Are you planning on proposing to someone in the near future? If you’re getting ready to ask someone to marry you, you may be looking at engagement rings. Rings come at many different price points, and it can be difficult to determine how much you should spend. If you create an engagement ring calculator, you should be able to come up with the right price.
Calculate Your Spending Based On Your Salary
One of the easiest ways to determine how much you should spend on an engagement ring is to look at your salary. It’s long been suggested that buyers save up two months of salary when they are buying an engagement ring.
While you don’t necessarily have to follow this rule to the letter, looking at your salary can give you a better idea of what you should spend. For example, if you earn $60,000 a year, you may want to spend about $10,000 on your ring. If you earn around $30,000 a year, you would want to spend about $6,000. If this number seems too high to you, you’ll want to look at other calculation methods.
Basing Your Decision On The National Average
If you are worried about not spending enough on your ring, you should base your calculations on the national average. If your spending is in line with the average person’s spending, you won’t have anything to worry about.
When you’re creating your engagement ring calculator, you will want to look at the national average in your country. Engagement ring spending can vary wildly based on your location.
The average spending for an engagement ring is a bit higher in the United States than in many other countries; the average is about $5,000. In Canada, the average is around $3,500, and in the United Kingdom, the average is approximately $2,000.
Calculate Your Other Expenses
You don’t want to go broke buying an engagement ring. You’ll want to look at your other expenses and financial obligations before making this kind of purchase. If you’re paying off student loans or saving for the down payment on a house, you might want to limit your spending.
You can’t just pick a number and hope for the best. You’ll need to look at how this purchase impacts your budget. If you can’t afford to spend a lot on a ring, you’ll want to look at more budget-friendly options.
Thankfully, there are plenty of ways for you to get an engagement ring for less. For example, you don’t have to buy a diamond ring; other gemstones may be significantly cheaper. You can also opt for a ring with a smaller stone or a lower clarity rating. Don’t destroy your finances in order to buy a particular ring.
Is Financing A Good Option?
If you don’t have enough money for the ring that you want, financing may be something that you want to consider. Many jewelers offer financing options. You can also purchase your ring with a credit card. If you have a cash-back credit card, using a credit card for your purchase could actually help you save money.
With that said, you’ll want to take a close look at the interest rates so that you can see what you’ll be spending over time. If the interest rates are too high, you could wind up spending more than the ring is actually worth.
There are no firm rules when it comes to buying an engagement ring. With that said, these suggestions should help you to come up with your own engagement ring calculator. Use the calculator to set a budget for this important purchase!