Setting a budget for your engagement ring is an important thing you have to do prior to shopping. There are engagement rings that can fit all budgets. Hence, there is no need for you to worry even if you do not have much amount to spend. Also, there is no rule when it comes to choosing a budget for your engagement ring, you can determine an amount based on your comfort.
Don’t overspend on your engagement ring just because other people do so. After all, it is just a materialistic symbol of your commitment toward your better half, what matters more is the expression of love.
There are some important things you should consider before setting a budget for the engagement ring. This article lists some of the important factors that can help you establish the right budget for your ring.
Set The Budget Before Anything Else
Before you decide on the design, gemstone, and metal of the ring, it is important to have a proper idea about the amount you can spend. You have to consider your salary, liabilities, etc. when choosing a budget.
If you do not have much amount to spare at once, then opt for a payment plan, where you have to pay the amount as small installments each month.
Set Your Priorities
Now it’s time to set priorities based on different elements of the ring including gemstones, metal, setting, design, etc. You can get a wide variety of options based on your budget.
If a natural diamond is beyond your budget, then go for lab grown diamonds that are significantly cheaper than the former. But if this option is also way beyond the amount you can spend, then get diamond simulants that have the appearance of diamonds but are not real diamonds.
Choose gold over platinum to save money on the metal. Silver creates the least expensive options among precious metals, you can select this option if you want a ring for cheaper rates.
Spend What Is Comfortable For You
Choose your budget based on what you can afford. The two/three-month salary rule is just a ploy and it is not realistic today. Hence, you don’t have to follow such dumb rules when getting your engagement ring.
When choosing a budget, make sure to consider the expenses you have to bear in the future including the wedding, honeymoon, etc. This can be helpful for you to make sure that you do not overspend on the engagement ring.