(Closed) How did you figure out a ring budget?

posted 5 years ago in Rings
Post # 2
Member
586 posts
Busy bee
  • Wedding: September 2019

I scouted the shape and size I want.  I scouted the price range of the rings I want–from simple solitaire to elaborate halos.  

Then we set a budget.  Went to a jeweler to have him look for the stone with the specs I want and then it took about 3 months For us to find a stone and then we went on from there 🙂

Post # 3
Member
685 posts
Busy bee

So we did not do the 3 months salary suggestion. My Fiance was not comfortable spending that much. 

We basically just spent what he was comfortable spending in cash from his savings account.  We knew it was something we would not go into debt for. 

I didn’t really have a say in the budget since he was paying. I just picked something withthin the budget. 

Post # 4
Member
1192 posts
Bumble bee
  • Wedding: September 2017

Three months’ salary? Didn’t it used to be two months? 😋

I wasn’t involved in budgeting for or selecting the ring. My Fiance had asked me about some of my preferences and then he bought it with his own money and surprised me. Just commenting to state that I think it all depends on your personal financial situation, including your income, your debts and obligations, your general long-term saving goals, etc. I wouldn’t stick to any formula. My Fiance doesn’t have a set salary because he’s self-employed, but from what I can surmise about my ring, he spent about one month’s income.

Post # 5
Member
6331 posts
Bee Keeper

I didn’t directly decide the e-ring budget, but DH had seen the price ranges of rings I’d looked at on my computer and went with that. Of course, I wasn’t looking at million dollar rings or anything!

Post # 6
Member
1488 posts
Bumble bee
  • Wedding: October 2014 - Cape May

This certainly varies from couple to couple. DH already had a budget or limit in mind before we shopped. Then we went together to pick out a setting and stone and made sure to stay under the budget that we agreed upon as a couple. 

Post # 7
Member
1188 posts
Bumble bee
  • Wedding: April 2015

Three months salary was invented by DeBeers.  Look it up.  It’s a scam. For me, it was best to have nothing to do with the ring purchase so I know my now-husband got exactly what he wanted and felt comfortable paying for.  If you do want to be involved, why don’t you go to stores first and just see what you look like and what looks good on you and go from there.

Post # 8
Member
1206 posts
Bumble bee
  • Wedding: June 2018 - Omaha, NE

I scoured pinterest for the style I loved first. From there I looked at diamond and setting prices at reputable dealers online like ritani, james allen, etc. When I realized tthe settings were very expensive and the diamonds even moreso, I scrapped all that and started researching moissanite. I discovered moissaniteco and then I felt like I could truly budget and get the style, size, and quality that I wanted at a fraction of the cost. I would look at everything and then decide how much YOU’D be comfortable with your SO spending on you. From there you can narrow your search. My limit was $1500. You can find a LOT under that price range in moissanite!

Post # 9
Member
357 posts
Helper bee
  • Wedding: May 2017

I found the stone I wanted and Fiance agreed to purchase it….found out later it was more than he budgeted but he wanted me to have my ‘forever’ diamond now.

Post # 10
Member
381 posts
Helper bee
  • Wedding: Florida

We made appointments at 4 local jewelers to asked to see more or less the same thing to see the price differences between the places. Then we went home and compared prices online. Ultimately as PPs have said, it’s all about your situation and what y’all are comfortable with. I am not helpin to pay for the ring at all, because it is his gift to me. He is spending about a month and a half’s salary on it. 

Post # 11
Member
289 posts
Helper bee
  • Wedding: June 2016

I basically looked at rings I really liked in a vast range of styles and prices, and sent them to my DH…I let him make the final decision on what he liked and what he thought was a reasonable cost (we had discussed the 3 month salary thing, and both decided that was ridiculous, as DH is in quite a high paying job, and I didn’t want that sort of money on my finger).  Some rings I sent to him, he would tell me either the price was too high or too low.

Post # 12
Member
2156 posts
Buzzing bee

Omg three months salary?!? i can’t even imagine wearing a rock that huge on my hand (and can imagine so many other ways id rather spend that much money). 

Fiance joined all our finances before we ever got engaged, so the discussion was really about what WE were willing to spend. I first looked around to see what I liked, and then got an idea of how much what I liked cost. We then both suggested a budget (his budget was actually higher; I was the real budgeter, I suppose). turns out I was able to get exactly what I wanted without compromise for the budget I proposed. 

Post # 13
Member
1227 posts
Bumble bee

Our finances were combined by the time we purchased. We discussed overall wedding budget prior to buying a ring. We spent tons of time researching and then went to four different stores before we found something we both loved. It turned out that we were receiving a stone from a family member, so we were just looking at the cost of a setting. The setting we went with was a bit over what I wanted and a bit under what Fiance wanted. It evened out in the end since we haven’t gone over our overall budget. 

Post # 14
Member
1627 posts
Bumble bee
  • Wedding: July 2012

Wait, when did it become THREE months salary, and not TWO?  

Our original budget plan: “What can we easily afford that won’t cause us any financial troubles?” 

Additional wedding ring purchases: This is what I want, I’ll save for X months then get it. 

Hubby bought my original ring from a list of 3 choices I sent him, when we had seperate finances. We combined finances after about a year of marriage. 

Post # 15
Member
202 posts
Helper bee

Budget was set on what he was comfortable with. I was not expecting as nice of a ring, but I trusted that he would get something that was me. I think each couple is going to be different based on income, assets/debt, career, and what both of you want and expect. 

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