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When a person decides to propose marriage to the love of his or her life, the first thing that must be decided upon before ring shopping is budget. Most people automatically believe that they need to follow the two-month salary “rule.” However, this is not the case. Purchasing an engagement ring worth two months’ pay is a guideline, and by no means should be ultimate deciding factor on your budget. This misconception simply came from good marketing at a time when people’s financial situations were overall different.

Modern Financial Aspects To Take Into Your Budget Consideration

Centennial 18K Gold and 1.15 CT Diamond Engagement Ring

  1. 1. Most people get married in their late 20s when they are neither in the prime of their career, income, nor savings security.
  2. 2. Many people have thousands of dollars in student loan debt at the time they wish to marry.
  3. 3. There are other monthly payments and expenditures to consider, such as: car payments, cable & internet, grocery shopping, rent or mortgage, etc…
  4. 4. Plus, don’t forget that you’ll also need to purchase a pair of wedding bands on top of paying for the wedding itself.

Add the cost of each of these points up against your monthly salary. The math will tell you how much wiggle room you have to finance a ring or save up for one in total each month.

The Happy Balance In Making An Engagement Ring Budge

Platinum and Marquise Diamond Engagement Ring

The “happy balance” lies somewhere between your personal financial situation and your loved one’s expectations. Women especially have dreamed about the ring they will wear for the rest of their lives, and for such an important piece of jewelry, it is necessary to meet her expectations. That being said, everyone would wear the Crown Jewels if they could, but everyone knows that such is a thing of fantasy. As long as the ring is similar or inspired by what they have imagined, your significant other will be happy with your gesture.

Remember, an engagement ring is a symbol. It should represent love and commitment, not ostentatiousness.

How To Discover A Dream Engagement Ring

1. Ask your loved one’s friends. Chances are they’ve discussed all their hopes and dreams for a future with these people right down to the ring. In fact, many women make pacts with their friends to have them tell you what she wants when the time comes—just make sure they keep it a secret when you come to them for help!

2. Pinterest is your golden handbook. Chances are that your significant other has been keeping a wedding board since high school. Engagement rings will almost certainly be on there. You can walk right into a jeweler with an exact image of what style ring they want.

3. Ask your special someone directly! They’ll tell you exactly what they want and can even pick out their ring if you bring him or her with you to find one. This method may be daunting and untraditional, but it’s the best way to make sure they love the piece before laying down the cash.

Tips To Buy A Gorgeous Engagement Ring
That Won’t Break The Bank

Lisette 18K Gold and Cushion Diamond Single Halo Engagement Ring

1. Of the 4 C’s make “Cut” your primary factor. A diamond doesn’t have to be perfect to look beautiful, so focus on “Cut” and another “C” of your choice to find a beautiful stone.

Learn about the 4 C’s of Diamonds here.

2. If you prefer a solitaire diamond, choose one that is just a fraction under a full carat size. For example, a 0.97 CT will look almost exactly the same as a 1 CT diamond, but will have a much smaller price tag.

3. The solitaire is not the end all be all of engagement rings. Rings made of small diamond clusters are absolutely breathtaking and much more affordable than a big solitaire.

4. STICK TO YOUR BUDGET! Diamond rings are absolutely stunning and it can be tempting to purchase one outside of your budget range to impress your loved one.

5. Finance your ring as you would a car or mortgage to make it more attainable. Often these financing options have little to no interest and include low monthly-payments.

Hamilton has one of the best financing plans available among fine jewelers. Learn how easy it is afford a ring of exceptional quality with our Preferred Card Holder Program.

Related Content: Should You Finance or Purchase Your Engagement Ring?, Hamilton’s Engagement Guide: All You Need To Know From Diamond Purchase To Proposal

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