Anonymous
Anonymous asked in Family & RelationshipsWeddings · 1 month ago

Is 10k a lot to spend on an engagement ring?

My partner just purchased a 1.8k diamond engagement ring and proposed. He spent approximately 10k. I am wondering is this normal or a little bit excessive ?

I can’t help but think some of that cost could have gone towards home payments. Maybe I’m just too frugal.

Update:

He earns 120k a year.

23 Answers

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  • ?
    Lv 7
    1 month ago
    Favorite Answer

    Personally,  I would not wanta piece of jewelry I wear on a DAILY basis to be a $10,000. 00 piece of jewelry. That is 1/2 the cost of my CAR! LOL

    Unless you know the details your fiance's financial situation and know he is responsible with his money and could easily afford a $ 10,000.00 purchase, then I would not worry about it. But if the guy is careless with his credit and spends unwisely, then I would be concerned if he can even afford a house IF he could not even pay cash for a ring.

    Income does not always mean someone is good at managing their money. $120,000.00 yearly income is only relative to his debt and spending/saving habits. 

    I know someone who earns $45,000.00 a year who recently bought a house and paid $ 11,000.00 on a deposit and closing costs because he has an excellent credit history and no debt.

    If your fiance is financially sound, his income can positively qualify him to a purchase a home, providing the cash deposit exists.

    → → → Please post a photo of the ring ON your hand. we all would LOVE to see it! ← ← ←

  • Foofa
    Lv 7
    1 month ago

    If it's a quality diamond he may not have overpaid for it. But whether this is money you as a couple had free to spend comes down to how much you both earn and what other kinds of expenses you may have. As a generality a very quality piece of jewelry will hold its value and can be seen as an investment (to be sold if things get desperate). So it's not like blowing 10K on a party or a honeymoon or some other thing that becomes just memories. 

  • Anonymous
    1 month ago

     Certainly seem quite much for my own personal budget zxjv

     . . . . . . . . . .

    🔳🔳🔳🔳🔳🔳🔳🔳🔳🔳

  • drip
    Lv 7
    1 month ago

    For the average couple. And for his salary.  That is very excessive.

    I don’t think I would want to wear a ring of that price everyday. 

    After years of seeing my sister in law only wearing a wide gold band , I just assumed she didn’t go with an engagement ring. I was surprised when she wore a huge diamond engagement ring at her son’s wedding. She keeps it stored away the majority of the time.  

    To me, what a waste. 

    My daughter got married six years ago and got a ring for $1200.  They discussed budget for the engagement rings and wedding bands before getting engaged. They already were budgeting all expensive together for their future. 

    And it does seem he over paid. You should have your ring insured and that will mean an appraisal. 

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  • 1 month ago

    not if you are rich and foolish

  • 1 month ago

    not if he wants to do that

  • Embery
    Lv 5
    1 month ago

    At that weight, unless it's a very high quality and cut of diamond, he overpaid.

  • Anonymous
    1 month ago

    Unless he's a multimillionaire, that's completely insane.  I'd be terrified to ever wear something like that.  I've never met anyone who spent that much money on a ring or had a ring worth that much.  Granted, I'm middle class - my friends and I are all in the ballpark of $150,000-$250,000 per year.  Maybe Paris Hilton has a $10K ring.  But normal people don't.  You'd likely get your finger cut off by a thief who'd recognize the value.

    I'd also worry about someone who spent so much money on something so frivolous.  It doesn't sound like he has much financial sense.  My husband and I traded an old computer and printer for my ring, and used $15K in savings to put a down payment on our first house together.  That proved to be a good investment.  It cost us $50K and we sold it 5 years later for $85K because the area had become trendy.  A ring won't do that.

  • Anonymous
    1 month ago

    If the two of you haven't discussed financial goals and priorities as well as marriage and all the details of such...perhaps you're not ready to be married.

  • Anonymous
    1 month ago

    Looks like he cheaped out on you, picked up something worth two weeks’ pay. Do you really want to marry someone who values you so little?

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