It is tricky to calculate the amount of money to spend on engagement jewelry, particularly diamond rings. It may be a personal choice for every bride and groom, but you will need an idea about it to set a budget for yourself. Here, we will bring together the views of some experts on the matter.
The 2020 Brides American Wedding Study discovered that $3,756 was the average amount that couples paid for an engagement jewelry piece that year. It was less than what couples spent on engagement rings three years ago. London Diamond Bourse Board Member Jacqui Larsson reckons that these pieces of jewelry should be considered a fine investment option. Larsson told Newsweek that the ring is often the costliest single jewelry piece that a couple would buy in life.
There is a notion that every groom should pay three months’ salary for their engagement ring, but Larsson regards it as an outdated idea. As for Larsson, it should depend on the financial circumstances of couples and the importance of jewelry in their lives.
Larsson stated that the magnificent diamond properties confirm that diamonds are still the most preferred gemstone for engagement jewelry. As for Larsson, the distinctive spectral light flashes and spectacular luster of a diamond cause it to be very alluring.
As for NerdWallet’s personal finance specialist Connor Campbell, there should not be a set rule about the amount of money to pay for this piece of jewelry. Campbell also cautioned against the notion that it should cost your full salary for three months. As for Campbell, the idea that it should cost that much is an old trick in advertising that has turned into a costly piece of wisdom. Your partner perhaps does not even want you to pay that much for their engagement ring.
As per a recent NerdWallet poll, up to 71% of respondents valued how thoughtful romantic gestures are, versus 7% who regarded the expenditure on the ring as more important.
Tips On Saving For The Ring
There may be no set upper price limit for this form of jewelry, but people may feel that their partners would like it to be more than affordable. Here, it can be challenging to hide that you save for the product from your future bride, especially when you share personal finances with her. Consider ways of concealing your engagement ring fund deposits, such as telling your partner that you are saving up for a brand new car.