Over the weekend, Wes and I celebrated being together for 9 years. We reminisced with others about our fun wedding and also talked about how expensive weddings can be. This then led to a discussion about crazy expensive engagement rings. Before you buy an engagement ring, read this post!
Determining how much to spend on an engagement ring can be a hard thing. This is especially true due to there being many different engagement ring buying rules out there.
The most known engagement ring budget rule is probably the three month rule. This is where the engagement ring buyer determines how much to spend on an engagement ring based on what they make over a three month period.
So, if a person makes around $3,000 a month, that would mean that the engagement ring “should” cost around $9,000 according to the three month ring buying rule.
That is a ton of money for someone to spend on an engagement ring, especially when that’s just a total income of around $36,000 a year!
I am going to say OUT with this old ring buying rule.
Spending 25% of your annual income on an engagement ring just seems crazy.
I know I’ll probably get some flack for saying that, but I think busting your budget for an engagement ring is usually not a good idea…
Here are my tips to help you determine how much to spend on an engagement ring: [Read more…]