There are several wedding etiquette rules that newlyweds are compelled to follow since it’s considered decent. There are, however, a number of rule-breakers who argue that traditional standards have no place in today’s discussions about money and marriage.

An engagement ring is one of the most common questions. To demonstrate your undying devotion, the “three-month rule,” which claims that spending one-fourth of your yearly pay on an engagement ring is the best way to express your feelings, is outmoded.

The Knot, a wedding planning website, points out that this guideline was originally devised as a marketing ploy to boost diamond sales during lean economic times before it became widely accepted.

Those earning $50,000 a year should spend $12,500 on an engagement ring, according to the 3-month rule.

You’re not alone if you think a three-month budget is too much for your lifestyle. This year’s The Knot poll found the average engagement ring costs $5,900 and 10% of respondents stated they spent less than $1,000 on their engagement rings. Earlier this year, a 2020 Brides’ American Wedding Study found that couples had spent an average of $3,756 on an engagement ring, which is almost $2,000 less than the previous average price for 2019.

No matter how much you decide to spend on an engagement ring, there isn’t a right or wrong answer. To put it simply, you should spend just what you can afford and what you are willing to spend.

Spending less on an engagement ring this year and putting the extra money into a joint savings account might be more romantic. In the long term, a shared nest fund may be more significant than a romantic relationship, even if it doesn’t seem as romantic.

For those who must have a pricey engagement ring, there are financing options available if you don’t have the money upfront. Making a little monthly payment is the most convenient option for some people. You should only take out a loan if you can afford to pay the monthly installments for the length of the loan term.

Consider a 0% APR credit card with a significant welcome bonus if you’re looking for low or no APR financing. So that you may save money and avoid interest costs, you can pay off the loan over time and utilize the money to pay for a honeymoon and decorate your new house as newlyweds.

Your jeweler may be able to help you out by signing you up for a shop credit card. Even if there are a few downsides to store cards, they generally provide a unique 0% interest term for customers. Make sure you have a clear debt payback plan and keep an eye out for any deferred interest or sign-up fees if you decide to go this way.

If you decide to spend a certain amount of money, be certain that you are happy with the price. High-interest debt, on the other hand, might linger for a long period.

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