Ready to Pop the Question? Here Are Some Engagement Ring Budget Tips

While you can’t buy love, you can buy an engagement ring—and most likely will once you find the one person you are ready to spend your life with. However, buying an engagement ring can set you back a couple months’ salary, as engagement rings are an expensive financial investment.

Deciding how much to spend on an engagement ring can be difficult, as there are many pros and cons to consider, including what your future fiancee has dreamed of in terms of ring style and cut and future financial goals. Setting a budget can be challenging, but with these tips, you can determine what budget is best for you and your future fiancee.

Financial Goals

Before dropping a serious chunk of change on an engagement ring, it is important to consider future financial goals. For instance, how financially stable are you and your significant other currently? Do either of you bring any debt into the relationship? Who is paying for the wedding? Are you planning on having children right away? Buying a house?

Answering these questions, even together with your significant other, can help you come up with a reasonable budget that not only allows you to find a gorgeous ring, such as authentic black diamond rings online, but also does not set you back too much in the long-term.


What type of expectations does your future fiancee have? In many cases, many men put too much pressure on themselves and think they have to buy the biggest, most expensive ring money can buy to make their future spouse happy, when, in fact, most women do not have the same expectations.

In order to find out what expectations they may have, consider either shopping with them before selecting the one you think she would be happy with, or ask friends or family members for their advice.

Payment Options 

Once you know what type of ring your significant other has always dreamed of, take some time to find what jewelers offer the same style and cut for the best price. Once you have found the ring and the jeweler, determine how you intend to pay for the ring. Does the store offer financing? Will they accept credit? Or, do you intend to pay in cash?

When it comes to store financing, while it is a viable option, make sure to read the fine print carefully. Many stores have certain rules regarding financing, and if those rules are not met, you can actually wind up paying more in interest and late fees than the cost of the ring itself.

If using a credit card, consider using one that offers a good amount of rewards, as you can get the maximum benefit from the card, putting the rewards towards your honeymoon or wedding costs.

However, if possible, try to pay in cash, or as much as possible in cash, as it can keep you from getting in debt.

Finally, if you cannot afford the ring you want, consider buying one you can afford now and upgrade later on when you are both in a more financially stable time in life.

These tips can help you afford the best ring for your budget.

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