Engagement Ring Price Calculator: How Much Should You Really Spend?

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Are you thinking of popping that big question sometime in the near future? One of the first thoughts that’s probably doing the rounds in your head is how much you should spend. Unfortunately, this is more of an emotional than rational thinking decision.

When it comes right down to it, you should consider two major things. These are her expectations and your current financial situation.

Every individual’s situation is different, which is why it’s critical you know where you stand. To get you started in the right direction, here are a few price calculator guidelines when purchasing a diamond engagement ring.

Her Expectations

There is no way of getting around this. To her, the ring matters! The engagement ring is a symbol of your love and commitment – it shows that you’re willing to invest in a future together.

Other than that, women grow up dreaming of the perfect ring, including the diamond shape and style. It is a huge disappointment if she does not get a ring that is not exactly what she wanted. In addition, women will wear the ring every day, and they want something that they can show off to friends.

While all that has been said, women are still reasonable. She will love and appreciate the effort you put into finding the perfect ring. Plus, most women are not into bankrupting you via hard-to-achieve requirements.

Your Financial Position

You also need to consider the future too. After all, once you get married, your finances merge. Therefore, apart from her expectations, you also need to consider how much you can afford.

While there’s no right or wrong answer, there is a good way of assessing your financial situation. The ring you choose to buy should not put you into a crazy amount of debt. Already, millions of young professionals are struggling with student loan debt, and they have a future to think about.

To help determine your financial capability, look at your current income against expenses like food, bills, student loans, and car payments. In addition, look at the amount of money you can save every month after cutting down the extraneous expenses. If there is possible growth potential in your career in the coming years, put that into consideration – but do not go overboard.

Create Your Own Rules

One of the most critical things is to ensure that both of you are happy by having a conversation on finances and expectations. After all, you will be sharing a life together and you should be on the same page when it comes to stuff like this. An honest chat should revolve around your financial position and goals.

For instance, are you paying off student loans or saving money for a home down payment? Then you should figure out how an engagement ring fits with your goals.

Say you have already saved up $1,000 and you are capable of saving a few hundred a month. Within five months of regular saving, you might have enough to buy a $2,000 ring. When you have a number, you can find an exact ring she wants that falls within that budget.

Talking about the ring’s cost is not romantic, but it is critical. In fact, she might not want a diamond, and would even be appalled by the thought of spending more than $500 on a ring!

Bottom Line

The amount of money you spend on an engagement is ring is a personal choice. Make sure that everyone is happy by getting your expectations lined up. The only way to do this is by having an open and honest chat about it.

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