There’s no question that spending the right amount of money on an engagement ring is one of the most important things you’ll have to figure out in your lifetime. You could really end up screwing up if you make a mistake when buying this ring, so money is always going to play a factor no matter what way you look at it.
At the same time, every guy is going to find himself in a different situation than the next one. Some guys are going to have plenty of money available to them to spend as much as they need to buy an engagement ring. You may end up buying your girlfriend a huge diamond ring and she will absolutely love you for it if that’s what she’s into. If she’s not into that kind of thing, you can spend all the money in the world and it won’t mean a damn thing because she just doesn’t like gaudy and expensive jewelry.
On the other side of the coin, if you don’t have lots of money available to you, it may be tough to get the engagement ring you want to buy your significant other. So you have to learn how to strike a balance, find the perfect ring, and maybe even consider financing if paying upfront is going to be a problem for you.
But getting back to the question at hand… Use the following advice to determine how much you should budget for an engagement ring.
Check in with Your Gut Instinct When Determining Your Budget
This might seem like a crazy way to budget for an engagement ring, but it’s actually the smartest way to do it if you ask my expert opinion. I feel this method is perfect because it’s the method that you can never go wrong with.
Why will it never go wrong? It will never go wrong because you will decide what’s the right price based on your specific financial situation. Nobody else can tell you what to spend because nobody else knows how much money you have available to buy a ring.
So here’s what I recommend you do…
First, for another person’s take on this topic, I urge you to read this advice.
Instead of trying to find the answer or the mystical formula on some website, take a look around at the top engagement ring websites online. Or if you’re in the mood for an adventure, go to your local jewelry store.
As you look at rings, check out the various prices. If a ring is selling for $10,000, as an example, does that seem too much or too little to you? If it’s too much then you shouldn’t buy the ring. If it’s too little then you should look for something more expensive.
And on the opposite side of the tracks, if you’re looking at a $5000 ring and the price seems just right, then that’s the perfect amount to spend on an engagement ring. It’s the amount you can easily afford without having to risk life and limb borrowing money from shady characters!
Conclusion
Please use this guidance to purchase the best engagement ring you can afford for your significant other. She’s going to love you anyway so don’t worry too much about it!
James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.
