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Writing Sample – by Alexis McKenzie

How much should you spend on an engagement ring?

While I am sure your girlfriend is so in love with you that saying “yes” to an even an onion ring is not out of the question, there comes a time when buying something lasting simply makes sense. But how much should you spend?

The age-old suggestion was “two-months salary”… and actually, in recent years that suggestion has been upgraded to “three-months salary”. Is that realistic for you? Maybe, maybe not! And maybe you don’t want some faceless ad campaign to dictate how much you spend on the most important jewelry of your life. That’s perfectly understandable! But how, then, to decide? Here are some ideas to help you get started:

1. More than you spent on your TV

Or your gaming system, or your laptop, or whatever it is that YOU love and get a lot of use out of. Perhaps your girlfriend doesn’t really get why you needed that 64-inch screen, but you look at it every day and it brings you a lot of joy (Hello, five seasons of “Breaking Bad”!). Keep this in mind when you’re ring shopping. You’re buying her something that she will look at every single day for the rest of her life – and it won’t become outdated as quickly as your new plasma screen.

2. More than her best friend’s husband spent

Ok, this is a little catty, but studies show: we are happier when we have more money than our neighbour, or our brother, or our coworker. It’s called positional spending, and while it might seem silly to want to upstage her friends… this kind of friendly competition is what consumerist happiness looks like. It’s simply the world we live in, and it’s why you feel good about your classic N64 until you see your friend’s brand new Oculus Quest 2. They say that “comparison is the thief of joy” – so make sure that your girlfriend isn’t left joyless.

3. As much as you have to

Step one: figure out what style she’d like. Step two: figure out how much it will cost. Step three: buy it. Ok, that was easy. Yes, I’m being glib, but this was a very quick and dirty description of the process. Once you have the look in mind, it’s easy to adjust the four C’s (carat, cut, clarity, and color) in order to achieve the look for price you can afford to pay. Which brings me to my next point…

4. As much as you can afford

No one wants to start their life together trying to pay for their past. Yes, you want to make her dreams come true with the most fabulous ring imaginable, but you also want to build a life together without drowning in debt. Saving up for the perfect ring will show her you can save up for other things, too: like a house, a car, or a honeymoon. It’s an opportunity to show her that you are responsible and considerate. So when you’re selecting the finest piece of jewelry she’ll ever own, it makes sense to buy the highest quality you can.

5. As much as the two of you decide

Ok, dropping a bunch of cash on a piece of jewelry can be intimidating. That’s why these days, many couples are picking out the ring together. By deciding on a budget together, you can be absolutely certain that it’s the right amount of money to spend. And if you need any help loosening those purse strings, just remember that the cost-per-wear on the average engagement ring ($6000 and worn for fifty years) is about $0.32 a day. That’s a small price to pay for a lifetime of love and happiness together.

In Conclusion

It’s not what you spend on the ring that matters, it’s the time you spend together. It’s not the size of the diamond that matters, it’s the size of her smile.

And if you’re looking to get the most out of your budget, check out this article on maximizing your budget: Biggest Bang for Your Buck.