Finance

How Much To Spend On An Engagement Ring?

If diamonds 💎 are a girl's best friend (they are), what does that make an engagement 💍 ring? While you ponder that, we'll give you another tricky question—how much should one spend on an engagement ring in the first place? ⁣ We tossed that question the way to one of our experts, Renee Marinez, who helped nail down a price estimate, and revealed easy ways to work within your budget.⁣ Read this article to learn more.

January 10, 2022

How Much To Spend On An Engagement Ring?

If diamonds 💎 are a girl's best friend (they are), what does that make an engagement 💍 ring? ⁣

⁣While you ponder that, we'll give you another tricky question—how much should one spend on an engagement ring in the first place? 

⁣There are so many common myths and misconceptions about buying engagement rings that it's hard to really know how much to spend when you're shopping for your significant other.⁣

⁣While there's no one size fits all answer for ring etiquette, we tossed that question the way to one of our experts Renee Marinez, who helped nail down a price estimate, and revealed easy ways to work within your budget.⁣

First things first - it's crucial to set priorities and boundaries.

Talk to your partner, see what they're looking for when it comes to the cut, color and size of the stone. This way you're able to look at your budget and see what fits in your price range.  It's really important to have open lines of communication, especially when purchasing a large investment like an engagement ring. 

Another must-have: Jewelry Insurance!

You may or may not be aware but most insurances have separate coverage for jewelry and your typical renters just won't cover it. The reason being - renters insurance personal property coverage limits do not apply equally to high-value items. Jewelry may be covered under separate sub-limits given the high monetary risk posed by their damage or theft. If you're planning to buy an engagement ring, make sure you have a renters insurance policy with sub-limits that you may increase to guarantee you're fully insured.

For example, if your ring is worth $15,000, your coverage may be inadequate because most typical policies only cover up to $2,000 in jewelry. If you want higher limits, you'll need to purchase additional coverage according to your needs. Remember, this is an investment, so you'll want to make sure you're protecting it. Now, you're able to finance the engagement ring by utilizing the jeweler that you're purchasing the ring from, or looking at credit cards that have 0% interest for the first 12 to 18 months. That'll help you break down that payment.

Renee Marinez: "The Cost of an Engagement Ring"

KEY TAKEAWAYS: ⁣

1. Communicate with your partner⁣
2. Budget
3. Jewelry Insurance⁣
4. Look at credit cards that have 0% interest for the first 12 to 18 months that will help with the payment. ⁣

⁣We hope this was helpful! Don't forget to share this article with your family, friends and (significant other)

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