How to Set a Budget for an Engagement Ring

Traditionally, men spend about 2 month's salary on an engagement ring. But depending on your budget or our fiancée's tastes, you may want to spend a little bit more or a little bit less. Regardless of what you decide, it is important to set a budget before you go out to find an
engagement ring.

Difficulty: Moderate

Instructions

Things You'll Need:

• 2 months' salary as a starting point
• prioritized list

1. Know the four C's: Color, cut, clarity and carat are what determine a diamond's value and quality. Read up on how each affects the diamond so you know how to shop. Most jewelers can explain this to you at the store as well.

2. Prioritize. Write down the four C's and decide which is most important and what you should invest your money towards.
   

3. Find out what she wants. It's more important how a ring looks than how much it costs, since she'll hopefully never know how much you spent. There are ways to make SI and slightly colored diamonds look beautiful simply by choosing the right band and setting.
   
   

4. Plan for future expenses. If you are buying a home, a car, moving cross country or planning a luxurious honeymoon, you'll want to set aside money for that. Think of possible wedding dates and gauge how much money you'll earn in that time.
   

5. Consider layaway or installment plans. Some jewelers have installment plans that make rings more affordable. Calculate how much more you'd be spending with interest as well as your ability to pay it off in the coming months.

6. Pick a price rang and stick to it. Don't be pressured into spending more and don't skimp on your purchase to save money. This is an important piece of jewelry, possibly the most important one you'll buy in your life so make sure it is quality.
   

Tips & Warnings

• When asked for your maximum budget, give the jeweler 10 percent less than your actual budget. They'll always show you slightly more expensive rings in order to entice you into spending more.
• Haggle. It's expected that you won't pay the actual sticker price.
• Factor in warranty, taxes and servicing. When you buy a ring, you'll want some kind of coverage and guarantee.
• Don't buy an engagement ring off the Internet. Period.
• Shop around. Prices vary from jeweler to jeweler, especially between chain and independent stores.