How much is a good amount to spend on an engagement ring? Should it be three month’s salary, a predetermined amount, or even be a family heirloom? Three month’s salary has been the standard most widely used in our culture. However, with couples buying houses and other large investments before marriage, three month’s salary may not always be readily available.
There are pros and cons to each of the three options that we will be looking at in this article. Each option is unique to the couple and their financial situation. There is no wrong or right answer.
- Your fiancé clearly knows the traditional “rules” of engagement ring shopping.
- A larger budget can make for a nicer ring.
- Your fiancé will not be seen as “cheap” or “stingy” by family and friends.
- It may be too much for him to afford, posing a problem when combined with all the costs of the wedding itself.
Using A Predetermined Amount
- Your fiancé can chose a dollar amount he is comfortable spending, regardless of his salary.
- This is more budget friendly, especially if the two of you are paying for the wedding.
- You and your fiancé can use the money saved for other expenses. On a recent episode of CTV’s The Social, host Cynthia commented that spending 3 months salary on a ring could easily be used towards a downpayment on a house. This might be more important to some Brides (and Grooms).
- A less expensive ring might not be the ring of your dreams.
- You and your fiancé may feel insecure and judged by family and friends.
- FREE! Wearing a relative’s heirloom ring is absolutely free which leaves money for other things, like the wedding and a house.
- Some Brides love vintage heirloom rings and feel honoured wearing them.
- This ring has immense sentimental value and you can start/continue family traditions.
- The heirloom ring may not be wanted you wanted/envisioned.
- Some Brides may be uncomfortable wearing someone else’s engagement ring.
There is no rule for every fiancé to spend on an engagement ring since every couple have different financial situations and goals. There are pros and cons to each option and as long as you and your fiancé are happy with with the ring (and each other!) no other opinions should matter.
By Brittany McGourlay