Considering our previous contents and helping you define your needs and necessities was one side of the coin. But also in our life span, there are certain times that we all think buying a product and bringing value to those we love with these products is inevitable. More specifically, considering the fact that you’ll be married to a person you love for a long time, we need to calculate every obstacle that might be challenging on the road for you. That’s the reason we’ve come up with this topic today to give you more insightful and comprehensive knowledge compared to various articles online.
But before we start you need to keep in mind that this situation can’t be applied to everyone. Of course, beauty is in the eye of the beholder and there’s no accounting for taste. But still, we’ll try to give you the best taste you can find when it comes to shopping habits and options. On the other hand, the decision is completely yours and we’ll respect every move you make on the road as long as you learn to be stable and abstain from extravagancy during your financial independence journey.
Before we begin let’s first learn how much people spend on an engagement ring, and beware of the public opinion when it comes to spending money on an engagement ring. Statistics show us that the average engagement ring cost is somewhere around $5900, and a good number of survey respondents said they spent less than $1000. More recently in the 2020 Brides’ American Wedding Study, couples reported spending an average of $3756 on an engagement ring, which is more than $2000 less than the average 2019 price tag above.
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Looking into these statistics you can make your own calculations regarding your decision-making process. if you want to buy one, it’s always better to check what is the general idea about our research and where we can find valuable information that will affect our decisions on how much to spend on products like an engagement ring. Besides, we’ll not depend on general assumptions, like 2 or 3 months of salary. Basically, it’s a thesis that if you want to buy an engagement ring you should spend at least 2-3 months of your annual salary. But reading us for a long time you’ve proved that we abstain from stereotypes. Finding our own excitement for studying different sources and researches is what we want to achieve in the long run. This is the mindset that we’ll have continuing our studies if you remember our previous articles.
If everything is clear up till now, we can move on with our main question How much should be spent on an engagement ring?
Firstly we should be well aware that it’s up to your incomes and costs. There’s no specific amount to be called because everybody’s income differs. That’s why speaking of the products like engagement rings we all need to be aware that there’s no specific product to be bought and there is no specific amount of money to be spent on these products.
What should we do then? this question is answered well with the finance. Firstly if you want to present a meaningful gift to your beloved one you should make every necessary calculation on the road. You should take care of your spendings and try to expand your income channels. This way buying the best engagement ring will not put any burden on you. In order to achieve that we need to continue our studies and expand our knowledge of finance as usual. In order to realize that you should buy a meaningful gift, not an expensive one. Only then you can apply what you learned to real-life circumstances.
Secondly, One of the methods you can use to buy this meaningful gift is that you can set aside cash every week for a year to buy your gift. If you use your credit card or borrow some money from your friends to buy an expensive gift, that means you don’t apply the things reading our content into real-life circumstances. In order to apply them our formula is to have patience at first and then put our plans into practice accordingly.
When we say that you need to have patience for the long term, of course we know that it sounds limiting in the beginning. For most of the people out there it’s harder to take the bitter pill in the beginning. But we’re 0 sure that this approach will bring you more benefits than being impatient. Based on our experience we can easily say that and share this approach with you. We believe that you’ll fulfill them in your life. Because it’s important for our long-term vision.
Besides, it makes almost no sense to start your marriage deeply in dept. That’s why we believe and hope that you’ll listen to the advice here. Because they are there to improve you and contribute to your well-being.
Finishing our words we once again want to thank you for your attention and concentration. You’re contributing a lot to us by reading our online content and pushing us to come up with more creative articles every time you present your feedback. So thank you for your continuous support. When you make yourself enthusiastic and get ready for our upcoming articles, it pushes us to create more meaningful information for you. Of course, buying an engagement ring is the topic one of the readers has requested, that’s why we have tried our best to educate you depending on the topic. But always keep in mind that our vision is for the long term.
That’s why abstaining from extravagancies is what will improve our understanding and comprehension of finance in the long run. That’s why our advice for you is that take the bitter pill, save money and continue reading our articles. Because we’ll come up with even better and more striking topics in the following weeks.
“If you have any feedback about how much should be spent on an engagement ring that you have tried out or any questions about the ones that I have recommended, please leave your comments below!”
NB: The purpose of this website is to provide a general understanding of personal finance, basic financial concepts, and information. It’s not intended to advise on tax, insurance, investment, or any product and service. Since each of us has our own unique situation, you should have all the appropriate information to understand and make the right decision to fit with your needs and your financial goals. I hope that you will succeed in building your financial future.