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