How Much Should You Spend on a Diamond Engagement Ring?
For years, the diamond industry has tried to subconsciously sell the idea that you should spend no less than two (2) months salary on your engagement ring. Actually, they must have done a good job at spreading this belief as it is now generally acknowledged as the norm by nearly everyone. According to that theory, if you make $180,000 per year, you should spend $15,000 on a diamond engagement ring. That sounds reasonable and you can probably afford it. But will your future wife want to possess and carry such an expensive ring? Won’t she be afraid of losing it or getting it stolen? $15,000 will get you a very large diamond and you might not want such a big stone. “The bigger, the better” maxim doesn’t apply to diamond rings. In contrast, as per the theory, if you make $18,000 per year, you should be spending about $3,000. That sounds like a lot of money. It is quite unreasonable to spend this much money on a ring when you might be worried about basic necessities. Things to consider befo
