The recent parade of celebrities getting engaged and flashing their new finger bling might make anyone feel nervous and pressured about popping the big question to a significant other. However, the differences between you and those high-profile people are paparazzi (or the absence thereof) and a budget. A marriage proposal goes beyond merely shopping for a sizable diamond ring. It also involves planning, scheming, and budgeting!
Unless you’re a billionaire to whom a million dollars is just a drop in the bucket, budgeting for an engagement ring is something you’ll want to do before you start shopping.
Take a good, long look at your financial situation.
The traditional budget for an engagement ring is three months’ salary, but in today’s world, it pays to be a little more realistic. The average shopper pays about $5,000 for an engagement ring.
There are some important questions that you should answer before deciding on your real budget. Are you in debt? Do you have enough savings to cover a $5,000 diamond ring? Is your job secure enough for you to get an advance or a loan? Budgeting for an engagement ring purchase requires an honest, realistic look at your financial situation. If you have financial problems that weight heavily on your shoulders, then it’s probably best to postpone the engagement until you’ve reached a more comfortable spot. It doesn’t make sense to begin a life together with a sizable loan just to buy an impressive diamond ring. Besides, you’ll only have, on average, a year to pay it off before the wedding expenses hit you.