What Should You Really Pay for an Engagement Ring?

Buying an engagement ring, or even a pair of sterling silver earrings, for that one special person can be a very happy yet very stressful time. Yet, how much should you pay for such an item? Youtube channel The Ramsey Show – Highlights answers a few questions on what can be done to scout out the perfect ring without going into debt.

Keep in mind that jewelry stores will always give you a different price in comparison to what’s actually reasonable.

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A simple rule the channel highlights is to spend no more than one month’s income. Say, for example, you make around $50,000/year, so divide that number by 12 and you get $4,167.

Find the happy medium between junk and a perfect stone. If possible, bring someone along who knows diamonds better than you do. Two cheaper options than going to a jewelry store are high-end pawnshops and contacting a diamond broker.

Diamonds are priced higher than their current worth. Be careful when looking around for that one ring, both for the quality of the stone and the price. Research shows that there is no real correlation between the size of the diamond and a successful marriage.

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