How to Craft an Engagement Ring Budget

Diamond Loose Stones
Engagement Ring Budget

There is always much hemming and hawing regarding the price of a diamond engagement ring. So, you are likely to get confused if you are planning to propose to your better half soon. While some people may suggest spending minimum money on diamond engagement rings, some people may advice you to choose a ring that cost a major share of your saving and may pass a clichéd statement that the limit is how much you love your partner. Furthermore, some people may also advise you to follow the engagement ring buying rules such as the three months’ salary rule. After all, different people will have different opinions.

But, what is the real deal? How much money should you spend on your engagement ring? The answer is pretty simple; it depends on your financial position. Hence, you cannot set a standard rate for your diamond engagement rings. Note that the best way to trim down your engagement ring expense is to buy diamond loose stones separately. Additionally it will be profitable to buy loose diamonds online than from physical stores. Anyhow, just to give you a brief idea, below are some popular costs for popping the questions.

The average cost of engagement rings

This point is bit tricky since the average cost of diamond engagement rings tends to change from place to place. According to some studies, the average price of diamond engagement rings in the United States ranges from $2000 to $10000.

This cost will be different at various American neighborhoods. For instance, the average cost of a diamond engagement ring at Mississippi is reported to be below $2500 while the average cost at California is above $9800. If you are wondering about the huge discrepancy, it is mainly because of the difference in the cost of living and average income at each state.

The business perspective

Many people approach the diamond ring buying process emotionally. They will be madly in love with this person and would be excited about the whole proposal thing. At the same time, they would be a bit nervous about popping the question as well. Such people are likely to be swept up by the moment and often think to purchase an extravagant ring on their credit cards since their partners are worth it.

If you are also thinking like this, note that this is a recipe for financial disaster. It is not at all a wise idea to get indebted at the very beginning of a new chapter in your life. Plus, you are likely to encounter numerous financial obligations in the future such as engagement parties, wedding, honeymoon, home, etc. Hence, always choose a ring that fits in your budget.

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