For all of you guys out there thinking of popping the question for the first time or maybe some of you are planning to pop the question again, I’d like to know how much would you spend on an engagement ring?
There are many theories on how much you should dish out, but the oldest tradition says that you need to spend two month’s salary on a diamond engagement ring. Depending on how your monthly salary – the numbers will vary drastically from one to the next. How much you should spend on an engagement ring is entirely up to you and—ideally—your fiance, too.
Gents, keep in mind that even though your finances are probably separate now, and may become joint after you get married, you’ll still likely be the one who’ll be on the hook for paying for the ring. Ideally you should never finance an engagement ring and if you really need some help to help, I spouse taking on a little debt (less than 20% of the purchase) price would be okay in my eyes, because let’s face it – if you don’t have the cash to pay for an engagement ring upfront – you likely shouldn’t be getting married in the first place.
I’m certain that nobody likes starting a marriage in debt! Not me at least. But, that’s just me, my thinking, and your circumstances may be different – especially if you got a gun to your head – if you get my drift.
How much others spend on engagement rings is one of my favorite money and gender questions, because it highlights the gap between rational answers and emotional responses. In my opinion, your engagement ring should be meaningful more than expensive – but who am I to judge, especially in a time and today’s generation’s were it’s all about bigger, better, and more bad-ass. I call it – competition 101.
Two Months Salary Doesn’t Work Anymore
If you’re following this old 1950s tradition at a time where men were the main breadwinners of the household, and women stayed at home up-keeping the household – I would say that you’re behind in times. Welcome to 2012, where cash is becoming obsolete, everything is paid on credit, salaries are tight, students are graduating with debt, and nearly everyone who gets married is walking down the aisle with some form of debt. It’s no surprise that many are forgoing marriage in their 20s, and getting married in their 30s.
Furthermore, more women than ever are working, and out-earning men in some fields, so why does it fall totally on the shoulders of a hardworking guy to spend two months of his salary on an engagement ring? Seriously, who has $8-10k sitting in their bank account ready to drop on a whim. I certainly don’t, and even if did – I highly doubt that I’d be spending that much on an engagement ring.This doesn’t mean that I don’t love my partner anymore or any less than the next guy who drops $25k on the rock. It’s all about being rational – and let’s face it – like anything that’s new and expensive – the excitement eventually wears off through time.
So, how much would you be willing to spend on an engagement ring? Okay, don’t tell me yet, but instead read this next section below before concluding on your answer.
Some Realities & Questions to Keep in Mind BEFORE You Buy
- Do you really want to be paying for something that you’re not gaining any true value (use) over the next 3,4,5 or 7 years?
- What does your spouse’s desire for an expensive engagement ring say about her? Are you certain you know who you’re marrying?
- The cost of an engagement ring does not define one’s love for their spouse.
- Today’s divorce rate is well over 50%. That means on average every 1 out of 2 couples get divorced for one reason or another.
- How does conscious spending play into the whole picture?
- How does culture play into the decision of how much to spend on an engagement ring?
- Do you give a shit about your status symbol?
- Will your future wife be comfortable talking about her engagement ring amongst co-workers, family member’s, friends or will she worry on how’s she’ll be judged?
The above was just some food for thought. Please, don’t allow such harsh realities to discourage you, by all means you are your own person who’s capable of making your own decision.
So, BACK TO THE QUESTION : How much would you spend on an engagement ring?
Photo Credit (jasonjday)