Post # 1
they say the ring should be 3 months salary, 25 % of your income, but very few people actually adhere to that. just curious where people’s ring prices ACTUALLY fit into this. I’m also curious as to how much is too much. For example, mine was 1%, and that’s about as much as I personally was comfortable with, but generally speaking I think more than 10-15% is too much to spend on a ring.
Post # 3
My Fiance paid for my ring, and it cost 5.1% of his annual income before taxes. I voted 5-10%.
Post # 4
4.02% of pretax income went to my ring.
Post # 5
My Fiance paid about 8% of his income before taxes
Post # 6
I’m not engaged yet, but our budget is 4000 which is like 21 percent of my SO’s current salary? That is for my rings and his ring though. So he’s really only paying like 3000. It sounds really high, but my SO has been saving for years and he just got a new job (he graduated from college in december) so he isn’t making a lot yet. hopefully I dont sound snooty 🙁
Post # 7
I can’t remember how much Fiance earns so I estimated, but I’m pretty sure it’s under 5% pre-taxes.
Post # 8
Well, we were in college when Fiance proposed. He didn’t have a job at the time, he used money that he had saved so I guess I can’t really give a percentage. Based on the job he does have now the ring I have would have been 4.4% (pre-tax). Granted, if we had waited longer to become engaged he probably would have spent more on it but I would never expect him to pay 25% of his salary towards a ring!
ETA: The ring was about 2.5% of our combined income.
Post # 9
Found the ring of my dreams for a very affordable price. It was 3.5% of my salary alone. I paid part of it with my Fiance because it was an upgrade from a gemstone ring he had paid for.
Post # 10
Mine was a little less than 5% of my FI’s salary alone. 1.8% of our combined salary. That’s just my engagement ring, not including our wedding bands! I’ll pay for half of those.
Post # 11
Well we didn’t pay for my whole ring because the center stone was an heirloom. If we did, it would have been 27% of his annual income. For what he paid, I think it was about a month’s salary.
Post # 12
My original one was 2% of his annual income pre-tax; the replica one we’re having made, which OH is also paying for, is 9% of his annual income.
Our maximum budget for the remake was 14% of his annual pre-tax income. I wouldn’t have wanted to spend any more than that, as neither of us are on high salaries. If we were on higher salaries, I’d have been OK with the 3 month salary ‘rule’, but, doubt I’d have liked anything in that price bracket.
Post # 13
How much is too much? If you can’t afford it, it’s too much. For some that number would be $500. For others it would be $200,000. It might be 1% of your income or 99% of your income. One number or magical equation will not fit every financial situation. For instance – we easily landed in the 10-15% category. But we were easily able to pay for it in cash, not drain any savings, and had significantly more stored away in retirement and other accounts. For us, it was a drop in the bucket. So, perhaps 10-15% would be unimaginable for you but keep in mind that others are in very different situations and due to their situations that number or higher ends up not being unimaginable or irresponsible in the slightest.
Post # 14
@abirdword: “They” is actually the diamond industry, who have a lot to gain by urging men to spend 25% of their annual income on a diamond.
We would never spend that kind of money on jewelry and never on a diamond.
Post # 15
- Wedding: March 2012 - Pelican Grand Beach Resort
Ours was somewhere in the .005% range because DH asked for my mother’s ring which she had promised to whichever child asked for it first. We just had to have it inspected, cleaned, and sized. This ring would’ve cost over $10k if we had paid for it. We could never have gotten that kind of money together on our salaries.
Post # 16
@claireos: that’s a good point, and I agree with you, that if one can afford it it’s fine. I chose the more than 10-15% (as in 16+) number because here in the US a lot of people are bad with money and for them 15% pre-tax, which can translate to 20% or more post-tax, is not within their means. In your case, where you had lots of money saved up, there’s absolutely nothing wrong with what you spent.