Anyone who thinks that diamond engagement rings are a good investment has never tried to resell them at jewellery stores. Diamonds are not that rare to justify their steep price tags. Yet millions across the globe end up buying them anyways. In fact, there is no justifiable reason to go into debt in order to buy an engagement ring. The perfect engagement ring should be beautiful, durable, and affordable. To help you make the right decision, the following are 6 rules to avoid spending too much money when buying engagement rings.
Ignore the 2-Month Salary Rule
When did anyone agree to this? The 2-month salary rule was cooked up by marketing guys who wanted gullible customers to spend more cash buying engagement rings. If you put a little bit of thought behind it you will soon uncover that this entire rule is flawed. Following this rule, someone earning $30,000 per year has to spend $5,000 when buying an engagement ring. Considering most average platinum and diamond rings start at around $2000, the guy is already spending way more than average. His income, however, is significantly below the national average.
Leave Your Credit Card at Home When Ring Shopping
The problem with credit cards is that it gives you the ability to spend way more than you can actually afford. The instant gratification of swiping the card and buying something stupidly expensive is addictive and can lead you into financial trouble. If you want to stay within budget when buying an engagement ring then it’s important to save up. Even if you want to buy a $10,000 ring, make sure to plan ahead and save the cash.
Find Out Your Partner’s Expectations
Doesn’t matter how much you spend buying an engagement ring for your partner, you need to take your partner’s preference into consideration. If your partner loves diamonds, then it’s never a good idea to look for rings with semi-precious gems just to save money. Similarly, if your partner wants something unconventional, then buying a traditional platinum and diamond engagement ring can be a bad move.
Buy Engagement Rings Online
If you want to buy engagement rings in the UK, it’s best to skip the stores and shop online. The reason for that is twofold. Firstly, buying online gives you the opportunity to compare rates and find a ring that’s within your budget without any distractions. If you shop online, you are also protected from the upselling tactics of jewellery shop executives and are thus far more likely to make a sensible decision.
Honestly Evaluate Your Financial Situation
A lot of people can afford to buy expensive rings or pay off the huge debts within a few months. They can buy an expensive ring much like they can afford to buy other luxury items. However, the problem is when someone tries to overestimate their financial capabilities and gets into a credit card debt trap. Evaluate your financial situation honestly by creating a spreadsheet. Can you afford the installments for the ring without compromising your current living standards? If not, then it’s best to look for more affordable options.
Think Beyond Platinum and Diamond
Decades of marketing has led people to believe that buying a diamond and platinum ring is a must. If you share the thought, then congratulations, you too have fallen victim to a global marketing ploy. There are plenty of other materials that are used to make beautiful engagement rings. Looking beyond diamond and platinum is not just to save money. There are more than a few gems such as Tanzanite that are more expensive than diamonds. It’s important to look beyond the traditional engagement ring styles to find something you actually love.