Your financial means should determine your budget rather than a worldwide average. No one should go into debt in order to pay off their engagement ring. Pros: Extremely simple system. Cons: Most people fall far below or far above the average. Limiting the budget to a national average is a really bad idea. We strongly recommend picking a budget that is tailored to your personal requirements. Using a number generated based on the entire country is not suggested.
For example, a 1. They are both 1. Cons: This system will leave a lot of people dissatisfied with their diamond. Consumers also care about clarity, cut and color. This budgeting method will greatly hamper the control on all the other details of the diamond.
The answer is really simple. Other rules : Here are some other "salary rules" you've probably heard:. It could be used as the goal, but only you know your personal situation. The average center diamond size for an engagement ring is between 0. Don't be pressured into a ring you can't afford. Ignore the "two months salary" rule and set a budget for a ring that she'll love. It's always good to have a basis for comparison.
Here is the average cost and carat size of diamond engagement rings in different countries. To give you a better idea, see pictures of recently purchased diamond rings here. Don't Be Pressured by the National Average : We get it that you may want to measure up to the average man.
However, if the average is still a lot higher than you can afford, you should NEVER feel pressured to match it. Remember that certain large cities often have much higher average diamond sizes. And you still need to think about your own financial situation. The best way to make sure you're both happy is to have an honest conversation about expectations and finances.
If you're going to share a life together, you really should be on the same page about things like this. You should have an honest chat about where you are financially and what your goals for the future are. For instance, do you want to save money for a down payment or pay off student loans? Then you can figure out how the engagement ring fits in with those goals. Once you have a number in mind, you can work to find exactly the kind of ring she would like that fits within that budget.
What are you budgeting for an engagement ring? Talking about the cost of the ring may not be romantic, but it's important. Maybe she doesn't even want a diamond. Either way, you want to know. Do you plan to go engagement ring shopping together?
More and more couples are choosing to shop for the engagement ring together. Shopping together is a great way to be certain that she gets a ring that she'll love. If you really have no clue what kind of style she likes, then it's even a good idea to let your girlfriend pick out her own engagement ring.
This way, she has a say in what she likes instead of you taking a blind guess. In fact, you can shop together and still keep the element of surprise. You can talk about stone and metal preferences and have your girlfriend pick out a few setting styles she likes.
You can then choose the final design on your own and plan the surprise proposal. Tip : See our guide on the most popular engagement ring styles. Also learn about diamond prices so you don't overpay.
Do you plan to buy an engagement ring online or in store? Is James Allen better than Blue Nile? In terms of pricing, James Allen and Blue Nile both offer similar competitive prices. James Allen has the edge when it comes to setting options, gemstones, and colored diamonds. It's also better if you need help, as it offers free diamond consultations with an expert. Because of these, James Allen is our top recommended online jeweler. Read our detailed comparison review of James Allen and Blue Nile.
Have an idea for a budget? There are a few other things to consider before putting down money for a ring:. Treat her as seriously as you treat yourself : If you spend quite a bit of money on your own hobbies and toys, then you should be willing to spend just as much on her ring.
Take your time: A purchase this big should never be rushed or taken lightly. Not only will you decide on the size, style, cut and color of the diamond, you'll also have to do some research on whether buying online or instore works best for you. If you want a wider selection of diamonds at lower prices we recommend comparing your findings from Blue Nile to that of James Allen for the best online offers.
Other future large purchases : Maybe there are other milestone purchases coming up, such as buying a house. Make sure you know how the ring will affect that. Or maybe the two of you find that taking a dream, once-in-a-lifetime trip together is more meaningful. Expensive is not the same as thoughtful : If you're going broke buying a ring you can't afford, that's not showing you care.
That's just putting your joint financial future at risk. Sure, your bride may have a beautiful ring on her finger, but will she be happy if you're struggling to make ends meet every month because of it?
Explore their Inspiration Gallery to see current popular designs. Plus, there are many ways to show you care without going broke. Trying planning an unforgettable proposal. Maybe look into a one-of-a-kind handmade ring from a small independent jeweler. Or perhaps your grandmother's ring would actually be the perfect way to show her that she's part of the family.
Did you know? The proposal is going to be one of the most special moments of a girl's life, and a story she'll want to tell forever. If you can't afford a ring right now, the best thing would be to wait. Put money aside each month until you can buy the ring in cash.
But that might not be possible, especially when you have other loans to deal with. Saving up what you need could take a year or more. We get it that you might not want to wait to propose. In that case, you could consider getting a cheaper ring, financing the ring or putting it on a credit card. But be careful: financing doesn't mean you should pick the largest diamond you can charge. You still need to choose one that fits within your budget. The more cash you can bring to the table upfront, the better.
If you must borrow the rest, develop a pay-off plan the wedding date is a great deadline. But you need to have a feasible plan to pay off the balance before the promotional period ends. If you need more time, try to find a credit card with low interest. Some diamond retailers will have financing options too. But be careful because they could have some tricky terms. The interest rate is also usually very high. What about borrowing the money from a family member? This option has pros and cons.
The good thing is that a family member won't do credit checks and, most likely, won't charge interest either. However, if you don't pay back the money in a timely manner, the relationship could be ruined forever. If you go this route, make it as official as possible, with a written contract and payment terms. Don't shop during peak times Avoid buying a ring between Thanksgiving and Valentine's Day.
Proposals are at an all-time high during this period, which means the engagement ring prices are too. Also plan ahead for the next step by knowing the best time to buy your wedding rings. Japan remains one of the leading markets for diamond jewellery. The idea of the durability of diamonds and therefore their suitability for engagement rings, the ultimate symbol of durability, is now totally embedded in the Western mindset.
Other stones are available, says Lindsey Straughton of the British Jewellers' Association but diamonds have stood the test of time. With the West largely hooked on the diamond engagement ring, attention is now on China and India, according to Bain and Company, which produces an annual report on the industry.
There has been a gradual rise in Indian couples "adopting the Western engagement ring practice". But the effect of the salary "tradition" is harder to judge.
Allowing for the fact that the average US citizen - especially the younger man getting engaged - will actually earn less than the average salary because of the distorting impact of the super-rich on salary averages then the actual amount may come a bit closer to two months' salary.
More recently the Birmingham-based jewellers Marlow's compiled data from 2, engagement ring orders. But the "salary rule" is likely to remain, says Melewar because: "There will always be the question of who has the bigger ring, with girls comparing and boys not wanting to be outdone. Middlesex University. University of Sussex. Image source, Getty Images. Image source, Advertising Archives. Related Topics.
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