Buying an Engagement Ring Is Both an Emotional and Financial Decision

Selling jewelry

Buying an engagement ring is one of the most important purchases a man will make in his life. It’s also one of the most expensive. The accepted practice is that a man should spend two months’ salary on an engagement ring, which can be a lot of money. For someone making just $30,000 a year, that’s $5,000. With buying an engagement ring being such a large expense, it’s likely most people will have to take out a loan to do so.

Most stores that sell diamonds will be able to sell you an engagement ring. These types of stores can range from high-end jewelers to mom and pop jewelry shops to chain mall jewelers. Another place you can buy engagement rings is at a pawn shop that specializes in selling jewelry.

When you are looking for an engagement ring, there are some things you should know about quality. Typically, the more carats a diamond is, the better it is. But there also are considerations about cut and color. A diamond could be fewer carats and still be of a higher quality and cut. Another thing to consider is the material the band is made of. Most engagement rings have a gold band, and the higher carat count of the gold, the higher quality it is. 24-karat gold is the highest and is considered pure gold. On the other hand, 10-karat gold has about half the gold content. Other common materials for bands are silver and platinum.

Buying an engagement ring is a major financial undertaking, and many people take out a loan or get a line of credit to pay for it. That can cause financial problems in a world where people are already heavily in debt. The average U.S. household with debt carries nearly $130,000 in overall debt, with about $15,000 of that being credit card debt. Adding debt from an engagement ring to that level of debt can cause trouble. In addition, any loan or line of credit you get for the ring purchase is likely to carry a high interest rate, making it even harder to pay off.

While the engagement ring you buy is important and will be something your future spouse will wear hopefully forever, you want to be smart financially about the decision you make.

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