A few years ago, one of my good friends asked for a loan to buy, of all things, his girlfriend a wedding ring. He’d saved up a lot of money already, but was a couple hundred dollars short and wanted to propose to her on her birthday.
To this day, I’m still not sure what to make of that. Is a proposal not really real if there is no ring to go along with it? Was the ring out of his price range? And how much should a guy spend on a ring, anyway?
The rule of thumb is two months salary. Who made that rule, by the way? In what seems like an entire career ago, I was a sportswriter covering college football. One of the nation’s most prominent and successful coaches told me the story of eloping during his senior year as a player. When his wife showed me the ring, I was stunned to see that it was a simple, gold band.
Undoubtedly she’d been adorned with diamonds of all shapes and sizes since. Still, this was the ring she wore every day.
Question: How much should a guy spend on a wedding ring? Should he save for it — which can take a long time — or charge it and pay later? What’s the right thing to do in this situation?