Your engagement ring symbolizes the day you committed to spending your life with your partner. The meaning makes it more important than even your wedding ring.
In 2023, the national average cost of an engagement ring was $6,350. That depends on many factors and isn’t something to base how much your fiancé should spend.
There’s a long-standing tradition of spending two to three months’ salary. While a starting point, there are things to consider.
Available Funds: Compare income to expenses and calculate savings and investments that may be accessible. If expenses are more than assets, see where cutbacks can be made.
Payment Type: Credit cards are easy, but payments will likely carry over into your marriage. That could limit purchases you will want to make as your life officially begins together. Jewelry stores often have programs that allow payment over time without interest upon qualification.
Expectations: This is the ring you’ve dreamed of and want to show off proudly. Express what is most important, so your fiancée knows where to focus. If clarity is number one, a small stone is the best way to go. You may prefer size (with some flaws that usually aren’t visible) or other gemstones. Your preference is a factor as it is ultimately yours.
While your engagement ring will be worn for ages, you never want it to put you (or your fiancée) in debt before your life together begins. After all, many additional costs come with getting married.
A great option is choosing something to build on – a combination of what is affordable and what meets your expectations. Stones can be added, upgraded, or reset with time. The emotional value of your treasure is priceless and far outweighs any dollar amount.
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