Buying an engagement ring is a big step in your relationship and your life. Many people aren’t sure how much they should spend on a ring or how to go about choosing a ring. Whether you intend to take your significant other ring shopping or to surprise them with a ring, you need to know about how much you can and should spend on the ring.
The video here should give you an idea of how much it would be wise for you to spend. In the video, Dave Ramsey offers some tips to a man who calls in asking about buying an engagement ring.
While some sources suggest spending up to two months of income on a ring, Dave Ramsey recommends spending no more than one month’s income on a ring. This still allows people to buy very expensive rings, but it stops them from going into debt that they can’t pay back quickly.
Of course, this rule of thumb may not work for you if you’re making either a lot of money or very little money. What is most important is that you get a ring that your significant other loves to wear. You can talk to a jeweler for more tips on buying engagement rings.