You’ve met the love of your life. The logical next step involves popping the big question. You can’t choose just any engagement ring for the occasion. It must be one that perfectly expresses your undying love and devotion.
Most people spend ample time deciding on the right cut and clarity for their diamond engagement ring. You can’t have a gorgeous stone without the right setting to show it off. It’s only after these considerations that most ask, “How much does an engagement ring cost in New Mexico?” The short answer is it depends.
The Two-Months’ Salary Rule
For the longest time, the advice surrounding how much to spend on your beloved’s engagement ring centered around the “two-months’ salary” rule. Entire ad campaigns for jewelry stores focused on this notion and the message was loud and clear. If you really loved your special someone, it was your obligation to drop two months’ salary down for a diamond engagement ring.
Forget ever hearing about this outdated rule for how much an engagement ring costs in New Mexico. It’s not a good rule of thumb when setting your budget. The average cost of an engagement ring in the U.S. is $6,000, according to the 2021 The Knot Jewelry & Engagement Study. For some people, that’s a drop in the bucket (and certainly nowhere near the two-months’ salary golden rule). For others, it may exceed two months of earnings.
Buying a diamond engagement ring is both emotional and financial. You must find a balance between the two when deciding how much an engagement ring costs in New Mexico.
Emotional factors when buying an engagement ring
Next to worrying about their special someone saying no to their thoughtful marriage proposal, the next biggest fear is having them be disappointed in your choice of engagement ring. Most people have their perfect engagement ring in mind. The problem is your idea of perfection may not match your mate’s expectations.
You can be sneaky and ask indirect questions to feel out your intended’s preferences for a diamond engagement ring. If she has family or friends, you might be able to enlist them in your endeavor. Just remember, most people are reasonable. They’ll love the ring simply because you chose it for them.
Financial considerations when buying an engagement ring
There’s no getting around it. You must consider your finances when selecting an engagement ring for your sweetheart. The last thing you want to do is start your marriage in deep debt. Finding a ring that fits in your budget is important. You also can choose to shop for engagement rings with a jeweler that provides reasonable financing options.
Not sure how to determine what’s stretching your budget and what’s a reasonable expenditure for an engagement ring? Here are some tips to help you sort it out.
- Make a note of your current income. The first step to knowing what you can afford is knowing what you earn. You might want to create a spreadsheet that includes your earnings and deduct all your current expenses to see what’s left.
- Track your current expenses. Add everything from your rent and car loan to your monthly budget for eating out. You’ll get an accurate picture of how much you make versus how much you spend.
- Factor in your savings. Most people have some savings for emergencies and other spending that falls outside their usual monthly budgets. You can consider using some of your savings to finance your engagement ring purchase.
Striking a balance
The best advice for striking a balance between emotional and financial considerations for engagement ring spending requires making your own rules. If you’re thinking of asking your special someone to marry you, chances are you’ve already had some preliminary discussions about expectations and finances for a life spent together. Use that information to set guidelines for how much to spend on the ring.
Another option is to wait and shop together. Roughly 62 percent of couples go engagement ring shopping together. While it may not feel romantic to do it this way, it can be more practical. You end up with a ring that you can afford and that your partner loves. It’s a win-win!
Explore your engagement ring options
Whether you’re shopping alone to surprise your special someone, or you decide to pick out the ring together, John Thomas Jewelers has an exquisite selection of bridal rings from which to choose. You can follow the top 5 engagement ring trends for 2022 when shopping, or ask one of our team members for help.
Not seeing what you like in our showroom? Consider designing your own engagement ring. John Thomas Jewelers has a reputation as one of the best custom jewelry designers in Albuquerque. We’d be thrilled to help you design the engagement ring of your dreams!