How Much Do You Need to Save for An Engagement Ring?
If you’re thinking about popping the question soon, you probably have some questions. For instance, you might be wondering how much money you need to save for an engagement ring. Are there any rules or guides that can help you decide how much you should spend?
How Long Should You Save for an Engagement Ring?
How long you save up will depend on a number of factors, including your goals as a couple. Think about your partner’s expectations. Do they wish to get engaged and married soon? Is that more important to your future spouse than having a fancy ring? You'll want to consider your budget as you start saving.
How Much Money Do You Have to Put Down on an Engagement Ring?
When buying an engagement ring, it is better to pay upfront and avoid interest. If you can, save for a few months or over a year and purchase the ring. It is useful to develop a budget for this purchase.
Many stores offer financing for engagement rings, so you can pay over time. Some stores, like Koser Jewelers, do not charge interest if you pay the ring off in twelve months.
How Do I Save for an Engagement Ring?
To save for an engagement ring, you will want to:
- Look at the selection of rings available to determine what price ranges you might consider.
- Set a budget based on your finances and your future goals as a couple.
- Determine a timeline for getting engaged, so you understand when you need to have money ready.
- Create a running list of all your expenses and payments each month and find ways you can cut back or save.
- Cut back on discretionary spending — like dining out — for a few months and put the money in a savings account.
- Consider working overtime to buy a ring sooner.
Here are tips to help you along your ring-buying journey.
What’s the Two-Month Salary Rule: Where Did it Come From?
You may have heard it said that you should spend two month’s salary on an engagement ring. This is a “guideline” that is tossed around by many in and outside of the jewelry industry.
The two-month rule originated with a marketing campaign in the 80s. DeBeers, the company best known for its tagline “A Diamond is Forever,” introduced the idea that men should spend two months of their paychecks when buying an engagement ring. This principle has endured, although many no longer follow it.
Choose What's Best for You
You might want to follow the two-month rule. Or you might not want to.
Here’s the truth of the matter: no one — not your friends, parents, future in-laws, or jewelry store consultants — no one can tell you how much to spend on your engagement ring. The choice is entirely up to you.
You are the one who is proposing. You are the one who knows your partner. You know her likes and dislikes, as well as her hopes, values, and expectations. And you are the one who needs to be excited about what you are presenting to your future bride. After all, you’re going to see it on her finger for decades to come.
You are also the only one who knows your financial situation. You know what you can afford and what you’re comfortable spending. You don’t have to follow the “two-month salary rule” by any means. You can spend more or less if you’d like. What’s more important is finding a ring that you’re excited about and that she is going to love.
How Much Should I Spend on an Engagement Ring in 2022?
The idea that men should spend two or even three months of their salary on a ring is outdated. Today, it is up to the couple what they would like to spend on this special piece. Many couples even make this decision together. After all, married couples typically share finances. A big purchase like a special ring can affect wedding planning and even married life for a few years to come.
What Is the Best Month to Buy an Engagement Ring?
Many engagements occur during December or summer, and these are both popular times to buy an engagement ring. However, during September, October and even January, some jewelers have promotions — and since these tend to be less hectic times, you may be able to get more individualized attention. These months can be good times to shop, too.
How Many Carats Should an Engagement Ring Be?
Typical engagement rings have a gem, usually a diamond, of over a carat. Sizes of 1.2 to 1.5 carats are quite common, but there are no hard and fast rules to follow. Many couples choose rings with larger or smaller gems and some with multiple gems as well.
When choosing a gem size, consider the size of your partner’s hand, the setting you’ll choose and your budget. All these factors will determine how many carats you should select. Your jeweler will be happy to help you choose the best option.
Financing Options for Engagement Rings
An engagement ring is one of the most significant purchases you will ever make. Many people opt to finance their rings over time to make it more manageable. Again, this is another decision that you have to make for yourself. Many jewelers offer financing options with low interest rates. If you're interested in this option, ask your consultant about the current offers.
At Koser Jewelers, we offer some fantastic financing options for qualified customers, including interest-free plans. Call or stop in and ask us about current promotions that can help you with the purchase of your (her) dream ring!
Koser Jewelers is a one-stop shop for all your engagement ring needs!
You know your partner. We know jewelry. At Koser Jewelers, we believe the perfect ring can be confirmed with two questions: “Will she love it?” and “Are you proud of it?” In the end, those two answers are the only thing that matters when it comes to your engagement ring.
If you’re thinking about proposing soon, we would love to chat with you about it! Stop in soon or give us a call at 717-653-4941.
