Budgeting for an Engagement Ring

Budgeting for the purchase of an engagement ring can be a daunting task.  You’ve probably heard the rule that you should spend equal to and/or no less than two months of your income.  But let’s face it, two months income is not affordable for everyone. So I’ve put together a three part action plan that will prepare anyone for the big proposal day.

Get Educated 

The average person simply has no idea as to how to approach the purchase of a diamond engagement ring. At Shane Co. we give all of our bridal customers a detailed presentation on the “Four C’s” of diamond grading (cut, color, clarity and carat weight).  We sell our diamonds loose because we want to give our customers a full understanding of the diamond they’re purchasing. Our presentations will help you understand rarity, and discover what you really want in a diamond.

Get Decisive 

Once you know all about the four C’s of diamond grading, you can better understand the value of your diamond as it relates to price. If you haven’t already, now would be the time to decide how much you want to spend on your diamond and engagement ring. We have beautiful rings and diamonds for every price range so, honestly, just set your price and let the Shane Co. Sales Associate go to work for you. As an associate, I find​ it fulfilling to put together a beautiful ring and diamond for all of my customers, especially the customers who think they have a challenging budget.​

Get Settled

By now you’re probably comfortable with the idea of “settling down,” so now is the time zero in on the ring and diamond that best suits you and your love. Once you’ve found your perfect ring, you can begin to consider financing options. At Shane Co. we have a great relationship with Wells Fargo, which offers our customers 6-month, zero-interest financing. In addition to financing, we also offer a free layaway option.

It would be easy for me give to give you arbitrary advice, such as ‘you should save two months of your paycheck or a certain percentage of your annual income,’ but, regardless of our incomes, we all have unexpected expenses, and some of my couples are even buying a ring and a home at the same time. So my advice to you is to take everything into consideration when budgeting for your ring and diamond.  Also keep in mind, at Shane Co. you get FULL TRADE VALUE for your diamond and ring. So if she ever wants to upgrade, you can trade in your first diamond for another and simply pay the difference!​

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