Deciding how to budget for one of the biggest milestones in your life is no easy task. With countless myths out there on what to spend, what it should look like, and everything in between, Security State Bank is here to help you discover the answers!
Myth #1: You have to purchase a ring before you propose.
This is something many potential grooms forget to consider. While having a symbol of commitment is always a great way to showcase your love, the true bond that matters is the one between you and your partner. If the two of you are committed to each other and aim to get married on a timeline that works for you and your budget, who says there has to be a ring to prove it?
Myth #2: The ring should cost approximately three months’ salary.
Determining how much to spend on a ring is as unique as the piece of jewelry you choose. There are options at every end of the cost spectrum, but the ultimate question is what do you want to spend? At Security State Bank we believe the true indication of love is the commitment between two people, so perhaps it’s a discussion you want to have with your future Mr. or Mrs. While a more extravagant piece is surely beautiful and appreciated, a more cost-effective option could potentially open up opportunities for additional travel or an upgraded home.
Myth #3: The size of the ring signifies the amount you love someone.
Just like your wedding doesn’t have to cost an arm and a leg, neither does the engagement ring. If you and your soon-to-be spouse would prefer to share the experience of an incredible honeymoon instead of an oversized diamond, then, by all means, that may be a better fit. Sometimes the value of an understated ring is overlooked. Ask family members if there are jewelry pieces from grandparents that may offer a more sentimental appeal for you and your potential fiancé.
While the ring is only one part of your planning, we recommend first having your own budget, to determine how much you can spend. After all, if he/she says yes, you’ll want to know how much to save for your future wedding! For rings, weddings, and anything in between Security State Bank is your neighborhood financial friend. We’d love to help you and your sweetheart determine budgets, savings plans, and retirement goals to help with your next milestone. Get started today, and stop by one our three locations.