How much should a man spend on an engagement ring?

[Anonymous]

My boyfriend and I have started thinking about a budget for an engagement ring, for when (or if lol) he decides to make the purchase. We are middle class, with a combined income of around $110k. We live together and have one child, spending an average amount of money (i guess?) on bills. How much did you spend on the ring for your financee/wife? Did you go by the 3 months income "rule"? We are curious as to what others budgeted. Thanks!

[Anonymous]

Buy what you can afford to pay in a lump sum now, or are OK with paying off in the future. For some, that would be a $1000 ring, for others, a $100,000 ring.

[Anonymous]

PP, you make a good point. OP here. I also want to ask, did you guys finance or purchase up front? Purchasing up front seems to make more sense to me but I'm curious as to what others did.

[Anonymous]

Unless you are using a chunk of savings to buy it, think of it as a buying a car. What kind of car payment are you comfortable having for the next, say, 5 years? A Hyundai? (If yes, look at .75 carats). A Toyota Corolla? (look at 1.0 carats). An Audi? (look at 1.5 carats) and so on.

[Anonymous]

Borrowed from 401k; and repaying without interest. Really helpful option when not wanting to do traditional payment plan through a jeweler or put it on a credit card. Had the savings but wanted to keep that nest egg. Ring was $20K.

[Anonymous]

I thought the rule was like 6 months LOL

OP, really? Buy what you can afford without getting into debt. Everything else is insanity plain and simple.

[Anonymous]

Anonymous wrote:I thought the rule was like 6 months LOL

OP, really? Buy what you can afford without getting into debt. Everything else is insanity plain and simple.

Getting into debt would mean financing the ring. So you're saying to just save the money up front and purchase?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I thought the rule was like 6 months LOL

OP, really? Buy what you can afford without getting into debt. Everything else is insanity plain and simple.

Getting into debt would mean financing the ring. So you're saying to just save the money up front and purchase?

If it is really important for you to have an expensive ring you currently don't have the money for.

[Anonymous]

I regret getting a diamond ring. If I were to do it again I would ask for a ruby ring.

[Anonymous]

Also depends on what kind of wedding and honeymoon you want.

[Anonymous]

You have a child, don't go into debt over a piece of jewelry.

[Anonymous]

Anonymous wrote:Ring was $20K.

Good Lord, that is NUTS.

Forget these stupid "rules". More than $1,000 is INSANE.

[Anonymous]

If he cannot afford the proper rock, are you looking at value in goats, cow, or dowry to your parents?

[Anonymous]

This is ludicrous. There is no "rule" on what to spend, other than the one made up by DeBeers to artificially inflate the prices of their diamonds. For some reason, gullible people think it is actually a rule.

[Anonymous]

Anonymous wrote:You have a child, don't go into debt over a piece of jewelry.

Listen to this!