Budgeting is a very important aspect of your wedding. It might not look romantic but still it is essential for you to know how much to spend without being debt ridden. So how to set a proper budget for your engagement ring and get the best possible ring within your financial limits. Engagement ring is one of the major purchases of your life. You should spend your money wisely and still buy a good quality beautiful engagement ring.
Learn more about diamonds.
The most important step to start with is by educating yourself about diamonds. You need to learn more about the stone that you are planning to buy. Everything is available on the internet and a reputed jeweler too can happily help.
- Understand the 4 Cs of diamonds: Cut, Clarity, Color and Carat.
- In case of stones such as sapphires or emeralds, you must know how to identify quality stones.
- Study the flaws and inclusions that are generally found in the stones you are interested in.
- Understand why that particular diamond is more expensive than others.
- Learn about the various treatments a stone undergoes.
- Find out the basics of pricing.
- Compare the prices of 3-4 stones before making a decision.
- Learn how to identify a real and fake stones.
How much money should you spend?
This is something only an individual can answer. You yourself are in a better position to understand how much you can spend on your diamond engagement ring. There are people who could advice you to spend your two months’ salary to buy the ring but this comes without any hard and fast rule. This works only if you have already saved your two months’ salary.
Some people consider it as an investment but the fact remains that you never sell it. So there is nothing like you will get return on investment. You should be clear with the following questions before jumping to conclusions:
- How much can you afford spending?
- Do u want to set off payments and how long will it take to pay the ring off?
- Rate of interest
- Do you wish to make another huge purchase soon like a car or house?
- Is your job secured and will you get an increment soon?
- How important is an expensive ring for your spouse?
Learn to stay within your budget
Before you plan to buy the engagement ring, you need to first determine what features of engagement rings are important for you. Take some time off your busy schedule to understand this and explore all the options available within your budget. It is not possible for everyone to afford to shell their hard earned two months’ salary. In this case you need to compromise a bit on your lifestyle to buy the stone of your dreams. Remember, affordable rings are not tagged as cheap or poor quality rings. It is entirely your wish on how much to spend and what are your priorities in life. A diamond will remain a diamond and will have a special important in your fiancés life irrespective of its price!