Wedding Rings: A How-To Guide: a blog to help. Setting a budget is an essential step in choosing the perfect wedding ring. Before you start shopping, decide how much you’re willing to spend on the ring. Take into account your financial situation and what you can comfortably afford. A budget will help narrow down your options and make the process less overwhelming. Keep in mind that while you want to choose a ring that you’ll be happy with, it’s important not to overspend and put yourself in financial hardship.