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Video – How To Determine Your Engagement Ring Budget

• August 11, 2016
• by Dan Decker

I get it. You are ready to pop the question but have no clue how much you should spend. Your engagement ring budget is a VERY personal decision; one that requires you to do some reflection on your finances to figure out what works best for you. You may have heard of the traditional 2 months’ salary rule (wait…or is it 3 months??), but the reality is nobody really uses that anymore. The first thing to remember is you don’t need to overextend yourself. This is a symbol of your love and commitment and needs to reflect who you are as a couple. To determine your budget, you will want to start with a little research on ring settings and diamond qualities to get an idea of cost. It’s important to know why one diamond sparkles more than another and why one diamond is more valuable than another.

When putting together a budget, it is also important to remember that your budget needs to cover both the ring setting and the diamond. Have you saved money to cover the entire cost of the ring or will you need financing to allow you a little more time to pay it off? Often people will opt to finance all or part of the ring, as a monthly payment is more important than the total cost of the ring. If she has been involved in this process, you may want to think about including her in this decision as well. Keep in mind that once you two are married this will become her debt too.

Now is also a good time to check on both of your feelings towards upgrading the center diamond in the future. Some people are very sentimental about the original diamond while others are open to upgrading later. This can help in the budget decision since you may be able to start with a more affordable diamond and then plan for an upgrade down the road. A lot of jewelers offer a trade in option for the diamond so make sure to ask about this if it is something you are interested in. As you reflect on your finances, remember there is no right or wrong answer, only a path to the perfect ring and a reputable jeweler will know how to get the look you want while staying within your perfect price. Whether you choose to go about this on your own or enlist her help, with some thought and planning you will end up with a ring you’ll be proud of and so will she. To get you started on this amazing journey to finding the perfect ring within budget, learn more about our creative financing options here. Good luck! We’re here to help.

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Dan Decker

Dan Decker is the charismatic, romantic and knowledgeable Customer Care Manager for Robbins Brothers. He enjoys helping customers fulfill their engagement dreams, but when he's not working it's all about quality time spent with his daughter and lovely wife of 20 years.

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