So, you’re planning on getting engaged? It’s an exciting time, you can’t wait to start the next chapter of your lives together, but first there will be the an engagement party, wedding and of course the honeymoon!
Stop everything, first you need a ring. And not just any ring – THE ring.
I know, you’re not planning on popping the question for a while, but unless you’ve got a big pile of cash stashed away, or you have selected on the spur of the moment, you’ve got some planning to do.
There are rules when it comes to buying an engagement ring and the most commonly told is that you should spend 3 months’ salary on the most important piece of jewellery your future spouse will ever own. Remember, you have a lifetime together, and weddings are expensive but this is not the thing you want to try saving money on. After all, it’s pretty darn visible.
So, if you earn $80,000 a year net, you should spend approximately $15,000 on a ring. Before you ask, engagement rings do not take tax into account and no, you may not apply any deductions here.
I know what you’re thinking, “Why wasn’t I saving for this since I was a teenager? Relax. Not completely, but just don’t stress out. There’s always a way and as with any problem, effective planning will see us through.
Next, you need to choose a ring. If there’s one thing that’s going to put all of this in context, it’s deciding on the ring that you’ll propose with. After that decision is made, the stress will be gone and you’ll just feel impatient to ask the one you love to spend the rest of their life with you. Choosing a ring is a whole subject in itself, but take your time, and make sure you pay attention to the rings your partner already wears, and the types of things they ‘casually mention in conversation.’ Walking past a jeweller? Wander in and ask your partner what rings they like the look of, you know, that casual conversation where both of you understand what’s going on, but it’s fun not to say it out loud.
“Do you like this engagement ring? You know, if you were ever to get engaged I mean.”
“It’s okay, but I prefer this one. It’s the type I’ve always wanted.”
Once you find the right ring, put some money down and secure it. Make the decision based only on what your partner loves and will be happy to wear for the rest of their life. Remember, the short term financial sacrifice will mean a proposal to remember and thousands of proud “show me the ring” moments.