Love is a beautiful thing and investing in love by declaring sole devotion and commitment for the rest of eternity is a truly special moment. The path to marriage begins with a ring and proposing is one of life’s most treasured moments.
But where to start?
Every relationship has different circumstances, particularly when it comes to finances. An engagement ring can be a large financial investment and it can be difficult to determine the expected amount to pay.
The financial aspect of getting engaged can be confusing, frustrating, and overwhelming. Contrary to popular belief, there is no set expected price when buying a ring. Most people base their expense decisions on one of the five loosely set social rules below.
1. 12 WEEKS’ WAGE
This is one of the oldest engagement ring rules and is also dependent on the suitor’s profession, financial situation, and job security. While it may seem appealing for a woman to have a quarter of a year glistening from her finger, this rule does not suit everyone.
2. 1 MONTHS’ SALARY
While this may seem more appealing than the 3 months salary option, it is also dependent on circumstances. For many, it is difficult to save or even budget for a large expense.
3. SHARING THE EXPENSE
Practical, yet not so romantic. The element of surprise and glamour is what most people seek when proposing. This contemporary way of proposing does allow for a larger budget and the receiver to have an input. They are wearing the ring for the rest of their lives after all.
4. RESEARCH THE MARKET
For those who are still confused about what to spend, doing a little research to determine the average amount spent on an engagement ring should do the trick. Purchasing a ring at an approximate average price (the average price for an engagement ring was $4,000 in 2013) will not only eliminate the feeling of being stingy, but it will also save any future buyer remorse.
5. MAKE YOUR OWN RULES
An engagement ring is a one-off purchase and the purchaser should do and spend what they feel comfortable with. Some partners would not appreciate an exorbitant expense and some may expect it.
There are countless options when it comes to financing an engagement ring, and even more designs to coincide with it. If you are considering taking the plunge, it is best to talk to an expert such as Danny or Nir at the Diamond Centre. Their combination of years of experience and their love for all things sparkling (and love itself) will clarify what you can afford and the most suitable style of ring that will have your partner declaring, I do!
