What to Spend on an Engagement Ring

Trying to figure out how much to spend on an engagement ring? In today’s video we will discuss the general advice around how much it should cost you and what I spent personally.
00:45 - Borrowing money to pay for a ring? Do not do it!
01:48 - Upgrade to a nicer ring when you can afford it
02:10 - Three months salary?
03:10 - How I found a ring
04:36 - How much did I spend?
The first item is that I strongly believe you should never borrow money to purchase a ring. If you cannot buy it with all cash you cannot afford it. Taking on additional debt at most likely a young age does not make financial sense. Instead, use that money to pay down other existing debts like cars or student loans. If you want to upgrade to a nicer ring later, do so when you can financially afford it.
The second item is the age old 3 month salary myth. 3 month’s take home pay is still a substantial amount to pay for a ring, and honestly in most people’s cases I think they would have to borrow to pay that amount anyways.
I would recommend 1 months salary with the hope you can buy a more expensive one later. There is no shame in buying a smaller ring you can actually afford now. Society has pressured us into standards that benefit the jewelry business… not individuals financially.
We found our ring at Diamonds Direct and could not have been happier with our experience. The sales staff was helpful, listened to our budget, and I never once felt pressured to purchase something I could not afford.
In today's video we discuss the results of using Instagram Ads! Although it only brought one new follower, the feedback and the value it provided was still extremely useful. Follow along for a day by day breakdown of the results and the money spent!
*Invest at your own risk, this is not financial advice.
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[@WaysToWealth]

Wish I watched this video before I bought ;)
Great vid Parkes!

[@financewithparkes1401]

Haha, it happens.. Thanks for watching!