Monday, July 7, 2014

How Much to Spend on a Diamond for an Engagement Ring

Michael M rings
The purchase of a diamond engagement ring can be fraught with anxiety. There is an old rule of thumb that it should cost the buyer the equivalent of two or three month’s salary, but this is no longer a requirement. The answer to the question of how much to spend on a diamond engagement ring will vary from couple to couple. In the end, how much to spend is up to you. It is wise to consider your personal budget, the quality of the diamond itself, and the setting you would like to have. Are you planning to surprise your partner with the ring or do you plan to set a budget and make the selection together? This will impact your decision as well. If you plan to work together on these decisions, you will want to spend time as a couple considering how much to spend and how you will pay for it. These are things that will make sure you are both happy with your purchase in the years to come. 

Consider how you will pay for the ring. Do you plan to save money over time and buy it in a single purchase? If so, how much money can you comfortably set aside toward the ring each month? If you plan to finance the ring, be sure to add the cost of the interest you will pay to the total price of the ring. Do you already have a sum of money available to go toward the purchase of a ring? How much of that are you comfortable spending? Will you want to add to it? Paying up front rather than financing will save you a great deal of money that you can use as you begin your lives together. You are more likely to be happy with a diamond engagement ring that doesn't stretch your budget beyond a reasonable limit. You want to avoid adding unnecessary financial stress to what should be an exciting and happy time in your lives. 

If you are not familiar with the color, cut, clarity, and carat weight of diamonds, spend some time researching these before heading into a jewelry store. There are a variety of settings to be considered as well. Knowing your preferences in these areas will reduce the likelihood that you’ll feel overwhelmed when shopping. Spending time reviewing your personal budget, deciding how much you can comfortably spend, and educating yourself before you shop will make you a more confident consumer and ensure that you are both happy with this important purchase from http://www.moyerfinejewelers.com/.