase, you should first decide which ring you want to have. There are a variety of options in the market that you can choose from according to your budget. Don’t get upset if you don’t find the right ring, just spend plenty of time in selecting the ring before you make a purchase.

Calculate Your Budget

Purchasing engagement ring without calculating your budget doesn’t make financial sense. Collect record of your overall income, investments, loans or other payments and make a detailed budget. Estimate your monthly expenses that you spend on loans, groceries, car repairs, entertainment or savings. Compare the expenses to your income and savings and see how much you need to cut off each month to stabilize your budget for the engagement ring.

Obviously, you need to do this planning months before you start planning for the proposal. Also, meanwhile you need to start looking for the perfect ring that goes with your calculated budget. As time passes, you may save enough money and purchase a perfect ring for your engagement.

Consider All Ring Options

There are many options for you to save on your engagement ring and also buy the perfect ring for your engagement.

–You can go for white gold instead of platinum and save a lot of money. You may also consider rose gold or yellow gold options.

–Detailed rings look stunning. The price of the ring depends on how big the diamond is. Thus, you can go for a ring that has a beautiful diamond in the middle with smaller diamonds detailing the ring on sides.

–Rather than going for round shaped diamond rings, prefer fancy shaped rings. They usually cost a lot less than the round ones.

–A lab made diamond ring looks exactly like the original diamond ring costing almost 30% less.

–There are many colored diamonds available in the market at affordable prices that you can go for.

If you plan right and set your budget in advance, you will definitely find the right ring for your partner.