How to Budget for a Ring

< How to Shop for Jewelry

Your engagement ring is an important financial decision in your life so it’s important to be properly prepared for the price you’ll have to pay for that diamond ring that perfectly catches your eye. The budget for an engagement ring should be a serious conversation to have with your partner, so that you can decide together how much you both agree on spending for an engagement ring.

The “two months salary” rule is a nice place to start, but it’s better to find a budget that will personally work for you. Financing a ring is also a great affordable option to break up the total cost of the ring into monthly payments that are more digestible than a single large payment. Also keep in mind that your budget should also consider the prices of both the ring setting and the center diamond.