Ask most people, and they would tell you the rule 2-month’s-salary rule for buying an engagement ring. Many even go as far as three, saying that amount of expense is a must if you want to get the kind of ring your beloved deserves. However, this is often a waste on many levels, especially if it draws in debt, or even financial stress.
How Much Should you Spend?
The golden rule for all purchases applies to engagement rings as well: do not spend more than you can afford to. Regardless of what people tell you, financially stable is definitely one of the ways you want to start off a new relationship, especially one that is likely to lead to marriage.
While an engagement ring is certainly a representation of how strong and enduring your love is for one another, you need not spend as high as two months’ salary on it. In fact, that prospect is highly unrealistic in this day and age. With the costs of so many things rising at alarmingly rapid rates, it makes much more sense to hold your ring purchase within a sensible budget, and leave yourself more secure financially.
Borrowing Money for a Ring Purchase
It scarcely bears mentioning how bad an idea this is, especially since after you get married, any debt you have would probably carry over to your spouse as well. When you look at it that way, not only would you be giving her a good-looking ring, but also a financial obligation she may have to meet when you are not around to take care of it. No marriage fails to benefit from a lack of debt. However, if you feel time is slipping away, but lack the sufficient cash to get a good proposal ring, borrowing may become a more acceptable option. If that is ever the case, make sure you only take as much as you can positively repay inside a year, at the most. Prefer spending on a ring that carries meaning, instead of something gaudy or exorbitantly costly.
Taken overall, how much you can comfortably spend decides how much you should be spending. If a six-figure rock is achievable without losing sleep over it later, then that is not a bad way to go. On the other hand, if it promises credit card debt or something equally bleak, you should probably focus on getting something within a much lower budget.