Engagement Ring

not_tonight_josephine_2

Pollycat wrote: »

However, although the OP said he saves 37% of his income (quoted on 15th May 2009), he also stated (on 6th May 2009):

Quote:
I virtually live in my overdraft! In fact I havent been out of it for about 6 years!

Most overdrafts COST money, so why on earth is somebody saving 37% of their salary?
Or have I somehow misconstrued Martin's key message about paying charges versus savings?

.

I agree that spending £12k on a ring is nutso, but just to defend the OP slightly - it's possible that this does make financial sense, my overdraft is at an extremely low interest rate and it makes sense for me to max it out every month and put the money into my savings account even taking into account tax on the interest earned. I think lots of graduate accounts in particular do offer very cheap overdrafts even years after you leave university

gingin_2

OP, I'd have the ring made up yourself. Buy a good quality stone online (we got mine from USA) and then have it made to a similar design. It would save you a fair whack.

Edit:- sorry princessl84 I didn't realise there was a Maplin and Webb (is there?), thought you got Mappin and Webb and Maplin (electronic store) mixed up - made me giggle, though.

C_Mababejive

Its the thought that counts....
http://www.argos.co.uk/static/Browse/ID72/14416988/c_1/1|category_root|Jewellery+and+watches|14416987/c_2/2|cat_14416987|Rings|14416988.htm

poppyolivia

I could get my windows for 12K!...your girl is one lucky lady!

valos_mummy

My ex-fiance got me a £200 ring and I was still scared in case I lost/broke it. And he wasn't a tight-bum, we looked at rings together and that was the one I wanted.

Still, if I'd known then what I know now, maybe I would have got a slightly more expensive one! Would be happy to sell it on ebay for £50, couldn't even get £20, and it's platinum!!! :think: (size I, nice little diamond in it if anyone's interested lol:rotfl::rotfl:)

horsechestnut

Traditionally, it was one month's wages for the engagement ring, but if you have a decent job then even that could be excessive!

Ms_Piggy_2

Turtle wrote: »

I believe traditionally a ring should cost a months wages. So unless you're earning nearly 150k a year then that is a ludicrous amount to spend on a ring! I agree that I would have gone crazy at him spending that amount. Do you mind me asking how old you are and how long you've been together?

I thought it was between one and three months salary?

shazronnie

My ring was 2k which at the time was affordable to my hubby, since we have been married i have gained weight and the beautiful ring is just sat in a drawer!!

Lunar_Eclipse

Assuming it was a ring that I loved, I'd be very happy wearing a ring costing £12k. You simply have it listed on your contents insurance and enjoy having it on your finger.

As with all things in life, spending money is based on priorities. Some would say it is a much better investment spending more on the ring and less on the consumable wedding than vice versa. So expensive ring does not dictate lavish, expensive wedding. It's about choices. Rings can be sold; expensive rings bought well can hold their value.

Let's be frank. The OP is planning to propose to his girlfriend; I'll bet she's worth an awful lot more than £12k to him.

euronorris

Ms_Piggy wrote: »

I thought it was between one and three months salary?

I think it should be based on what you can afford, not on how much salary you take home.

My OH's net salary would buy a very nice ring (and three months salary...well, we're not far off the OP's wishes then!), but.......most of that goes on rent, bills, food, clearing debt (nearly there for him )etc. Some of it goes to savings, obviously, but the 'surplus' cash is very low in comparison to what he brings home.

It would take quite some time for him to save up the 'traditional' amount, and honestly, for me, I'd rather he bought something he could afford and propose sooner rather than later. After all, the ring is just a symbol, so it's cost should be irrelevant really.

But I understand that everyone is different.

God, someone mentioned Hula Hoops earlier on this thread. Now all I want is Hula Hoops. To eat, I mean. lol