Factors Affecting Engagement Ring Cost
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What should REALLY determine the cost of your engagement ring?
We’ve all heard of the engagement ring rule: “an engagement ring should cost roughly three times your monthly salary”. But how outdated is this rule? Are we all actually paying way over the odds for an engagement ring? According to money.co.uk’s study, half of the people proposing will get into debt when buying an engagement ring. Read on to learn more about what should really be determining the cost of your engagement ring.
The most important lifestyle factor influencing engagement ring cost
Should your engagement ring cost once, twice, or even three times your monthly salary? In-fact, the whole ‘times your monthly salary’ rule was coined by De Beers Jewelers in 1940. As a key player in the diamond industry, this rule was invented purely for commercial gains; urging you to dive into your pocket and spend more!
When it comes to proposing to your partner and purchasing the perfect engagement ring – the ball really is in your court. However, over 35% of people believe that their partner should spend less than three times their monthly salary on an engagement ring. It’s important to not be bamboozled by myths – instead stick to your budget and don’t be dazzled by those diamonds. Comparing different engagement ring styles can also help couples find a design that balances their budget with their personal preferences
Key factors influencing the spend on an engagement ring
Here are the key factors that influence most people’s decision on their engagement ring budget:
- How old you are
- Future salary expectations
- Length of time you and your partner have put up with each other
- The amount of disposable income you have available
- Your partner’s expectations…
But how much should you really spend!?
According to recent research, over half of people proposing for the first time get into debt, with one in five of those taking between two to five years to pay off the cost of an engagement ring.
Millennials in particular (those aged between 23 and 38) appear to splurge the most when it comes to handing over the cash on an engagement ring. More than half of all millennials, who have popped the question in the last few years, have regrettably admitted to spending way over their odds when it comes to buying engagement rings for their other half. Rather than buying diamonds, they could look at buying Moissanites instead as a more affordable option.
When it comes to those who have been engaged more than once, a third (32%) of respondents wish that they’d have spent a lot less on the ring. It is so important to get your budget right and stick to it when shopping around.
How much should you spend on the cost of an engagement ring?
Those of you who are looking to tie the knot this 2020, or are sick of waiting for your other half to get down on one knee, why not weigh up those important lifestyle questions to find out how much you should budget for the cost of an engagement ring? Simply visit this Engagement Ring Cost Calculator to reveal this important answer.
Or, if you are currently engaged or even already married, why not work out how much your other half should have spent on you?
