If you’re wondering how much you should spend on an engagement and wedding ring, there one thing you need to know right now.
The two month’s pay rule
DeBeers made this rule up to sell diamonds. This “rule” has no more validity than any other arbitrary recommendation.
Your decision to spend money on jewelry should be based on budget and your values.
As you make the decision to get married, your most important task is getting on the same page financially with your partner. More important than the amount you choose to spend on a ring, you should choose to start your relationship on stable financial ground.
There’s nothing heroic about spending too much money on something you can’t afford, just to save face or comply with a social norm.
Budgeting and paying off debt is much more important to the quality of life that you’ll have with your spouse than the size of a rock.
That being said, there’s nothing wrong with investing in a high-quality ring!
Weddings are an important ritual, and honoring that experience is valuable. But, after the wedding is over, you’ll have memories, and you’ll have bills.
Finding creative ways to save can prove challenging when navigating an industry that is designed to be profitable because of cultural expectations. The dominant idea out there is “weddings are supposed to be expensive.”
Before you decide how much to spend on an engagement ring, it’s important that you understand your current financial situation and your partner’s situation. Moving forward, your debt will be theirs, and vice versa.
If you’re currently in a situation where you’re behind on your bills, the idea of saving up for the big ring could be stressful if not impossible. When it comes to your finances, nothing is more important than a stable foundation.
Call CreditGUARD if you’re in a situation that you can’t manage with your credit debt. Our certified credit counselors can help you decide which path to take when it comes to your financial future.
Our non profit debt management and debt consolidation programs don’t involve any new loans. In most cases, we can save you money, lower your monthly payments, and put a stop to harassing collections calls. Call us today at 800-500-6489