How much should I spend on a engagement ring, when I have no income since I am a grad student?

Question

I have 3 years left and will owe over 100K in student loans by the time I graduate. Should I just take out more loans and get a really nice ring or try and budget on a cheaper ring?And the ring has to be from Tiffany's & co. and over 1karat. I know they say you should spend 2 months salary but I have no salary?

I am actually in Medical school, so I know I will have a pretty good job once I am done(hopefully). Trust me I do not have time to work any more than about 8 hours a week. We have been together for over 5 years and right now we live in different states. It's really hard to be apart and the only way we can live together is to get married.

Answer 1

You don't have to spend 2 months salary on a ring, it can be less. If you can somehow get the cash, you might be able to make your girlfriend very happy.

For example, if you make $50K/year, it's $4,167 per month. You would only pay about 1 month's salary for a 1-carat Tiffany ring if you appoarch it this way:

Buy a real Tiffany and Co. wedding band at the store or on the web, found this one for $495.00
http://www.antiquejewelrymall.com/r457.html

Have a local jeweler mount a traditional "Tiffany" 6-prong on the band for about $100.

Prongs look like this:
http://www.diamonds-chicago.com/inc/sdetail/204

Add a diamond from a site like Blue Nile.com, they have reasonable selections and most are GIA certified. If you select a GIA, SI1, J color and 1 carat, it will be about $3,600.

http://www.bluenile.com/diamonds_details.asp?__fun_frm=i&pid=LD01025539&filter_id=0

Total $4,195

Hope this helps and Good Luck!

Answer 2

OK, You're in medical school and will likely be able to afford a nice ring in the nearish future. Why does it have to be 1ct and from Tiffany? That's RIDICULOUS. If she MUST have a ring from Tiffany, search on craigslist or somewhere like that because you're not going to find one for less than 10k. Tiffany has great stones but are overpriced for what you actually get. You can find a much better diamond (if you need a diamond) for much less at a jeweler. Make sure not to get ripped off buying a ring. Always do your research first, learn about the 4 C's (cut, clarity, color and carat) and try to find a reliable jeweler in your area. Buy a stone that is NOT already set in a setting because the setting can hide inclusions that will decrease the value of the stone. No big deal if you know they are there and hidden but you don't want to spend 10k on a diamond that is crap. Do your research. bluenile and other websites are great resources to learn about diamonds but do not buy on line. Go find yourself a good jeweler and hopefully it does NOT have to be a tiffany ring. If so, better start saving and plan on waiting a few years

Answer 3

You don't need to buy her a diamond. You most definitely can afford a cubic zarconia (yes, fake diamond and really the only difference is that cubic zarconia is man made and flawless, and diamonds? Over priced, flawed and possibly contraversial) though that is if you want to go with the traditional look. There are plenty of alternatives to diamond rings out there even some nice ones at second hand shops and auctions, if you have the time to look through everything! Rings are just symbolic and not needed.

I do hope you've talked about marriage with this woman before because I really cannot stand the idea of the suprise attack engagement!! Just like you needed time to think about asking, women really do need time to think about saying yes, but often don't get it! Anyways, if you already know that I'm sorry.

As for needing money to live married, I'm sure you know that that's bunk, so good luck!

Answer 4

Dude, if I were you and I don't have any income whatsoever, I would refrain from over or excessive spending. My stepbrother only spent two thousand dollars for his wedding ring. I think that when you love some one and you want to get her a ring it should not be excessive. What should matter is that you both accept each other and not worry about the size or the karat of the ring.
What they want you to spend is that way they get more money out of you, there is no rules on how much you should spend at the minimum, since your love to her can not be measure by the wight or value of the ring. Just get her a nicer ring later for your anniversary.

Answer 5

First off, don't believe the hype about spending two months' salary; that's just advertising.
It doesn't sound like you are in a place where you should really be getting married, with your circumstances,.... however....
Don't go into debt over a ring, that's just crazy. You can pick up a nice gold one with a diamond for $100 to 200. I think she can do without her "dream ring" if she really wants to be with you.

Answer 6

why does the ring have to be from tiffany's and over a carat? Buy what you can afford. My fiance bought a ring for me that I love but cost a fortune. I would never tell him this but I would have rather had a smaller ring that wouldn't have put us in the poor house.
Get what you can afford and then upgrade when you're both done school and making a better living.
A small ring is better than no ring!

Answer 7

my first issue is that it "has to be from Tiffany & Co and over 1 ct". Love is not material. If she really loves you, she will hold off on an engagement ring until you are out of school and out of your residency and actually making money.

Answer 8

do you have ANY idea how much a ring from tiffanys over one carat will be?! I would think someone in school to be a doctor would be smart enough to figure out not to spend that much money when he already has 100k in debt.

Answer 9

Would you consider buying a fake ring and then upgrading/replacing 5 years later. Honestly, I doubt no one would even know the difference. Just tell her about your plan and keep that little secret between the two of you. There are lots of great knock-offs. They sparkle just like the real deal and she can have still fun showing it off.

Try QVC.com diamonique rings:
item #
J4775
J10191
J11056

Answer 10

If you don't have the total amount of money to pay for the ring, try paying a weekly or monthly bill. I'm sure if you put some cash down, they might let you make payments on it!
Good Luck