Today I am writing about how much to spend on engagement ring. I am writing about that happy time in life when you are thinking about getting married to your loved one; your future spouse. I’m going into details about diamond engagement rings with the objective of answering how much a man should spend on an engagement ring.
Some people know about diamond engagement rings, and it’s very important that you know something about diamonds before you ever go into a jewelry store. The article is going to touch on how to negotiate in the jewelry store. Some of the tricks they’ll try to play on you.
I’ll write about some of the sales pitches they’re going to try to throw at you. Some of the different moves they may try to make. I’m going to write in general terms of what my experiences have been at jewelry stores. This is coupled with what I’ve also seen friends, family and others deal with.
I’m writing strictly about my experiences in different places, so you can take it for what it is. This might give you an idea of how much should an engagement ring cost.
Four things you need to know about a diamond is called the 4 C’s.
When I went to get my wife a diamond engagement ring, I had no clue about the 4 C’s. It’s very important you at least know about these so that when they’re speaking to you, it’s not just a bunch of jargon coming at you.
There is carat, there is color (which is the color of the diamond; there are many different colors), there is the cut, and then last is clarity.
In my opinion, the two most important is how many carats is it and how clear it is. Color and cut are secondary, in my opinion, but for every person, it is different. It is good to know what you consider important since this might determine how much to spend on engagement ring
Some people might like a specific cut of a diamond, while some people would rather have it super clear. There are different grade scales of diamonds and those sorts of things that you need to understand. There are also different colors of diamonds.
These are things you need to understand before you ever walk in a jewelry store and think about getting a diamond engagement ring. At least when they’re talking to you, it’s not a bunch of mumbo-jumbo that you’re like what the heck are they talking about.
All those kinds of things, if you want to know more into detail, you’re more than welcome to look that up. Though I don’t think you need to really know much more than what basically those things mean. You don’t need to be a diamond expert, but knowing those four things will help you understand whether you’re getting a good deal or bad deal and knowing what you want before you ever go into that jewelry store.
So, when dealing with a jewelry store, the first thing you need to understand is that in most jewelry stores, people there are paid on commission. As a result, they are going to try to sell you more expensive things as possible so that they can make the commission on it. They will be the ones giving you the idea of how much should an engagement ring cost.
Let’s be honest, they’re not stupid, and I can’t blame them. If I was in the job, I would do the same thing. I would be trying to sell the most expensive things as much as possible. This means they are not bad people for trying to do that.
I would recommend that when you go into a jewelry store, don’t go in your fancy clothes; go in some average Joe Schmo clothes. Don’t go in there looking rich. If you’ve got a nice car, if you got a brand-new Mustang or escalade or whatever don’t park that in the front so they can see it. Don’t go in there looking like a pile of money.
If you go in there looking all rich and stuff, they’re going to see jackpot on the horizon. Consequently, they’re going to try to sell you the most expensive engagement ring possible, and we can’t blame them for that. That’s their job, and they’re paid on commissions. Most of them want to make that money, so understand as their livelihood depends on it.
I think I have devolved enough on issues involving visits to the jewelry store. Now let’s engage in how much to spend on engagement ring. Every person is different, you know. Some people want to spend a lot while there are those that just want to spend a little when buying an engagement ring.
In my opinion, I think however much you make for one to two months, however much you can actually save. If you are saving $2,000 a month then you should spend in between $2,000 and $4,000 dollars on an engagement ring.
In case you’re making $100k a month, and you put $50k towards savings per month, then you can get your future wife of $50,000 or $100,000 engagement ring. You can afford it, so this is not a problem.
When I say one to two months of whatever you can save and then whatever that number is, then it means you can afford that ring.
Please, never ever get an engagement ring on a loan. In my opinion that is the silliest thing you can do. It’s a ring; it’s not a freaking car, it’s not a house. You shouldn’t be getting a loan on a ring, absolutely not.
I am against the aspect of paying interest for a ring, yet it is not producing anything. It’s a monetary thing that’s on your finger, and it doesn’t help you to make money. It doesn’t help you get to this place or get this place or enjoy experiences.
Read: Are You Addicted to Spending? How to Overcome Compulsive Shopping
I’ve heard a lot of people say six months’ salary is what you spend on an engagement ring. I’m like, that’s insane. You know there are many vacations you can go on and create lots of experiences and memories? That would be more magical with your spouse than spending astronomical figures on a ring.
However, I’m not going to hate if somebody wants to go and spend six months’ salary on an engagement ring. There is nothing wrong with deciding how much to spend on an engagement ring. Whatever I am giving is just an opinion.
When you are now in the jewelry store, remember that they will always try to upsell you. Don’t get emotional about the decision. A lot of salespeople are going to try and exert emotions on you. They will be saying things like “you know this is the woman you love or the man you love,” “you only do this once, so do it right” and other kinds of phrases so as to get into your head. This is why it is important to know how much to spend on engagement ring.
Also read: Move In With Boyfriend: Are You Ready?
If you are not careful, this will lead you into making an emotional decision that might be detrimental to your finances. So, it is important to have a cap as to the maximum amount you are willing to spend on an engagement ring.
However, you should not tell them your cap. This is because they’re going to try to sell you whatever is rated at that price point. In my opinion, I think you should visit several jewelry shops to see what everyone has to offer within that price range.
You could easily find the same ring in two different shops, but in one of the shops the price is half what you had seen in the previous shop.
Another thing that I noted while shopping for my wife’s engagement ring is that never ever sign anything in the shop unless you want to actually get that ring. Most of these jewelry shops are going to fool you.
You will be told something like, “just sign here so that you can reserve your ring.” This might sound good since it means that no else will be sold that ring since you are being given the first priority. This is a trick that most people fall for.
The moment you go home and read the fine print of the document that you just signed, you realize that you were not just reserving, but committing that you are going to buy the engagement ring within a certain date.
I highly recommend that you read the fine print. A lot of people have been screwed over this. It could be devastating more so if the first time you came and signed you did not know anything about diamonds.
I think it’s a dirty trick, and the fact that many stores are doing is saddening.
You should also know that jewelry stores also have some of the highest margins in the market. So, in case you find a ring being displayed to cost $5,000, you can talk your way down to $4,000. The fact that they enjoy high margins means that they have room for negotiations.
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