How Much Should You Spend on a Wedding Ring?

How Much Should You Spend on a Wedding Ring?

It’s brian preston the money guy um all right do you want to put like put on your glasses put your pipe in sit back in your rocking chair because this is going to be a a sage-wise brian pressing answer old man what i just said it is but it’s a guy who’s been here and i’m thinking back because you and i had this conversation and the wisdom you imparted upon me

Was forever valuable uh this is from brandon brandon says i make 55 000 and save 25 for retirement that’s awesome uh how much should i you owe me a coke how much should i spend on a wedding ring wedding any rules of thumb and i think a lot of folks have this question especially financial mutants right how much should i spend on a wedding what it what did the

The jewelry industry try to tell you was it two months of incoming i was thinking it was either two or three did any of you guys remember i was thinking it was either two months or three months of your gross salary yeah i think they try to give you some benchmark that you’re supposed to do here’s here’s i have a much more and i appreciate you because it is one of

Those like stuck with me forever variants shares of things because here’s why i it’s it’s it’s not a number but it is something you need to think about is that especially if somebody who’s saving 25 on 55 000 this is a disciplined person this is somebody who’s probably got a lot of success coming their way so i would and i like to say we were in the same situation

When we were younger really considering this big decision is that i i felt like i was walking a balancing act is that i wanted to buy a nice enough ring that my fiance would love it but i also wanted to buy a nice enough ring because one of the things i can’t i can’t stand waste i can’t stand inefficiency and it drives me crazy when i see people buying engage

You know engagement rings when they’re like 45 years old again now i’m not trying to offend anybody out there if that’s you but you know because your your fiancee gave you the the the small dime one that they could when they were poor and then when you hit you hit a bitter better lick when you’re 45 you know you go buy the two carat diamond i never wanted to do

That because i felt like that that was like man that’s gonna be really expensive i can’t my 45 year old self is already stressed out about that my wife’s gonna want a big ring so i was like i want to measure twice cut once and do the right engagement ring first so my goal was buy a big enough ring that was looked that my wife was happy when she received it and

It would also look great on her finger when the sky’s the limit on how much success we could have so um you know it was a little bit of a stretch but i didn’t get so crazy that i mean i bought some kardashians but it was definitely something i think my wife still loves her i did the same thing and often times when we’re driving around and we’re on a date night

Or something i you know and if it’s like pretty or whatever i’ll say hey you still love your ring and she’ll always say yes and that makes me feel so good that the decision i was able to make you know way back when still works it’s still something that makes her happy it’s still something that’s special i am not of the opinion it makes sense to go break the bank

I don’t think you have to go uh you know mortgage your house or pull all your money out of savings in order to do that that would not be setting yourself up on sound financial footing and that makes me think of the wedding you know how much should you spend on a wedding that’s a much harder one because there are so much that there are so many things that come

Into that with family expectations and all that sort of thing what i would encourage you to do and this is what i said to both of our families hey we’re happy to like do the wedding you wanna do this but we’re unwilling to go into debt for the wedding meaning we’re unwilling to like go borrow a bunch of money have this one night that frankly flies by i mean it’s

Awesome but it flies by and i don’t even like i don’t know if i got to eat food and it’s just like this big blur and i remember the thing that i remember the most about my wedding was when we got in the car leaving and we kind of took a deep breath and we’re like wow we’re married now you know what i mean and so it’s powerful i’m so happy that i didn’t have to

Pay for it for years thereafter because i ran up a bunch of debt to do it i i did want to close out because i feel like sometimes i want to be transparent enough to give some data to people too especially you know brandon is struggling with decision i don’t know where trends are right now and what people give engagement ring was sure but i don’t mind sharing i

Bought my wife it was like right at a carrot on the diamond and then the band had like point three sure carrots so that way she could tell everybody you know it’s 1.3 but really there’s only one carrot that’s actually the the expense because they can put other little diamonds all around it a lot cheaper to put the specs you know all around it but it’s um that

That’s i just wanted because i will tell you after being married now for 23 years and being in a completely different financial situation than broke brian was in his 20s when i bought the ring um that one carrot’s done pretty well or one point three point three probably gonna die you know cause especially with friends but it’s a beautiful ring i love i’d throw

Out the stats on mine i don’t even remember

Transcribed from video
How Much Should You Spend on a Wedding Ring? By The Money Guy Show