Tuesday, April 21, 2015
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Can’t buy me love? 5 engagement ring buying tips

On The Money Engagement Rings

In this May 14, 2014, photo, Brad Padgett, owner of Bradley's Jewelers, shows off one of his favorite engagement rings in Jacksonville, N.C. The answer to the question of how much to spend on an engagement ring rests in striking a balance between a ring that will dazzle your beloved without tarnishing your future financial goals together. (AP Photo/The Daily News, Maria Sestito)

By
From page D3 | June 29, 2014 |

You’re in love and ready to buy an engagement ring.

But are you ready to part with three months’ salary as the diamond industry has traditionally suggested? If not, what’s your magic number?

Figuring that out can be a stressful, high-stakes undertaking. Engagement rings come with unique financial and emotional expectations. And in a relationship intended to last a lifetime, it’s the first big test.

“It does set a certain tone about whether a woman’s expectations will be met by her husband or not,” said Julie Albright, a sociologist and marriage and family therapist at the University of Southern California.

Even so, how much to spend rests in striking a balance between dazzling your beloved without tarnishing your future financial goals together.

Here are five tips to help you size up how much to spend on an engagement ring.

1. Consider future financial goals

Whether you have a wheelbarrow full of cash ready to bring to your local jewelry store or not, your future plans as a couple should be part of the calculus for how much you can afford.

Sit down with your partner and go over your short- and long-term financial goals. Beyond wedding expenses, goals could include saving for a down payment on a home, preparing to start a family, as well as retirement planning.

“This is the perfect entry point to see where each person’s money values come from,” said Michael Branham, a certified financial planner in Edina, Minnesota. “How are we going to put that life together and how does buying something like an engagement ring fit into that picture?”

2. Get a fix on expectations

First off, don’t feel compelled to heed to the expectation that a ring cost three months’ salary, the benchmark established by the De Beers diamond cartel.

“That’s actually kind of a myth that people somehow still believe,” said Jamie Miles, editor of wedding planning website TheKnot.com.

“You might have a more subtle bride who wants something more petite and more demure,” Miles said.

A good way to gauge how much you may have to spend is to find out what kind of ring your would-be spouse is expecting. You could try asking friends and family, but these days it’s increasingly common to see couples browse jewelry stores together to remove the guesswork.

Last year, 64 percent of brides were involved in picking out their ring, while nearly a third helped decide the budget, according to a survey by The Knot.

That could be one reason the national average spent on an engagement ring, as well as diamond carat size, or weight, have been rising.

The average spent on an engagement ring grew 3 percent to $5,598 last year from a year earlier, according to TheKnot. That’s still down from 2009’s average of $5,861, however.

The average carat size for the center stone is just over 1 carat. The average total carat size for engagement rings, including any diamonds on the setting, is 2 carats, Miles said.

3. Weigh payment options?

You’ve had a look at the setting and diamonds (or other gemstones) that your beloved covets, and figured out which merchants offer the best price. The next step is to figure out how you will pay for the ring, as that can be a huge factor in how much ring you can afford.

If you can put off the proposal, it’s best to save up money to buy the ring with cash, said Gregg Wind, a certified public accountant in Los Angeles.

Otherwise, how much you can afford becomes a question of how much extra you’ll have to shell out overall if you finance the purchase, and how much you can pay per month while also meeting your other obligations.

Everybody should determine whether the ring payment will fit into their budget, Wind said.

This savings goal calculator from Bankrate.com may help: www.bankrate.com/calculators/savings/saving-goals-calculator.aspx

4. Beware of financing

Major jewelers generally offer financing with the enticement of six months or one year interest-free.

But if the ring isn’t paid off within the promotional period, or if you’re late on a payment, you could end up being retroactively charged 25 percent interest or more on the total price.

“You want to be really careful how big of a hole you dig yourself in the beginning of your relationship trying to pay off a $1,000 or $2,000 or more ring with huge interest charges every month, just because you didn’t have the forethought or wherewithal to save for it over time,” Branham said.

One exception might be if you have a credit card that offers rewards, such as free points toward air travel. But only if you can pay the balance off in full within the first month.

5. Upgrade later

Even if you determine that you can’t afford as nice a ring as you hoped, consider buying something more modest and popping the question anyway. You can always trade up for a nicer ring in a few years when your financial picture is more established.

The Associated Press

The Associated Press

LEAVE A COMMENT

Discussion | No comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

.

Solano News

 
Kids Day of Fishing began with $20 donation

By Amy Maginnis-Honey | From Page: A5

 
Chabad will begin Torah for Solano Jewish community

By Amy Maginnis-Honey | From Page: A5

Library foundation executive moves to Child Haven

By Susan Winlow | From Page: A5

 
Theater schedules free screening of Sundance film

By Amy Maginnis-Honey | From Page: A8

Vacaville plans recreation expo

By Amy Maginnis-Honey | From Page: A5

 
Frazier to discuss transportation at EDC breakfast

By Kevin W. Green | From Page: A5

 
Fairgrounds site of horse-betting seminar, brunch

By Susan Hiland | From Page: A8

Il Fiorello schedules vegetarian cuisine class

By Susan Hiland | From Page: A8

 
Fairfield police log: April 19, 2015

By Glen Faison | From Page: A12

Suisun City police log: April 19, 2015

By Glen Faison | From Page: A12

 
.

US / World

Lawmakers seek FDA review of ingredients used in cosmetics

By The Associated Press | From Page: B2

 
 
 
Sheriff’s domestic violence-related conviction erased

By The Associated Press | From Page: B2

Utah woman gets up to life in prison in deaths of 6 newborns

By The Associated Press | From Page: B2

 
Police: Video didn’t capture suspect’s fatal spine injury

By The Associated Press | From Page: B2

California Uber driver accused of running down bicyclist

By The Associated Press | From Page: B2

 
US warship heads to Yemeni waters; could block Iran weapons

By The Associated Press | From Page: B2

Lawyer: Washington Post reporter in Iran faces 4 charges

By The Associated Press | From Page: B2, 2 Comments | Gallery

 
Bombs shatter houses in Yemen capital, hit near Iran Embassy

By The Associated Press | From Page: B2

 
Questions, answers about federal anti-radicalization effort

By The Associated Press | From Page: B2

 
Where US sees terror prevention, some Muslims see profiling

By The Associated Press | From Page: B2, 2 Comments | Gallery

 
Chemistry Ph.D. student illustrates her thesis in comic book

By The Associated Press | From Page: B3 | Gallery

Public memorial held for the Rev. Robert Schuller

By The Associated Press | From Page: B2

 
SC paper wins Pulitzer for reporting on domestic abuse

By The Associated Press | From Page: B2

 
.

Opinion

 
Why does Fed insist on targeting inflation?

By Ramesh Ponnuru | From Page: A11, 1 Comment

Income disparity study results ironic

By Dan Walters | From Page: A11, 2 Comments

 
.

Living

Community Calendar: April 21, 2015

By Susan Hiland | From Page: A2

 
.

Entertainment

AC/DC drummer Phil Rudd pleads guilty to threatening to kill

By The Associated Press | From Page: B3

 
Bobby Brown’s lawyer: Bobbi Kristina Brown has opened eyes

By The Associated Press | From Page: B3

US writer who fled Austria to escape Holocaust dead at 90

By The Associated Press | From Page: B3

 
Vice News, NPR, CNN, WNYC win double Peabody Awards

By The Associated Press | From Page: B3

HBO planning to deal Web pot sitcom ‘High Maintenance’

By The Associated Press | From Page: B3

 
Kolbert’s ‘Sixth Extinction’ wins Pulitzer for nonfiction

By The Associated Press | From Page: B3

Wolfe’s ‘Anthracite Fields’ wins Pulitzer for music

By The Associated Press | From Page: B3

 
Anthony Doerr wins Pulitzer Prize for fiction

By The Associated Press | From Page: B3

Elizabeth A. Fenn wins Pulitzer Prize for history

By The Associated Press | From Page: B3

 
Gregory Pardlo’s ‘Digest’ wins Pulitzer Prize for poetry

By The Associated Press | From Page: B3

David I. Kertzer wins Pulitzer for biography-autobiography

By The Associated Press | From Page: B3

 
Stephen Adly Guirgis wins Pulitzer for drama

By The Associated Press | From Page: B3

.

Sports

Mustangs rally in seventh inning to top Falcons

By Daily Republic staff | From Page:

 
AP source: Peterson stays home from Vikings workouts

By The Associated Press | From Page: B1

Report: 2 teams needed to make California stadium profitable

By The Associated Press | From Page: B1

 
Data deluge: MLB rolls out Statcast analytics on Tuesday

By The Associated Press | From Page: B1

Former Chicago Bears linebacker Doug Buffone dead at 70

By The Associated Press | From Page: B1

 
New format means injured drivers no longer must race

By The Associated Press | From Page: B1

Saunders: ‘I’m the coach until I say I’m not’

By The Associated Press | From Page: B1

 
Faldo to make final appearance at British Open this year

By The Associated Press | From Page: B1

Braves’ McKirahan suspended 80 games for positive drug test

By The Associated Press | From Page: B1

 
Raptors Lou Williams wins NBA Sixth Man Award

By The Associated Press | From Page: B1

Ugly Olympic conflict breaks into open at Sochi conference

By The Associated Press | From Page: B1

 
Pacquiao gets in 2 words before conference call cancelled

By The Associated Press | From Page: B1

Eagles sign quarterback Tim Tebow to 1-year contract

By The Associated Press | From Page: B1

 
McLellan out after 7 years as coach of San Jose Sharks

By The Associated Press | From Page: B1

Pelicans coach says Warriors arena noise might be too loud

By The Associated Press | From Page: B1

 
Police: LA Kings’ Jarret Stoll had cocaine, Ecstasy in Vegas

By The Associated Press | From Page: B1

Desisa wins 119th Boston Marathon; Rotich takes women’s race

By The Associated Press | From Page: B1

 
Jockey Chris Antley leads Racing Hall of Fame class

By The Associated Press | From Page: B1 | Gallery

.

Business

Judge returns ultra-rich club founder Tim Blixseth to jail

By The Associated Press | From Page: B4

 
Running out of time: Limited-time deals can be limiting

By The Associated Press | From Page: B4

$134M proposed for 10 BP-funded oil spill recovery projects

By The Associated Press | From Page: B4

 
Hormel says bird flu outbreak will hurt turkey sales

By The Associated Press | From Page: B4

Bird flu confirmed at Iowa farm with 5.3 million chickens

By The Associated Press | From Page: B4

 
US stocks gain, rebounding from Friday’s slump; Hasbro jumps

By The Associated Press | From Page: B4

 
Survey: US businesses expect sales rebound, more hiring

By The Associated Press | From Page: B4

Bristol-Myers: 2 cancer drugs beat 1 against melanoma

By The Associated Press | From Page: B4

 
Halliburton says has cut 9,000 jobs in wake of oil’s drop

By T. Burt McNaughton | From Page: B4

Labor group seeks rehiring of workers at 5 Wal-Mart sites

By The Associated Press | From Page: B4

 
Frederick’s of Hollywood files for Chapter 11 bankruptcy

By The Associated Press | From Page: B4

Willie Nelson becomes latest celebrity in marijuana business

By The Associated Press | From Page: B4 | Gallery

 
Kraft Mac & Cheese shedding the dyes

By The Associated Press | From Page: B4

ESPN says Verizon’s new FiOS TV packages violate agreements

By The Associated Press | From Page: B4

 
Lawsuit: Southwest failed to respond to medical emergency

By The Associated Press | From Page: B4

.

Obituaries

.

Comics

Bridge April 21

By Daily Republic Syndicated Content | From Page: B8

 
Get Fuzzy April 21

By Daily Republic Syndicated Content | From Page: B7

Peanuts April 21

By Daily Republic Syndicated Content | From Page: B7

 
Rose is Rose April 21

By Daily Republic Syndicated Content | From Page: B7

Frank and Ernest April 21

By Daily Republic Syndicated Content | From Page: B7

 
Baby Blues April 21

By Daily Republic Syndicated Content | From Page: B7

For Better or Worse April 21

By Daily Republic Syndicated Content | From Page: B7

 
Word Sleuth April 21

By Daily Republic Syndicated Content | From Page: B8

Dilbert April 21

By Daily Republic Syndicated Content | From Page: B7, 1 Comment

 
Cryptoquote April 21

By Daily Republic Syndicated Content | From Page: B8

Sally Forth April 21

By Daily Republic Syndicated Content | From Page: B7

 
Garfield April 21

By Daily Republic Syndicated Content | From Page: B7

Crossword April 21

By Daily Republic Syndicated Content | From Page: B8

 
B.C. April 21

By Daily Republic Syndicated Content | From Page: B7

Wizard of Id April 21

By Daily Republic Syndicated Content | From Page: B7

 
Blondie April 21

By Daily Republic Syndicated Content | From Page: B7

Beetle Bailey April 21

By Daily Republic Syndicated Content | From Page: B7

 
Baldo April 21

By Daily Republic Syndicated Content | From Page: B7

Zits April 21

By Daily Republic Syndicated Content | From Page: B7

 
Pickles April 21

By Daily Republic Syndicated Content | From Page: B7

Sudoku April 21

By Daily Republic Syndicated Content | From Page: B8