Today, 1st Aug 2013 we released a revised version of our website. On of the new features on the website is our ‘engagement ring calculator’. This calculation was derived from interviewing over 250 individuals. The two main goal of the interview was to (i) identify the most important questions to ask for the calculation along with (ii) what weighting to give each question.
The old way of being 3 months salary seemed a bit amateur – we felt the calculation should incorporate more information. The more information we included the more accurate the calculation. We were also conscious not to have too many questions as the calculation is just a bit of fun (a detailed calculation but still a bit of fun).
From the questions we asked fro our 250+ sample, we passed the results to an actuary in PriceWaterhouseCoopers (PwC) who derived the relevant weights for each reply. We also recalculated using SPSS analytical tools in Michael Smurfit Business School (UCD) in Dublin Blackrock – many thanks to the students of the Masters of Accounting (MAcc) who assisted with understanding the results fro the actuary.
Anyway, the engagement ring calculation included such factors such as annual salary, age, education level, attractiveness and a few more factors.
The goal is to be as accurate as possible but the main point to remember is to only spend what you can afford on a diamond ring and view the calculation as a bit if fun.
We build the calculator as we were asked by many people: How much to spend on an engagement ring? While it’s a personal question with no right answer, the calculation takes into account most relevant factors.
If you have feedback on our calculator, we always appreciate feedback and views on what you think we got right or wrong.