Are you wondering how many months salary you should save for an engagement ring? It is a question which many couples get confused about, but it should not be this way.
Well according to some industry experts the average engagement ring cost couples in the United States pay for their engagement rings is 2000-5000 dollars and it is still going up. There are many factors which have influenced this, including:
1.Inflation which is pushing the price of diamonds, metals etc. upwards.
2. Couples are now getting married at older ages, thus they usually have more money saved by the time they do get married. They have had more time to find stable jobs and save so they can spend more money.
3. Engagement rings have become more valuable, because people want more. Now rings are filled with diamonds, gemstones and more precious metals than ever before. People are buying more complex rings.
4. Diamond industry marketing has pushed the average people are willing to pay up. Back when I was growing up there was no expectation to shell out two months’ salary (something which many people believe now) for an engagement ring. People were expected to pay what they could afford.
That is entirely up to you and it really depends on what you earn, as well as how much value you put into a ring. Here are some things to consider:
Even if you spend a lot of money on a diamond ring, you are not losing anything. Unlike cars or even houses, diamonds do not tend to devalue and as long as you keep your ring in good condition, it will be worth more than you paid for it a few years down the line. In the end it is not just an investment in your love, but also financially.
If you cannot afford something that you really want, just wait and save. Don’t do something stupid like taking out a loan for an engagement ring, I always tell couples that is not the best idea.
There is no month salary limit, because it all depends on what you earn. If you are 2000 dollars a month there is nowhere where it says you have to spend 4000 dollars, that is ridiculous. You can spend more or less, it all depends on how many months salary for an engagement ring that you are comfortable with.>
