How much to spend on the ring?

[DapperDiamond]

Hi All.... Am new to this board and my first post here. Hopefuly I am posting this question in the correct area, my apologies if I am not.

I wanted to ask, is there any rule of thumb or ''standard formula'' in terms of how much to spend on an engagement ring? In the past I''ve heard things like the guy should spend a certain number of months of his salary on the ring, but then i''m not really sure how many months that was, and when we discussed it in passing my girlfriend mentioned a dollar amount that is only maybe 1 1/2 months of my salary and so seemed pretty low to me. Right now I think she''s a little concerned about us spending a lot of money, but the last thing I want to do is spend too little on it. If anything, I want to spend too much - she means everything to me and more, and I want the ring I get for her to express that. So if anyone can point me in the right direction as to how much I ought to be spending, I would really appreciate the advice.

 

[Dreamgirl]

Well, aren't you the sweet one.

IMO, if I were you, I would spend what I felt was reasonable without going broke. I guess it all depends on how much you want to spend. It might be good to educate yourself a little bit on diamonds (4 C's) and then take it from there. You may have a better idea then on what you are willing to pay. Im not sure that was much help, but others will reply with better responses for sure!

 

[sklingem]

Welcome! Here is my take:

(a) "I wanted to ask, is there any rule of thumb or ''standard formula'' in terms of how much to spend on an engagement ring? In the past I''ve heard things like the guy should spend a certain number of months of his salary on the ring, but then i''m not really sure how many months that was, and when we discussed it"

- There is no rule of thumb or standard, despite the fact that the diamond industry would like you to believe it

(b) "(...) in passing my girlfriend mentioned a dollar amount that is only maybe 1 1/2 months of my salary and so seemed pretty low to me"

- 1.5 monthly salary is a significant amount of money by any standard. Heck, some people can''t spare half a month''s salary

(c) "Right now I think she''s a little concerned about us spending a lot of money, but the last thing I want to do is spend too little on it"

- It all depends on what "a lot" means to your GF. But if she feels uncomfortable with spending a lot of money on a ring, that is something to take into account.

(d) "If anything, I want to spend too much - she means everything to me and more, and I want the ring I get for her to express that"

- If you think that the ring is an expression of your love, that is certainly true. GIVING her a ring is the most important expression and telling her that you want to spend your life with her. The size and price of the ring should not be the greatest concern. BTW, what you do for her, your daily expressions of love and commitment as well as support are the greatest expressions of how much she means to you.

OK - take it with a grain of salt, but the general point is: Spend as much or little money as you and her are comfortable with, both in terms of your financial situation and how much you are willing to spend on a ring in the first place based on your values, norms and ethics. People can give you guidance and advice but in the end it is your own decision as to what is going to make you and her happy!
No preachiness intended, LOL. I hope that you find the right ring and I am sure that you will get all the support and advice you need from this great website!

 

[Kaleigh]

There are no hard and fast rules anymore!! We used to hear 2 months salary, that was a marketing ploy. It''s what you can afford, simple as that. Buy within your means!! And join us in Rocky Talky, we''ll help you find the diamond too. Full service here!!!

 

[MoonWater]

Ditto what everyone else said. Oh, and Kaleigh ain''t lying, it really is full service! This site is awesome! Welcome aboard!

 

[swingirl]

I think most women are happy with a style of ring that they like, feels comfortable on their finger and makes them smile when they look at their hand. Sometimes the sizes of rings their friends and relatives have influence their preferences. So once you find out some of those details you can start to look around and see what costs what. There is a perfect ring for every budget. And PSers will come up with all kinds of suggestions to help you find it.

 

[Pandora II]

Spend what you can afford and feel happy spending.

FI didn''t spend anything like 2 months salary on my ring. Although I did go 50% over budget - he proposed and then I got to do the ring. Yay! So I did all the research and then sent him the invoice and payment details! Gotta love that man!

It cost about what I am happy wearing - I would feel nervous having something that cost an arm and a leg on my finger.

 

[Deelight]

The rule of thumb for me is as much as you can (and are willing) afford without having to finance the ring or put yourself into financial strain over.

When your ready definitely post over in rocky talk loads of people will be happy to help you maximize your budget and get your FFI the best ring within it .

 

[Splinter]

Not much I can add except to say the whole 2 to 3 months salary con was created by De Beers to boost sales in the early 1900s. Somehow their PR nonsense has become common practice.

You don''t walk into a car dealership and say "I want to spend X amount". You evaluate what they have to offer and then find out if the price is worth it. Diamonds and rings are no different. Find out what you like and then price it accordingly.

 

[Elmorton]

I agree with the last point about a car dealership - when you buy a car, you figure out the specs you want and then see what the price ranges are. I would figure out what kind of ring she wants - what shape of diamond and what size? Does she want it in platinum or gold? Does she want diamonds in the setting or a plain solitaire? Does she want a designer name, custom designed, or do those things not matter?

These are the things that will greatly affect prices. A 1 ct H&A from WF is going to be considerably cheaper than a 1ct from Tiffany''s, but if the Tiffany name is important to someone, then it''s worth the price. A custom design typically costs much more too because of the time it takes to create, waxes, etc.

So, I what she wants and what she''s comfortable wearing before figuring out budget. HTH!

 

[musey]

Date: 4/12/2008 3:59:52 AM
Author: Deelight

The rule of thumb for me is as much as you can (and are willing) afford without having to finance the ring or put yourself into financial strain over.

I agree with this!

I would never feel comfortable financing. I'd rather determine what I (or the person I was buying for) wanted, and save until that were possible (if necessary) without going through financial hardship.