Planning a wedding can easily be one of the most stressful times in a couples life. Sometimes it doesn’t even compare to the stress and pressure that a groom to be feels when picking out the engagement ring. Many factors go into the perfect ring. He has to think about what cut of diamond to buy, how big the ring should be, the clarity of the diamond and (oh yeah) there’s the whole can he actually afford it dilemma.
How Much Should I Spend on an Engagement Ring?
When I was looking to buy an engagement ring for my wife I had a pretty good idea of the ideal ring. I knew I wanted to get her a princess cut diamond with few imperfections and I wanted it to be around 1 carat in size. I had always heard that you were supposed to spend around two months worth of your salary on the ring. Is this the right amount? I don’t think there really is a right or wrong amount that you need to spend on an engagement ring. I think it needs to be something you can afford and still feel financially comfortable.
- Types of Inclusions – If you buy a ring that is flawless, you are going to be paying a premium for it. When I purchased my wife’s engagement ring I bought hers with a few inclusions. These are not visible to the naked eye, however, they can reduce the price considerably.
- Size – When you are deciding how big of a ring to purchase always select just below. If you are looking to buy an engagement ring around one carat than look to purchase something something between 0.95 and 0.99. You will end up saving a lot of money compared to purchasing a 1.0 carat ring.
- Color – Color is a pretty important factor for a diamond ring. If you buy a diamond that is near colorless than you can help offset any inclusions that it might have. Colorless diamonds sparkle and every woman loves a diamond that sparkles.
At the end of the day, when you are looking to buy an engagement ring you need to buy one that you feel comfortable with financially. No matter what size it is or what color it is, she is going to love it because it comes from you.
If you are curious about other ways to save money on a diamond ring you can read this diamond guide.
How did you measure how much to spend on your wife/fiances engagement ring? Did you follow the two month salary rule?