But are you ready to part with three months’ salary as the diamond industry has traditionally suggested? If not, what’s your magic number?
Figuring that out can be a stressful, high-stakes undertaking. Engagement rings come with unique financial and emotional expectations. And in a relationship intended to last a lifetime, it’s the first big test.
“It does set a certain tone about whether a woman’s expectations will be met by her husband or not,” said ily therapist at the University of Southern California.
Even so, how much to spend rests in striking a balance between dazzling your beloved without tarnishing your future financial goals together.
Sit down with your partner and go over your short- and long-term financial goals. Beyond wedding expenses, goals could include saving for a down payment on a home, preparing to start a family, as well as retirement planning.
“This is the perfect entry point to see where each person’s money values come from,” said Michael Branham, a certified financial planner in Edina, Minnesota. “How are we going to put that life together and how does buying something like an engagement ring fit into that picture?”