| How much money should you budget for an | | | | surprise and therefore is a big budget decision |
| engagement diamond ring? There is no single | | | | made without consulting the girlfriend. |
| answer to that question because everyone's | | | | Once the diamond shopper has determined their |
| situation is different. For some shoppers, $500 is | | | | budget, some other considerations might influence |
| the maximum they can spend and of course, | | | | what they actually spend on the diamond |
| there are celebrities who can and do spend millions | | | | engagement ring. A man in love often has a |
| on an engagement diamond ring. The diamond | | | | desire to show the extent of his affection by |
| industry has set a guideline of two months salary | | | | spending more than he can really afford. While |
| for what to spend on the engagement ring. | | | | spending more money does not ensure a |
| Interestingly, this is the guideline for the United | | | | stronger relationship or commitment, the romantic |
| States. In the United Kingdom, the guideline is one | | | | impulse often overwhelms logic for the man who |
| month's salary and in Japan, it is three months | | | | has decided on who he wants to take as his |
| salary. | | | | partner in life. |
| The budget that is right for the diamond shopper | | | | Pressure on the diamond budget can also result |
| depends on a variety of issues and the wise | | | | from feeling guilty if the woman has indicated that |
| shopper assesses budget considerations before | | | | a large and therefore expensive diamond ring is |
| making their purchase decision. In fact, carefully | | | | important to her. If family, friends, or associates |
| evaluating the budget before starting shopping will | | | | have large diamonds, there is intense peer |
| help ensure that an impulse purchase does not | | | | pressure to compete on diamond size even when |
| become a financial nightmare. | | | | there might be great disparities in disposable |
| Here are some of the questions diamond | | | | income or age. The pressure to prove his love |
| shoppers should ask themselves before starting | | | | with a more expensive diamond than he can |
| the diamond shopping process. | | | | afford can lead to not only financial hardship but |
| How much money do you have saved now and | | | | also friction in the relationship. |
| what can you expect to save before your target | | | | Once the target budget has been set, the |
| purchase date? | | | | shopping challenge is to find the best diamond that |
| If you are going to finance part of the purchase | | | | meets the diamond shopper's requirements while |
| price, where are you going to get the financing | | | | staying within the budget. While the diamond is |
| and what monthly payments can you afford? Do | | | | usually the biggest portion of the ring's price, |
| you have a job and is your job secure? | | | | shoppers need to remember the mounting cost |
| What other new expenses are you planning in the | | | | and applicable sales tax. |
| near future? Do you need to buy another car, | | | | There are many ways to reduce the price of the |
| how much and how soon is the wedding and | | | | diamond engagement ring in order to stay within |
| honeymoon, are you planning to move to more | | | | the budget. Education and research can help |
| expensive housing, do you have student loans or | | | | determine the optimal combination of size, quality, |
| credit cards that need to be paid off? These | | | | beauty and convenience for just the right |
| major financial events often occur soon after a | | | | diamond ring. Shoppers who walk into a jewelry |
| marriage proposal. | | | | store and purchase based on impulse and do not |
| A key for a successful marriage is for a couple to | | | | do their due diligence in advance, will likely pay a |
| work together in setting financial objectives and | | | | high price premium and run the risk of making an |
| budget. However, often the engagement ring is a | | | | expensive mistake in terms of quality and beauty. |