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How much to spend on an engagement ring?

Are you thinking of popping the question, but don’t know how much to spend on an engagement ring? Look no further, Ballara Receptions are here to help.

Over the decades, there have been some outdated myths and rules about how much to spend on an engagement ring. Those rules were just part of a marketing ploy designed to make you spend more on diamonds.

Deciding how much to spend on an engagement ring should be well thought out and maybe even discussed with your fiancée-to-be. Bottom line – their expectations matter, and so does your financial situation.

Forget the 2-month salary rule

It’s utter nonsense! This was concocted by clever marketers to benefit diamond retailers. You should not put yourself into an absurd amount of debt for the ring. This is just the start of the rest of your life.

Don’t incur more debt

Consider your current income and your expenses like bills, food, HECS debt, car payments. How much savings do you have already, or how much can you really save per month if you cut down on extras? What about your future income – do you have a job that could lead to a growth in income? You should now be able to estimate how much you could reasonably spend. You should be able to purchase the ring without financing, to avoid further debt.

Talk to your partner

It’s ok to have an open and honest dialogue with your soon-to-be fiancée. You’re going to share a life together, you should at least agree on big issues. They may very well be disgusted at the thought of you spending a ridiculous amount of money on the ring. ‘Expensive’ doesn’t necessarily mean ‘thoughtful’. If you’re putting your financial future at risk, your partner is not going to be happy. Together, you should come to a decision about how much to spend.

Buy online

While you and your other half may have pictured strolling through jewellery stores, ooohing and aaahing over rings, it can be done differently these days. Online retailers are roughly 40 percent cheaper than conventional jewelers. You can even design your own rings, which would give your partner the ultimate control over their vision of “the perfect ring”.

How about an heirloom piece?

Did you grandmother leave her ring to you and make you promise to make someone happy with it? The ultimate way of welcoming your fiancée to your family would be to give them your grandmother’s ring. It could be more meaningful than any store bought ring.

So now you’ve got some things to consider before popping the question! Once they’ve said “Yes!”, book your tour of Ballara Receptions to see how we can help create your perfect wedding day.

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