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How to Pick Your Engagement Ring Budget

March 31, 2016

Budget Guidelines For Buying An Engagement Ring

I get asked this question all the time. And, of course, since I am the expert in all things engagement rings, here's what YOU need to know. Pay attention and take some notes.

Exactly How Much To Spend On An Engagement Ring

  1. Start with your annual gross salary.
  2. Divide it by 12 so you have a nice number to start with.
  3. Multiply this by however many years you have been dating.
  4. For each of her close friends who've gotten engaged before you (especially if they dated for less time), add $500 to your budget.
  5. If you live together, subtract $1000 per room in your house. (This is money you should use for more important stuff around the house.)
  6. For every time you've made her cry in the last year, add $250. If it was engagement/marriage-related, you should add $300 to be safe.
  7. Add another $100 for every time she thought you were proposing, but then you didn't.
  8. Don't forget to account for taxes. If you're buying in-state, add your local sales tax to your budget so you don't lose out on precious carat weight thanks to the IRS.
  9. Think about the future you're expected to provide her, and make sure you get a ring that represents your goals and aspirations. For every kid you think you want to have, add $1000.
  10. Add $1000 to account for any extras you might not know you want until you get to the jewelry store.

Here's an example:

  1. You make $60,000 a year.
  2. That's $5000. Unless you may think you get a raise or bonus at the end of the year, in which case add that, too!
  3. You've been together for 3 years. That's $15, 000.
  4. Her childhood best friend, two sorority sisters, and obnoxious co-worker Stephanie all got engaged last Christmas. And Stephanie was only dating him for 6 months.  4 x $500 = $2000 + $15,000 = $17,000
  5. You guys live in a 3 bedroom condo. 3 x $1000 = $3000, $17,000 - $3000 = $14,000
  6. Steve's bachelor party, Steve's wedding, Cinco De Mayo. 3 x $250 = $750 + $14, 000 = $14,750.00
  7. That Gabriel and Co. fashion ring you thought she'd love for her birthday. 100 + $14, 750.00 = $14, 850.00
  8. Two kids, a boy and a girl. 2 x $1000 = $2000 + $14, 750= $16, 850.00
  9. The sales tax in Swansea, MA is 6.25%. $16, 850 x 1.0625 = $17, 903.00
  10. You just really never know. $1000 + $17, 903 = $18, 903.00

Therefore, your perfect engagement ring budget is... $18, 903.00! See, that's why you need to rely on me, the expert! That's how it should work.

And one more thing: April Fool's! 

Yes, April Fool's! Granted this is funny, but this is utter nonsense. No "expert" should tell YOU what to spend on an engagement ring. You decide what you want to spend , and I'll come alongside you and guide you to the best decision possible! You're the expert when it comes to your budget! That's how it should work...

Now, here is  my "real" advice when it comes to buying engagement rings:

Picking the Perfect Engagement Ring: 4 Diamond Dont's

Thinking of Solitaire Engagement Ring? Ask These Four Questions First

What's Trending for Engagement Rings in 2016

And I would like to give a shout-out to Raymond Lee Jewelers for this absolutely hilarious take on how much one should spend on an engagement ring...it's priceless and I just had to share it!

We're honored that Mullen Bros. Jewelers ranks #1 in overall customer ratings among all jewelry stores in Southeastern Massachusetts and we will continue to take care of our neighbors and friends, one jewel at a time.

Budget Guidelines for Buying an Engagement Ring

 


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