Tag: money spent tips

Factors Before Determining How Much To Spend On Engagement Ring

Factors Before Determining How Much To Spend On Engagement Ring

 

The amount of money to spend on an engagement ring has for an extended period been an issue of debate. There are people with theories such as paying too much shows how much you value the relationship and others like low expenditure on engagement ring means you are mean and stuff like that. However, there is no definite answer to how much you should incur when buying an engagement ring. However, there are various factors that you need to put into considerations before deciding the amount to spend. 

 

  • Monthly Income 

The amount of money you get on a monthly basis is one of the primary determinants of the amount you will be willing to spend an engagement ring. If you have a high net monthly income, you can consider surprising your loved one by buying that perfect engagement ring from Paris beauty and wedding stores. Low-income earners should use a similar strategy and choose to buy something that is within their budget. 

 

  • Strike an Average 

It has been revealed through a research study that Americans spent $4,000 on average to buy engagement rings in 2012. Well, too much. This figure could have gone up due to the increasing purchasing power of consumers and others factors like inflation. You can consider spending the average figure. Choosing a middle figure will make it difficult for any person to judge you as mean or luxurious. 

 

  • Forget the Rules 

Some unwritten rules have formed on the minds of individuals like you are supposed to spend one month or three months’ salary and something like that. You should break these rules and make it a personal decision. Don’t let unjustified rules cloud your decision-making process. Consider it a private affair and spend the amount of money you are willing and able to pay. You should also not allow your emotions to influence you in decision making. 

 

  • Consider your Debt Levels 

You could be in a crisis trying to pay debts left, right, and center. Your mortgage, life insurance, car loan, and education loans could be draining your account dry. Make a sensible decision and incorporate these factors into your decision process. Prioritize on meeting immediate expenses such as car and mortgage loans. Failure to meet your loan obligations could lead to a loss of asset and the amount you have so far paid. You can always buy an expensive engagement ring later. 

 

  • Job Security 

If you have some reports that your organization will be laying over in the next few months, it’s time to save but not to spend. You don’t know whether you will be the first on the list of people who will be sent home. You should use this period to build financial stability that will enable you to spend some few months before securing another job.