If you are ready to search for an engagement ring, then you should know how to pick the best. After all, if you get a special ring for her, she will be happy and you will both live to remember the moment. To buy engagement jewelry, like a ring, is no easy task. It is more than carrying your wallet and locating a jewelry store. There are several kinds of rings, with different shapes, sizes, and costs. Additionally, rings are accentuated with precious stones, like diamonds, and can be made of gold, silver, platinum or another alloy. Thus, this is a major purchase decision that you should make carefully. To know exactly how much to spend on an engagement ring, consider the following points:

Don't consider the salary rule

There is an outdated rule that says that you should one to three months of gross salary on an engagement ring. If you are a young person looking to start a family, this rule is sometimes impractical or hard to follow. What if you have student loans, car loans, and other debts to pay, monthly? Don't forget that you are also going to have a wedding budget, soon. Try not to create a debt you will spend several months to pay off after the wedding. Instead, get a stylish and pretty ring that will serve its purpose.

Use an online engagement ring calculator

As there are several types of calculators, select the one that doesn't ask for irrelevant data about you and your bride-to-be. A good calculator analyzes your salary and lifestyle and computes your debt-to-asset ratio. It will show you the most sensible amount to spend.

Create a budget plan

Nobody knows your finances better than you. Accordingly, you are the only one who could know how much you can spend on a ring, based on your current financial situation. The starting point, therefore, is to make a budget plan that can guide all your other decisions. Consider the following:

  • How to finance the ring purchase – Will you borrow the whole amount or have you saved enough for a down payment? Remember, you have other bills to pay with your monthly salary, and should do your math correctly.

  • What does she expect? – It is not wise to buy engagement jewelry for someone, if you don't know what they could really want. So, find out what she would love to wear or ask her to come with you to the shops. On the other hand, if you wish to surprise her, approach her friends for advice or just watch her closely to know her jewelry taste. Does she prefer diamonds or simpler stones? What type of band would she appreciate? Just find out, prior to buying.

Ways to spend less

To save money on an engagement ring, you should use simple tricks. Even if an oversized diamond stone would amaze her, give up a portion of its carat size to reduce the cost. Another way is to buy engagement jewelry on the internet. By so doing, you can compare different products, based on the pricing and other things. According to experts, you can spend thirty to fifty percent less, if you buy online. Furthermore, you have a wide assortment to pick from and can customize to make sure she receives the best ring.  

If you are dealing with diamonds, learn the 4Cs rule, before buying. To save money, concentrate more on the cut of the stone and less on its color and clarity. A well-cut diamond will shine brightly, no matter the color or size, and capture the attention of many. Finally, don't buy a solitaire ring; instead, choose a ring with several tinier diamonds to save money.