How Much Should I Spend on an Engagement Ring?

According to a report in Brides magazine, the proper groom should spend three months salary when purchasing an engagement ring. A one month salary guideline was established nearly 100 years ago by De Beers. If three months seems like a stretch but one month seems skimpy, you can choose a figure somewhere in between. Another approach is to spend the average amount most grooms spent on purchasing their engagement ring. According to a report by Jewelers of America, in 2013 the average couple spent $4,000 on their engagement ring. A report authored by the Department of Economics at Emory University in Atlanta determined that the average amount a couple is currently spending for an engagement ring is around $2,500. A third approach is to determine a price you can pay but which will not crimp your essential spending. Would paying a particular sum for a ring force you to change your day to day spending habits? Obviously you don't want to start your marriage short on cash because that could make day to day life for your new bride unpleasant. No matter how much you spend, be sure that the diamond you ultimately buy is GIA certified. And consider the four diamond characteristics, clarity, cut, color, and caret. If your fiancé wants a diamond with stunning fire, you can invest your money in a smaller diamond that has the color she loves. Or if she is most desirous of a diamond with clarity and brilliance, you can likewise find a smaller diamond that was cut well and has brilliance. Finally, don't rush into the purchase. Take your time shopping and visit more than one diamond store. If you find a diamond you love, but it's over your budget, talk with the owners. They might have another diamond with the same dimensions and sparkle but at a slightly lower caret weight.