What is an engagement ring calculator?
An engagement ring calculator assesses your income. It suggests a budget for buying an engagement ring. There are various online calculators for engagement rings. Most calculators take personal finances into consideration. Furthermore, a quick search will reveal some amusing calculator websites. Interestingly, we found one such calculator that requests answers to an incredible amount of personal information.
Why should you avoid using an engagement ring calculator?
You should avoid using an engagement ring calculator due to the original ‘rule-of-thumb’ created by clever marketing. The ‘three-months-salary-rule’ ensured that buyers spent a considerable amount on their engagement ring. This rule pays little attention to a person’s finances. Many calculators work on similar systems which multiply a person’s salary. As a result, the suggested budget can put unnecessary pressure on personal finances. It is far better to research the average price of engagement rings, and to measure value for money.
Engagement ring calculators vs finance calculators
There is a considerable difference between an engagement ring calculator and an engagement ring finance calculator. Purchasing an engagement ring on finance allows a buyer to spread the cost of an engagement ring over a specific period of time. The interest rate, duration, and repayments add transparency to the finance. Furthermore, most finance is underwritten and regulated by the Financial Conduct Authority within the UK.
What should you spend on your engagement ring?
If you are trying to calculate how much to spend on an engagement ring, you should set a realistic budget that you are comfortable with. Consider your own finances and situation. Avoid pressure to spend above your comfort zone. Seek advice from a professional jeweller who can advise on a range of budgets to suit. Most ethical jewellers work responsibly—in all aspects of their business, including the advice given to clients when choosing their engagement ring.