Is the 3 month salary a Must or a Myth?
There is an old wives tale that you should spend either two or three months’ salary on an engagement ring.
Sounds a bit more like corporate greed. Not that I have anything against De Beers, who came up with this advertising campaign, it does sound like an old, stuck to the wall, phone – going ring, ring, ring. So excuse the pun, and decide for yourself.
You need to be able to budget-breathe after spending this amount of money on the lifetime gift for your fiancé. Take a careful look at your budget, and allow for other miscellaneous costs to sneak in – like bridesmaid’s dresses or gifts for the groomsmen. Honeymoon pocket money and visas. Yes these can burn another 15 holes in your rented tux pant.
That still doesn’t answer the question though, does it?
Firstly, it’s generally not the rule that guys will pop the question without forward planning, and don’t be pressurised by Valentine’s Day, your parents, her parents, Aunty Edith or New Year’s Eve. So with that, why not give yourself time to save up? This will show her how serious you are and probably win you a noddy badge or a certificate of `The Genius of my Groom to be’.
According to Ringspo.com, a consumer guidance website which aims to help couples avoid common mistakes when buying their engagement ring, through a survey of over 2000 couples, it was found that in the USA the average spend on a ring in 2017 was $4,325. Ok perhaps recession isn’t their crisis calling at the moment, so let us be a little more realistic.
What can you afford? That is the bottom line. There are no rules; the only rule is to get it right.
So how do you get it right? You might think you are a mind reader, but the truth is, you probably don’t know what she has been dreaming of. My ex wanted to give me one of those 1920’s claw things. Lucky I got involved. I found a bracelet design, flat with teeny diamonds, not the deadly rock, and centred with amethyst. Far more my kind of thing. And he thought he was doing the right thing. Careful now… tread lightly.
And according to the survey, only 35% of rings are a surprise. So go main-stream and let her choose together with you.
Another interesting stat is that over 30% of guys do not shop around. This can cost you thousands you really don’t need to spend. Do some online research and visit a few jewellery stores to get a better assessment of costs for the same rock.
So a myth or a must – one thing we know for sure, is to make and keep her happy.
Enjoy the shopping!