The Two Month Rule
If you are looking for engagement rings, you must have heard of this popular belief about spending your two-month salary on the ring. Let us tell you this. This rule was started by a company De Beers to spend your one-month salary on engagement rings for men and women as an investment.
This rule slowly extended and became the two-month rule. Some even advise you to spend three months' worth of salary on it.
It is no coincidence that De Beers is a gigantic diamond corporation. This rule was only a marketing campaign, so there is no solid reason for you to spend that much.
How To Determine Engagement Ring Budget?
No matter what someone tells you, the decision of how much you spend on gold and platinum engagement rings is solely based on you and your partner. The following pointers can help you:
Understand Your Partner's Expectations
Many people have a certain expectation when it comes to proposals. While going beyond your budget is not something we recommend, your partner should have a say in the cost of the engagement ring. Treat it not only as a gift but also as an investment for your lives together.
Consider Your Financial Situation
Are you still paying off debt? Or are you just starting a business? Many things can demand to be your financial priority. In such cases, spending a fortune on the most expensive diamond engagement rings isn't feasible. If you do spend more than your budget, you should pay off the debt in a couple of months.
Love Isn't Expensive
You don't need to express your love by buying an expensive ring for your partner. All you have to do is be considerate of their likings and choose a ring that would suit their personality. Just because you are thinking doesn't mean your ring has to be expensive.
Bottom Line
There is no rule set in stone about how much you should be spending. It is good to spend in proportion to your income and be clear of any debt. For many people, buying an engagement ring is a costly affair. But with proper planning and discussion, you can buy an equally beautiful engagement ring within your budget.