Ring by Spring
by Josh Oates
How much is a good amount to spend on a ring? How much is too much? How could I ever spend that much on something so small? Where do I even begin? These are all legitimate questions guys ask when thinking about buying a ring. This message goes out to all the men who are either searching for or have already found that one special lady. I believe with the right mindset and the right discipline, any guy can save up for that beautiful ring that their “special friend” can only dream to have. Even though we are all in different life stages with different “due dates,” three simple steps remain true to my hard-working men who are on the hunt for a lifetime partner.
#1 Your Entire Future
Step number one – Pause. Before even getting into “dolla” bills, selling your baseball cards, and trading your car in, let’s take a moment and recognize the significance of the potential decision you are about to make. I am not necessarily talking about buying a ring. I am talking about taking that next step closer to marriage. It is important to go through what a ring symbolizes. Committing to a person and spending your entire life with them is no small task. Knowing your “why” when thinking about purchasing a ring is the most important step and will be the foundation to your work when creating a financial decision. So, when thinking about the ring, it is not necessarily the size or look that matters the most; it is the significance of what the ring symbolizes that matters the most. Once you understand your reasoning and purpose behind why you want to buy a ring, you can begin the process.
# 2 Be realistic
Step number two – Set expectations. Obviously if you want to get a Tiffany ring (which is a very expensive ring, look it up 😊) and you have 0 dollars and 6 months before you want to buy the ring, you most likely will not be able to achieve that goal. However, it is important to be realistic when judging how much you would like to spend on a ring. A good website to review is How Much to Spend on an Engagement Ring: Your official Budget Guide. Also, below is a checklist of things you may want to consider and research.
- Understand the 4C’s (Cut, Clarity, Color, Carat).
- Different types of diamonds.
- Investigate her “Dream Ring.”
- Reach out to a professional for educational purposes.
- When will a ring be delivered or ready for pick-up?
- Second opinions are recommended.
- Understand your personal expenses.
Once you have understood the importance of a ring and investigate what all goes into the process of purchasing a ring, you can go ahead begin developing a realistic goal. Once you have an idea of what your goal is, start implementing a realistic plan. I would encourage the average guy to not plan on saving $150 of a $175 paycheck. That seems unrealistic, especially if you need more than $25 from your paycheck. Figure out a plan that actually works for you and will get you to your goal. (If you don’t already have a budget for your normal spending habits, check out our other blogs to get started.) I cannot tell you how much to spend or how much is too much. This is ultimately up to you and what kind of ring you desire to give.
# 3 Earlier the Better
This final step goes out to all my bachelors out there. GET AHEAD OF THE GAME. Do not be afraid to set aside money for an engagement ring even if you are not dating. Start as early as possible. If you are dating, it’s not too late, start tomorrow. The earlier you start the more relieved and the more capable you will be when that day comes. What is the worst thing that could happen? “Oops, I accidently saved up four thousand dollars over four years, and now I plan on being single the rest of my life.” Okay… now you have four thousand dollars to go buy yourself a nice grill, a nice golf club set, and you just sponsored a child. So, if you are reading this blog and are wondering, “hmm…should I be saving for a ring even if I do not have a girlfriend?” ABSOLUTELY! Rings can be expensive, and you are a college student, so odds are you got very little money so you can’t just save up a couple months of cash. You may need to spend years saving for that moment.
I know this message did not put a detailed schedule together for you on how you can budget your money. That is because everyone has a different situation based off of different desires and their different lives. These are just the beginning steps to a potential beautiful 55 years of marriage. I hope that after reading this, you begin to understand the importance of what you want to save up for, how you should be realistic with your plan, and why you shouldn’t wait to begin the process.
